It’s that time of year, isn’t it? I’m not talking about holidays and festivities, I’m talking about getting ready to close out the year and get ready for the new one.
For some small business owners, this time of year is not only a period of putting your head down and really grinding away, but it’s always exciting to see what has been accomplished over the last twelve months and what opportunities and challenges are upcoming in the next twelve months.
As The Payroll Department has grown and provides payroll services in several states, our clients know that we are their eyes and ears when it comes to changes that have to do with employees and payroll. We keep a vigilant eye out for tax and labor law and rule changes so they don’t have to.
New Form I-9 in 2017
For instance, the U.S. citizenship and Immigration Services (USCIS) has announced that there will be a new Form I-9 for 2017.
Every employer must have a valid Form I-9 on file for each employee. The Form I-9 is the form used to verify employment eligibility and identity of each employee hired by an employer in the United States. Even U.S. citizens must complete the form in order to comply with the federal Immigration Reform and Control Act (IRCA) which requires that employers only hire individuals who can legally work in the U.S.
Not only must employers have a completed Form I-9 on file for every employee, the employer must keep the form for at least three years after the date of employment or for one year after employment is terminated (whichever is later).
Important Dates for Employers
The new form was made available on November 22, 2016. In order to meet the January 21, 2017 date of implementation, businesses should make a point of only using the new form since once it is available.
This is especially important for small businesses, because the cost of potential fines is significant. Failure to comply with the January 21, 2017 date could result in fines ranging from $216 to $2,156 for each incorrect form. (Data as of August, 2016.)
You can get a copy of the new form at USCIS.gov. Or, you can contact Teresa Ray and make The Payroll Department your payroll processing service and let us help you take care of this and future changes regarding your payroll. We take the hassles away!
-Elaine of The Payroll Department Blog Team