12 critical changes coming Finance’s way in 2010

In case you didn’t have enough on your to-do list for 2010, the feds just added to it.

How about compliance with 12 new regs and rules?

Several federal agencies just released their 2010 agendas, and there’s no shortage of changes for organizations of all sizes and in all industries.

Forewarned is forearmed. Here’s an idea of what you can expect and when you can expect it:

1. The return of an old recordkeeping task. Prepare to resurrect those logs your company used to have to check when recording musculoskeletal disorders. OSHA’s bringing it back.

Timetable: January 2010.

2. An increase in wage-hour audits. Now’s the time to make sure your entire payroll paper trail is in order. DOL just hired 250 new investigators to enforce wage-hour laws.

Timetable: Early 2010.

3. A new standard on slip, trip and fall hazards. Few companies won’t be impacted by this one. OSHA promises the rule will cover “every non-construction worker in the U.S.”

Timetable: March 2010.

4. New clarification on what makes someone a “fiduciary” when providing investment advice. There’s been lots of confusion on this issue, so the Employee Benefits Security Administration amended its regs to clarify.

Timetable: May 22, 2010 is the effective date for the rule.

5. New regs requiring your company disclose all retirement plan fees and expenses to participants. These regs are in the “final rule” stage, which means it’s pretty much a done deal.

Timetable: September 2010.

6. Changes to the Health Insurance Portability and Accountability Act (HIPAA). This major (and costly to comply-with) rule isn’t immune from new scrutiny, either. Expect to make changes in HIPAA provisions covering access, portability and renewability.

Timetable: September 2010.

7. Greater accountability on affirmative action. The current regs will be revised to ensure your company complies with affirmative action requirements, particularly as they concern veterans.

Timetable: November 2010.

8. New rules for union info disclosure. Companies with unionized employees will soon have to go to greater lengths to report on the arrangements they make to persuade folks to join or not join a union.

Timetable: November 2010.

9. More Family Medical Leave Act (FMLA) changes. Yes, your firm just had to account for new changes to the FMLA when it comes to military personnel. But the Feds aren’t done yet – they’ve vowed to review both those changes and the FMLA overhaul that was effective January 2009.

No timetable yet.

10. Updated recordkeeping regs for the Fair Labor Standards Act (FLSA). Plan on having to keep more thorough records on how you pay your people in the name of – what else? – “greater transparency.”

No timetable yet.

11. A brighter spotlight on foreign workers. Firms that use workers with H-2B visas can expect more scrutiny – the Employment and Training Administration is proposing rules regarding labor certification for these folks.

No timetable yet, but after a February rule on agricultural workers.

12. A new definition of “temporary” workers. Along the same lines, the DOL wants to ensure people who are hired as temporary actually are.

No timetable yet.