The Essentials for Third Party Sick Pay in 2024: What Payroll Must Know to Tax and Report Correctly

Duration: 90 minutes

Speaker: Vicki M. Lambert, CPP

CREDITS:

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ABOUT THE EVENT

This webinar discusses the proper taxation and reporting of the fringe benefit known as third-party sick pay. It discusses what is and is not third-party sick pay, how the taxation is affected by the status of the provider (is or is not the employer’s agent), when this type of payment is taxable and/or reportable and who is responsible for this taxation and reporting.

Background

Third-party sick pay is a common benefit offered by many employers nationwide. However, handling it in the payroll department can be a very difficult challenge. There are many issues that must be clarified in order to determine the taxation and reporting requirements under the Internal Revenue Code. For example, is the insurance company being used as the employer’s agent or not the employer’s agent? Who is depositing the FICA taxes deducted from the employee’s payment and who is depositing the matching employer FICA taxes? Is the payment even subject to FICA taxes?

In This Webinar, We Will Discuss

What is third-party sick pay
When is the third party, not the employer’s agent and when are they
How does the status of the employer’s agent affect the taxation and reporting of third-party sick pay
When is third-party sick pay taxable for income tax
When is third-party sick pay taxable for FICA and FUTA
When is third-party sick pay non-taxable
Who reports the payments for third-party sick pay for such forms as the 941 and W-2
The latest on the new IRS Third Party Sick Pay form
What happens to the taxation if the employee pays a portion of the premium

Who Should Attend

Payroll professionals
Human Resources
Accounting Personnel
Business Owners
Lawmakers
Attorneys
Any individual or entity that must deal with the complexities and requirements of taxing and reporting third party sick pay for his or her employer

Speaker(s)

Vicki M. Lambert, CPP

Vicki M. Lambert, CPP, is President and Academic Director of The Payroll Advisor™, a firm specializing in payroll education and training. The company’s website www.thepayrolladvisor.com offers a payroll news service which keeps payroll professionals up-to-date on the latest rules and regulations. With 40 years of hands-on experience in all facets of payroll functions as well as over three decades as a trainer and author, Ms. Lambert has become the most sought-after and respected voice in the practice and management of payroll issues. She has conducted open market training seminars on payroll issues across the United States that have been attended by executives and professionals from some of the most prestigious firms in business today. A pioneer in electronic and online education, Ms. Lambert produces and presents payroll related audio seminars, webinars and webcasts for clients, APA chapters and business groups throughout the country. Ms. Lambert is an adjunct faculty member at Brandman University in Southern California where she is the instructor for the American Payroll Association’s “PayTrain” online program offered by Brandman University.

CEUs

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Credits: 1.5

Compliance Prime is recognized by SHRM to offer Professional Development Credits (PDCs) for the SHRM-CPSM or SHRM-SCPSM. This program is valid for PDC(s) for the SHRM-CP or SHRM-SCP. For more information about certification or recertification, please visit www.shrmcertification.org

Credits: 1.5

Compliance Prime is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: https://www.nasbaregistry.org.

Credits: 1.5

Credits: 1.5

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