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Third party sick pay what you need to know in 2021

  • AFSP
  • CMA
  • CPA (US)
  • EA
  • HRCI
  • Tax Preparer
  • SHRM
  • CRTP
  • Course Description
  • Course Qualification
  • Presenter
  • Faq

Course Description

Course Description

Legislation is changing rapidly in regards to employers being required to provide employees with accrued sick time. In 2020 with the COVID-19 pandemic states and federal have updated legislation on paying sick pay. It began with city legislation and has now moved to states such as California that employers must comply with. Employees who lose wages as a result of illness or a nonwork-related accident are eligible to receive disability payments, also known as third-party sick pay.

Most employers provide some degree of wage protection for employees who miss work Due to personal illness or injury. Sick pay paid directly by an employer generally is treated as ordinary wages, subject to withholding for federal employment taxes. FICA taxes, however, apply to such payments only for the first six months.

If sick pay is provided through a third party, such as an insurance company, income tax withholding does not apply unless requested by the employee. For purposes of FICA, the third-party payer of sick pay is considered the employer and is responsible for withholding, paying, depositing, and reporting taxes on sick payments unless this responsibility is transferred to the actual employer.

Any portion of sick pay paid by a third party that is attributable to the employee’s own premium contribution is not wages and is not subject to withholding. However, when premium contributions are made with pre-tax dollars under the employer’s cafeteria plan and deferred from taxation, then any sick pay paid by a third party to the employee is subject to FICA and FIT withholding.

Major Topics covered in this online CPE/CE webinar:

  • Up to date legislation and pending legislation in regards to mandated sick pay requirements on employers.
  • Who is responsible for tax withholding and reporting for third-party sick pay?
  • Details of states with disability funds 
  • How the tax is handled and claims are worked in regards to your third-party provider?
  • 2020 & 2021 federal requirements due to the Emergency paid sick leave act and the families’ first coronavirus response act.

Learning Objectives

  • To review different types of ways companies can choose to handle third party sick pay with their providers. 
  • To discuss State and City review of current legislation of sick accruals that must be provided to employees 
  • To determine W-2 reporting requirements for third party sick pay 
  • To determine what tax should be withheld and reported and by whom 
  • To describe how to handle waiting periods before disability starts 

Recommended For

  • This online SHRM and HRCI Apporved CPE webinar is recommended for CPAs, CMAs, CEOs, CFOs, HR Professionals, Business owners interested in learning everything about third party sick pay.
  • This IRS-Approved CE course will be insightful for EAs, AFSP, and Other Tax Professionals involved in advising their business clients.

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Assistant Controllers
  • Business Owner
  • California Registered Tax Professional
  • CEO
  • Certified Public Accountant
  • CFO/Controller
  • Compliance Managers
  • Compliance Officers
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Enrolled Agent
  • Entrepreneurial Accountant
  • Entrepreneurial CPA
  • HR Professionals
  • Human Resources Manager
  • Maryland Tax Preparers
  • Oregon Tax Preparers
  • Tax Accountant (Industry)
  • Tax Attorney
  • Tax Director (Industry)
  • Tax Firm
  • Tax Managers
  • Tax Practitioners
  • Tax Professionals
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 1 CE Credit of Taxes for Tax Professionals (Approval No. GEHNZ-T-00611-21-O)
  • 1 PDC Credit of Business Acumen for SHRM Professionals (Approval No. 21-TMDZ7)
  • 1 RCH Credit of Human Resources for HRCI Professional (Approval No. 567032)
  • 1 CE Credit of Taxes for Enrolled Agents (EA) (Approval No. GEHNZ-T-00611-21-O)
  • 1 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
  • 1 CPE Credit for Certified Management Accountants (CMA)
  • 1 CE Credit of Federal Tax Related Matters for California Registered Tax Preparers(CRTP) (Approval No. 6273-CE-0584)
  • 1 CE Credit of Taxes for Annual Filing Season Program (AFSP)

Presenter

About Presenter

Dayna Reum

Director of Payroll Operations Ann & Robert H. Lurie Children's Hospital of Chicago

Dayna currently is the director of payroll operations at a major medical center in Chicago and has been heavily involved in the payroll field for more than 20 years.

She started as a payroll clerk at a small Tucson company but moved on to be a payroll team leader at Honeywell Inc. 

During her time at Honeywell Inc., she obtained her FPC (Fundamental Payroll Certification) through the American Payroll Association. Dayna has also received several merit awards for customer service and acquisitions, and divestiture.

She also serves on the National American Payroll Association on the national Strategic Leadership Task Force, Government Affairs Task Force (PA Local tax subcommittee), and received a citation of merit for her service along with being a gold pin member of the APA.

Dayna is also a CPP (Certified Payroll Professional) through the APA and certified in HR hiring and firing practices and is a Six-Sigma Greenbelt.


About Company

Ann & Robert H. Lurie Children's Hospital of Chicago

www.luriechildrens.org/

Ann & Robert H. Lurie Children's Hospital of Chicago is the largest pediatric healthcare provider in the region with a 130 year legacy of excellence. We are proud to serve as the pediatric teaching and research partner of Northwestern University Feinberg School of Medicine, and are ranked nationally in all 10 pediatric specialties by U.S. News & World Report.

Faq

FAQs content

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  • Our courses meet the global Continuing Professional Development (CPD-IES7) Standard for Chartered Accountants with International Education Standard 7 (IES 7) set by The International Federation of Accountants (IFAC), the International Accounting Education Standards Board (IAESB) and the Association of Chartered Certified Accountants (ACCA). Based on our accreditation by existing IFAC members and affiliates, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
  • You can manage your continuing education certificates and credits through your certificate dashboard which is available when you are logged in to your account (LOGIN)
  • As an accredited provider of Continuing Professional Education in the United States, myCPE online learning platform, courses, and webinars meet the requirements set forth by the Institute of Management Accountants (IMA), an IFAC Member Organization, as well as the National State Boards of Accountancy (NASBA) and the Institute of Internal Auditors (IIA), both IFAC Affiliates. As well as it has been approved by NASBA, Internal Revenue Service (IRS), Certified Financial Planner Board (CFP Board), California Tax Education Council (CTEC), Society of Human Resource Professional (SHRM), Human Resource Certification Institute (HRCI) and many more.Therefore, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable continuing education requirement as CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
  • myCPE Courses are taken by : CPA | CMA | CFE | CIA | CPA(Yellow Book)| CFP | CFA | CPA (Govt.) | EA | CRTP | MRTP | ORTP | ABV | CITP | CVA | PFS | CFF and others.

Ratings and Review

4.2

8 Ratings

Excellent

4

Very Good

3

Average

0

Poor

1

Terrible

0

DR

Dennis Roncoroni, CPA (US)

Aug 6th, 2021

The presenter started off very slowly in going over the requirements by state. Then, after the 1st polling question, sped up going through the states. However, when she got to the detailed general slides, she flew through these and didn't take time to try to point much out.

Third party sick pay what you need to know in 2021

$10

1 Credit

Subject Area

Taxes

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