The Essentials of Taxing and Reporting Insurance Benefits for 2020

The Essentials of Taxing and Reporting Insurance Benefits for 2020

Although 2012 was the first time payroll had to report the value of health insurance benefits on Form W-2 under the Affordable Care Act, it is not the first time an insurance benefit has had to be reported by payroll. In recent years payroll has been required to determine taxation and reporting requirements for health insurance programs such as HSAs, HRAs, and MSAs. Since the 1980s payroll has had to determine the taxation and reporting of group term life insurance as well. But insurance benefits are not limited to just health or group life. Many companies offer executives other types of life insurance, how does payroll handle those benefits? What about third-party sick pay? Which amounts are taxable and reportable or just reportable? Who is responsible for the Form W-2 for 2020 when the third party sick pay payments are included?

This webinar by Industry expert Vicki M. Lambert, CPP, covers the basics of handling insurances in the payroll department including reviewing the requirements under the ACA for the 2020 reporting of health insurance. Vicki will examine how to handle other types of health insurance plans such as HSAs or HRAs. She will discuss taxing and reporting life insurance, from simple group term life insurance to whole or split life insurance. She will also cover the basics of third-party sick pay to ensure that it is properly reported for this year. And finally, Vicki will briefly examine the role payroll plays in workers’ compensation pay-outs and premium payments. This is an excellent training webinar for those new to payroll and an excellent refresher program for the seasoned professional.

Webinar Objectives

• Review calculating and reporting health insurance benefits for 2020
• Discuss how to deal with the complexities of third-party sick pay taxation and reporting
• Determine how to calculate, tax and report group term life insurance
• Examine the basics of taxing and reporting whole and split life insurance
• Cover handling the alphabet soup of health insurance including HSAs, HRAs, and MSAs 
• Touch upon the essentials of workers’ compensation for payroll

Who Should Attend

• Payroll Executives/Managers/Administrators/Professionals/Practitioners/Entry Level Personnel
• Human Resources Executives/Managers/Administrators
• Accounting Personnel
• Business Owners/Executive Officers/Operations and Departmental Managers
• Lawmakers
• Attorneys/Legal Professionals
• Any individual or entity that must deal with the complexities and requirements of Payroll compliance issues