Benefit-related tax tips for year-end reporting
Unum will begin providing year-end reports and certain tax forms in January via Unum’s Employer Internet Services and U.S. Mail:
- Annual and fourth quarter sick pay reports to short term disability customers generating their own W-2s
- FUTA/SUTA reports to all applicable long term and short term disability customers
- W-2s for employees who received taxable long term disability benefits in 2014
- W-2s for employees who received taxable short term disability benefits in 2014 (unless their employer elected, in writing, to prepare the W-2s)
- 1099s for claimants who received other Unum benefits in 2014 that may be taxable
Employees should contact Unum’s Tax Unit at 1-800-845-2290 if they do not receive their W-2s or 1099s by Jan. 31.
Contact your Unum representative or call our Tax Unit before Dec. 27, if you are unsure who is responsible for preparing your employees’ W-2s or need additional guidance regarding taxation of disability benefits.
After Dec. 26, Unum will charge an employer $200 per impacted employee to change who is responsible for W-2 reporting. Click here for IRS information geared to employer’s tax reporting obligations, especially Part 6 on Sick Pay Reporting.
Employers looking to streamline short term disability tax reporting obligations should consider adding Unum’s FICA match service to their disability plan prior to Jan. 1, 2015. Adding FICA match means Unum will process the employer’s FICA payments and bill those amounts back to the employer.
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