What Tax Services Does The Standard Provide?

The Standard provides a number of tax-related services to our group disability insurance policyholders. Each customer with claim activity during the last year receives a Disability Income Report every January, which provides them with information for each employee who received disability benefits from The Standard the year before. Here are some of the other tax services The Standard provides:

Short Term Disability (STD) and Statutory Disability Insurance (SDI)

Only employers who have an approved tax reporting services agreement in effect with The Standard receive these services; contact your Sales Rep for more information about the tax reporting services agreement.

• Pays the employer's share of Social Security and Medicare taxes
• Prepares and provides a Form W-2 for each employee who received STD or SDI benefits from The Standard last year
• Reports STD and SDI benefits paid on our Form 941 returns

Long Term Disability (LTD)

All LTD policyholders and STD Administrative Services Only (ASO) groups receive these services.

• Pays the employer's share of Social Security and Medicare taxes
• Prepares and provides a Form W-2 for each employee who received LTD benefits from The Standard last year
• Reports LTD benefits paid on our quarterly Form 941 returns

What Should You Tell Your Customers?

• Remind them to NOT prepare Forms W-2 for employees who received LTD benefits - The Standard handles this for them
• Remind them to NOT report LTD benefits paid to their employees by The Standard on their quarterly Form 941 returns - The Standard handles this by reporting this information on our Form 941 returns
• Remind them that they are responsible for paying any applicable federal and state unemployment taxes and other miscellaneous payroll taxes on all types of disability benefits (STD, SDI and LTD)
• Point out the benefits of having a tax reporting services agreement with The Standard for STD and/or SDI