Payroll for today’s diverse and mobile workforce can be a complex task for businesses. Mergers and acquisitions can open new doors for your organization, providing access to new markets and resources. However, these transactions often bring new challenges to your payroll team as your organization enters new states, counties, and localities. It is crucial to understand the implications of these transactions on your payroll processes and what steps need to be taken to ensure compliance with various jurisdictions.
Getting payroll tax compliance right the first time is critical as failure to comply with federal, state, and local requirements can result in penalties, daily fees, and legal expenses.
Your organization’s bottom line could also be impacted by both internal and external costs associated with rework, corrections, adjustments, and amendments. If improperly handled activities lead to collections, your organization’s reputation could be impacted by visible liens being filed making it more difficult to complete transactions in the future.
Navigating the complex landscape of payroll tax compliance can be overwhelming, and it can be hard to find the right information at the right time. But with the right tools and resources, it can become manageable.
Questions to Ask
Introducing a Solution
Thomas & Company is proud to introduce a groundbreaking resource designed to assist your organization in making informed decisions about payroll tax compliance. This innovative product is tailored to meet the needs of payroll professionals who are dealing with multi-state expansions and the intricate requirements that come with them.
Thomas & Company’s Multi-State Compliance Navigator™ is a web-based, interactive resource that incorporates workflows, forms, information, and resources to assist you and your organization in making better decisions about payroll tax compliance. With payroll professionals in mind, Thomas & Company’s experienced tax team developed a dedicated resource that fills an industry gap that has existed for many years.
Providing you with the latest compliance information, our Multi-State Compliance Navigator™ includes step-by-step workflow guides and directly links to important forms associated with:
- State and Local Income Tax Withholding
- State Unemployment Insurance (SUI)
- State and Local Employer Obligations
- Paid Family Leave Program Obligations
- And More!
Additional related services are also available, including consulting hours, account set up, form completion and filing.
Your Trusted Partner in Merger & Acquisition Compliance
Our dedicated team of M&A experts understands the nuanced dynamics of these transformative deals. With 100+ years of experience and an eye for detail, we are ready to work with your team to maximize the value and potential of your business transaction(s). Our approach is tailored to align with your unique business needs, ensuring that each transaction enables your company’s success.
Contact us at [email protected] to learn more about how Thomas & Company can enable your success!
Beyond Payroll Tax Implications
Beyond statutory compliance and its importance for the long-term financial well-being of your organization, mergers and acquisitions can have major implications throughout your organization, impacting countless departments and processes.
Don’t forget to check back in over the coming weeks as we continue to analyze how mergers and acquisitions impact all facets of your organization, including:
- Employment and Wage Verification
- Unemployment Cost Management
- Work Opportunity Tax Credits
- Location Based Incentives
- Offboarding Compliance (State Separation Notices)
- I-9
Missed last week’s article? Check out Introduction to Mergers & Acquisitions here.
