Thomas & Company is a national leader in Employment Tax. Companies of all sizes, ranging from local/regional entities to Fortune 10 industry leaders, rely on our tax experts to reduce tax liability and ensure compliance. Tax Recovery Services includes:
COMPREHENSIVE UNEMPLOYMENT TAX REVIEW
After reviewing and documenting all state unemployment accounts, Thomas & Company will research account history with state agencies and provide an executive summary of findings to the client. We will make sure unemployment accounts are in good standing and identify outstanding debits, delinquencies and over-payments. In the states where it is permissible, Thomas & Company will submit applications to have over-payments refunded to you, and the client will be advised of tax strategies available to them to ensure all future payments are accurate.
MERGER & ACQUISITION COMPLIANCE
When an acquisition, merger, or restructuring occurs, employers are required by state unemployment agencies to disclose information relating to the transaction. Reporting requirements are complex and vary by state, and undisclosed and erroneous reporting can result in penalty tax rates, tax rate increases, penalties and/or interest charges, or missed tax savings opportunities.
Clients who have retained Thomas & Company as their unemployment cost management provider receive this service at no additional cost, while non-client engagements are performed on a contracted basis.
TAX SAVINGS AND REFUNDS
When a mid-year transaction occurs, employers may be eligible to consider the year-to-date SUI wages paid by the predecessors. Thomas & Company will work directly with the state agency to ensure the transaction and tax rate transfer is processed, prepare amended quarterly SUI returns and amend Form 940 (Employer’s Annual Federal Unemployment (FUTA) Tax Return) and Form 941 (Employer’s Quarterly Federal (FICA) Tax Return) if the transaction qualifies as a Predecessor/Successor Relationship under IRS Rules. Thomas & Company will continue to track all SUI, FUTA and FICA credits until refunds are secured, and ensure clients follow all statutory requirements of the stage agencies and IRS.