State Unemployment Tax Recovery
As the U.S. economy continues its recovery from the recent "Great Recession," many businesses are finding that the costs of unemployment have had a significant impact on their bottom lines. The reason?
During the recent downturn, unemployment claims reached almost record numbers. But across the country, the methods and models that states use to calculate annual state unemployment insurance (SUI) tax rates fluctuate dramatically - incorporating many different complex factors and variables. Because of this, many businesses may have been taxed at a higher rate than was appropriate.
We can help.
A review of your SUI charges could lead to a large recovery of taxes paid by your company or organization. Working with data already prepared by your in-house accounting department, we'll review three years of SUI taxes paid. Our review is a deep-dive, vertical analysis that traditional unemployment consulting firms typically do not undertake. We'll look at several key areas, including, but not limited to:
- State tax rate calculation models and application
- Contributions paid-in to date
- Reserve balances and benefit ratios
- FEIN tax structures
- Impact of significant business transactions (M&A, downsizings, restructurings, employee transfers, etc.)
Please note:
Best of all, we DO NOT require access to detailed or sensitive payroll information and we DO NOT require any employee time to help you recover SUI funds. Furthermore, we'll provide you with both a retroactive review of the past three years to identify and secure refund or credit opportunities from prior overpayments, as well a forward-looking assessment to help you develop a strategy to minimize tax implications from upcoming business transactions, evaluate the impact of our retroactive review on future tax rates, and analyze opportunities for voluntary contributions for the coming tax year.
Typically, the complete process will last from 45 days to six months, depending on specific client needs.
Our SUI recovery program has been successful at companies such as Tiffany & Co., Viacom, CBS, KeyBank, Cardinal Health and CDW Corporation.
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