By Tom Towson
If your company has experienced an M&A, reorganization -- or even a new payroll system in the past 3 years -- you may have overpaid on employment tax. Scary thought, right? The good news is there still may be time to recover those tax overpayments. But how does this even happen in the first place?
Usually, we find companies with significant employee movement (both internal and external) incorrectly restart their annual taxable wage bases. Unfortunately, this often happens when employees are treated as "new hires" under SUI, FICA and FUTA filings. What can you do to help recover duplicated taxes after an M&A -- and where do you even start?
Want experts to go beyond the surface of your unique employee movement activities, helping to uncover amounts that are possibly owed to you? We can show you how to recover money lost from double taxation with our no-obligation Lookback Tax Review.
About the Author
Job Title: Managing Director, Employment Tax Consulting
Tom Towson is a Certified Public Accountant. He graduated cum laude from Missouri State University with a Bachelor of Science in accounting and from the University of Missouri — St. Louis with a master’s degree in accounting (emphasis in taxation). He joined Equifax Workforce Solutions in 2011 and specializes in employment tax matters (primarily focused on state unemployment insurance) associated with mergers and acquisitions, tax, strategic planning, and helping develop leading practices.
Before joining Equifax, Mr. Towson served as Chief Financial Officer of a St. Louis-based manufacturing firm, managing all aspects of the company’s financial matters, including income and employment tax functions during his five-year tenure. He spent the prior 16 years with a St. Louis-based public accounting firm where he was the shareholder in charge of taxation services.