Forensic Payroll Consultants, Inc., a national provider of forensic payroll service consulting, announces today it will begin offering payroll tax credit recovery and compliance services to small and mid-sized employers who have been involved in a merger, acquisition, divestiture, or corporate restructure.
In many acquisitions, the year-to-date employee wage limits have been reached pre-transaction and can carryover post-transaction, which means the acquiring employer does not have to restart the wage base. However, due to lack of proper acquisition guidance, most employers pay twice the employer tax dollars for the same employees in the same year. In most cases, these monies are in the tens of thousands of dollars. In addition, every state unemployment tax agency requires transactions to be reported, which most small business brokers do not perform, leading to penalties and interest assessed to the buyer.
Moreover, several additional important Federal and State tax issues arise when employers acquire a business (via stock or asset), divest, merge, and restructure corporate entities. Tax issues include, but are not limited to, the following:
- Compliance paperwork filings that are statutorily required with deadlines.
- State unemployment tax rate transfers from Predecessor or Seller could be mandatory, optional, or not required.
- The Seller could have hidden unemployment tax liabilities that the Buyer would inherit.
- Tax assessment notices with deadlines.
For almost a decade, Forensic Payroll has been the leader in the third-party payroll data correction process. “Forensic Payroll intends to capitalize on our experience and continue helping our clients reduce costs, recover employment taxes, and stay compliant through intelligent analysis of their payroll tax data,” said Andrew Lopez, CEO of Forensic Payroll Consultants, Inc. “More importantly, the partnership FPC provides to hundreds of accounting professionals and payroll companies around the country enables FPC to provide payroll tax recovery services long after the employee retention credit statute of limitations expires.”
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