Case Study: Leading Financial Services Institution recovers $2.4M in employment taxes with Workforce Wise™

Financial Services Institution Recovers $2.4M in Employment Taxes

Leading Financial Services Institution acquired a credit card business with about 3,000 employees operating across four states and faced complex state unemployment insurance (SUI) and employment tax obligations after employees moved between legal entities. Because the seller initially wouldn’t provide year-to-date wage data and payroll limitations forced the buyer to treat the workforce as “new hires,” the organization risked duplicated tax payments, interest and penalties. Leading Financial Services Institution engaged Workforce Wise™ for Employment Tax Services to address these risks.

Workforce Wise™ analyzed the transaction, prepared required SUI compliance filings, evaluated transfer elections, and used pre-acquisition wage data to reconcile duplicated wages between buyer and seller. As a result, Workforce Wise™ helped the client recover $2.4 million (approximately $2,404,035) in employment tax overpayments, reduced future SUI tax exposure, and ensured timely statutory compliance.