Does your payroll tax management software conduct state unemployment insurance (SUI) rate exchanges so that you do not underpay or overpay your payroll taxes? This is especially critical to ensure multi-state payroll tax compliance and to avoid hefty fines.
The only payroll tax management software in the world that does SUI rate exchanges is FlexTax from Payroll Tax Management.
How is this possible? Because FlexTax is “software with a service.”
How FlexTax SUI Rate Exchanges Work
FlexTax includes back-end services from the experienced Payroll Tax Management team, which includes SUI rate exchanges.
A SUI rate exchange is where the FlexTax team contacts a state agency to obtain or verify rates for employers. Money can be saved by finding out if an employer has a reduced rate in that state so they don’t overpay SUI taxes.
SUI rate exchanges can also come in handy knowing early that a rate has increased, so payroll taxes aren’t erroneously underpaid, which would generate penalties. Many companies know their home state and can avoid under/overpayments, so this really comes in handy for multi-state tax compliance, which is a core competency of FlexTax and PTM.
“I am so impressed you got this SUI rate update. I found one of our clients has a new rate. You just saved our them thousands.
“I also see that a few clients have credits with the Department of Economic Security (DES). The new rate is in PTM and I will have our clients request a refund from DES, which will save them thousands.”
How Does This Compare with Your Payroll Tax Software Vendor?
SUI rate exchanges are just one example of how we often go out of our way to help our clients that goes well beyond our standard processing responsibilities. We want our clients to think of us as a business partner, and not just a vendor.