ETS Tax Intelligence: Actionable Insights Using TaxManager
Those charged with managing state unemployment insurance (“SUI”) tax accounts for an organization can be overwhelmed by the volume of data issued each tax rate season. This data must be reviewed, and analyzed for accuracy and the surfacing of savings opportunities.
- Intelligent Dashboard. Provides quick visibility into the tax applications that impact your tax accounts.
- Digitize Your Files. Provides multiple file formats, including an Excel template, for uploading quarterly contribution report (“QCR”) data and tax rate notices.
- QCR Summary. A compliance monitoring application providing the ability to view submitted or missing QCR data, and review any discrepancies in the data.
- Tax Rates. Provides the ability to access current and historical SUI tax rate notices with breakdowns of tax rates (including surcharges).
- Tax Rate Forecasting. An added value feature that provides forecasted tax rates to assist in budgeting SUI tax costs for the upcoming year.
- Voluntary Contributions. Provides all calculated savings options for accounts eligible for voluntary contributions. Based on estimated taxable payroll, including state deadlines and requirements to make voluntary contribution elections.
TaxManager provides the ability for savvy employers to download certain data into Excel so that employer-specific analytics can be performed. For example, a SUI tax risk profile, similar to the graphic below, can be created allowing for better data visualization. From this, claims and tax management initiatives can be created to focus on “higher risk” tax accounts (e.g., those accounts with higher taxable payrolls and/or higher SUI tax rates). Employers can also overlay state minimum and maximum tax rates (or perhaps industry average tax rates) to further identify areas of risk and opportunity within their own organization.
Equifax offers added value solutions, such as the creation of a “SUI Tax Risk Profile.” Strategic analytics can provide actionable insights to be used in the development of a more impactful Unemployment Cost Management program.
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