Interview with Mark Bosco, Director of Tax Filing Services
e-Insight: Would you describe for us what is involved in managing payroll tax filing for clients?
Mark
Bosco: As your payroll tax filing provider, Genesys will accept
a data feed from your payroll system each time you run a payroll which
provides us with all relevant payroll tax filing information. We then
import that data into our tax filing system, determine the total tax
liability associated with that payroll, and impound the total tax
funds from your account into a Genesys account. When taxes become
due, Genesys makes all payments and files all necessary returns to
the taxing agencies in a timely manner. Depending on agency requirements,
these payments and returns may be in paper or electronic format. We
provide you with copies of quarterly and annual filings. We reconcile
accounts on a daily basis and can provide you with a reconciliation
of your individual accounts at any time, indicating the funds currently
held by tax type.
e-Insight: What kind of services do you offer clients in this area?
Mark
Bosco: Customers will receive personalized service from dedicated
tax filing specialists knowledgeable in your account. If you are utilizing
our payroll outsourcing services as well, our tax filing specialists
and payroll support representatives work closely together (at the
same location) coordinating payroll and tax issues.
We will research and respond to inquiries/notices you receive from tax filing agencies. We will prepare any amended returns or correspondence required in response to these inquiries/notices, keeping you informed and receiving your input throughout the process.
We also provide W-2 reconciliation and filing services, including W-2C, 1099 and 1042s filings.
Genesys supports the following payroll taxes for the US and its territories:
Federal:
º Federal Income Tax
º Federal Insurance Contributions (FICA)
º Federal Unemployment Tax (FUTA)
º 943 Taxes
º 945 Taxes
º 1042s Taxes
State:
º State Income Tax
º State Unemployment Insurance (SUI)
º State Disability Insurance (SDI)
Local:
º Local Income Tax
º School District Tax
º Occupational Privilege Tax (OPT)
Miscellaneous:
º Special Assessment Taxes
e-Insight: Are there additional financial services that you offer in conjunction with payroll tax filing?
Mark Bosco: Genesys also provides Cash Management Services for payroll customers, whereby your payroll checks and direct deposit transactions will be drawn on a Genesys account, eliminating the need for you to prepare cumbersome bank reconciliations and deal with abandoned property/escheatment issues.
e-Insight: Can you tell us what the benefits are of outsourcing payroll tax filing versus managing it in house?
Mark Bosco: We are experts in tax filing who are accustomed to working with various federal, state and local agencies on a number of levels. Our tax system is state of the art and is regularly updated so you can count on accurate and timely tax filings. You will benefit from our operational efficiencies and our tax filing specialists will be experts in your individual account. This will provide for outstanding customer service that will be evident immediately as you experience a relatively seamless transition to our service.
e-Insight: Have you had any interesting or noteworthy experiences since rolling out this service?
Mark Bosco: You will find that we take tax filing seriously. We consider you our partner and look beyond the routine of accepting your data and filing taxes. We take an intuitive approach to servicing your account. For example, one of our clients came to us from another service. We were provided with setup information for their various FEINs and jurisdictions. We noted that one of the SUI accounts had a rate that seemed high. We made inquiries of the agency and determined that the client may be able to have this rate retroactively reduced. We helped the client draft an effective letter to the agency, resulting in a significant reimbursement related to a prior tax period. This is just one example of how Genesys will apply our tax expertise and treat your tax account as if it were our own internal account.
e-Insight: If you could sum up in one or two words what differentiates the Genesys financial services, what would they be?
You will see that Genesys is expert in tax filings and customer service.
Mark
Bosco, Director of Tax Filing Services, has been with Genesys
eight years. He received a BSBA from Suffolk University in Boston
and is a Certified Public Accountant. Mark has over 15 years
experience in both public accounting and private industry. During
his public accounting career, he performed and administered
audit, review and tax services for clients representing a wide
range of industries. In private industry, he oversaw multi-state
payroll departments.
As Director of Tax Filing Services, Mark oversees the daily tax processing including tax returns and remittances. He works with and provides leadership for this business segment, developing a customer-centric staff that is equipped to deal with the legislatively complex and rapidly changing tax filing business. Mark ensures that Genesys maintains a well controlled process for daily balancing of client funds. |
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For additional information on the Genesys Tax Filing Service, please contact Chris Kelley by phone (978-685-5400, x3054) or by email (ckelley@genesysHCM.com).
