Payroll Tax News

Looking to learn a new aspect of payroll or wanting details on Symmetry Software product updates? Whatever you're looking for, you can find the answer here. 

How Symmetry Software Gets the Right Taxes with Geolocation

by Symmetry Tax Updates | Jan 18, 2019

How do we use geolocation? The first step is to normalize the address. This process sets the address to the standard format used by the US Postal Service by setting the proper abbreviations, correcting any spelling errors, and establishing a full zip code (ZIP+4).

Once the address is normalized, the geolocation process begins. We reference GPS data to format the address to a precise location in the form of LAT/LONG coordinates.

The LAT/LONG coordinates are compared to geospatial jurisdiction data/shapefiles, which are published by the US Census Bureau, as provided to them by the jurisdictions.

The shapefiles in which the LAT/LONG falls are then compared to our tax data, resulting in the proper return of taxes for the original address. Nexus and Reciprocity are considered with every input as well.

"Time spent researching local taxes has been cut in half since implementing Payroll Point." Linda Adams, Assistant Manager Tax and General Ledger from BCD Travel shares.

Knowing an employee’s proper withholding tax info is also very important as employers are subject to significant fines if payroll taxes are not withheld correctly, which is why properly setting up employees within an employer’s payroll/HR system is crucial. "Payroll Point has saved Samsung Electronics an estimated $50,000 per year because of correct tax filing without penalties or amendments." Kenneth Klimick, Payroll Manager from Samsung, shared.

If your company is looking to incorporate tax data into their payroll systems contact us today. 

Many large, multi-state companies such as Samsung, Rite-Aid, Shell Oil, Namely, Sodexo, BCD Travel and more benefit from our local tax finder.