Bank One Adopts FLS Payroll Tax System for Better Accuracy and Compliance

Strategic Insights -

Bank One, the nation's fifth-largest bank holding company, has adopted the Federal Liaison Services (FLS) Payroll Tax System to manage its payroll tax compliance for its operations in 42 states and the U.S. Virgin Islands. The system, which processes $648 million in federal withholding annually, has improved accuracy and compliance, and reduced the time and effort required for tax reporting. Payroll Manager Ralph Pettis praises the system, saying it is "a breeze compared to what was done before" and "very user-friendly."

Key Takeaways:

  • Bank One, the nation's fifth-largest bank holding company, has adopted the FLS Payroll Tax System for its payroll tax compliance.
  • The system processes $648 million in federal withholding annually and has improved accuracy and compliance.
  • Payroll Manager Ralph Pettis praises the system, saying it is "a breeze compared to what was done before" and "very user-friendly."
  • The system has reduced the time and effort required for tax reporting and has eliminated the human error that occurs when items have to be keyed.
  • Bank One uses centralized reporting through its server in Columbus to handle all payroll tax compliance.
  • The bank also uses the FLS Year End Tax System for year end forms such as W-2c, the FLS EPIC for electronic funds transfer, and the FLS Wage Attachment System for automating wage garnishments.
  • Future plans include implementing the FLS eDP.COMpliance web-based compliance system for 24x7 access to tax reports and tax returns from any Internet browser.

Statistics:

  • Bank One processes $648 million in federal withholding annually.
  • Federal and state payroll taxes approach $1 billion annually.
  • The bank operates more than 1,900 banking centers and a nationwide network of ATMs.
  • Bank One has assets of more than $256 billion.
  • FLS solutions automate payroll tax payments and filings, wage garnishment processing, and year-end W-2 and 1099 processing for over 400 members of the Fortune 1000 and several major agencies of the federal government.

Sources:

  • Federal Liaison Services, Inc. (FLS), the leader in employer compliance software and services.
  • Bank One Corporation, headquartered in Chicago and the nation's fifth-largest bank holding company.
  • "Bank One Adopts FLS Payroll Tax System," Business Wire, April 24, 2000.