Leading asset managers could save millions by paying accurate city taxes
Cities like New York, San Francisco and Los Angeles have local taxes for specific types of businesses that apply based on where work is happening. Without an accurate way to track where your traveling or distributed workforce is, you could be overpaying on these city taxes. Use Topia’s travel and work location tracking technology to determine where work is happening every day, drive savings through paying accurate city taxes, and have an audit-ready data trail ready to go. Our Asset Management customers stand to save between $250k – $4m+ on city taxes per year by preventing accidental tax overpayments.
Why Topia for asset managers?
With Topia, you have the potential to identify significant tax overpayments and get audit-ready by providing high-accuracy employee work location data.
Ensure you’re not overpaying
Understand where your employees are working to avoid overpaying costly city-specific taxes
Audit-defensible data
Data at your fingertips for greater credibility and effectiveness in the case of audits
Employee privacy by design
Bank-grade security and jurisdictional level data roll-up ensure employee privacy while enabling tax optimization and audit defense
Trusted by top asset managers
Nearly half of the top 20 Hedge Funds (combined AUM of $180B+) trust Topia to help avoid overpaying local taxes
What is the potential impact across US cities?
Below are some examples of the savings some of our customers based in different US cities have experienced after implementing Topia’s travel and work location tracking solution.
*Estimates vary depending on a number of contributing factors
San Francisco GRT
Client example:
Revenue = $60M
GRT payable (0.78%) = $468,000
Homelessness Tax payable (0.69%) = $414,000
Total SF City Tax Liability Pre-Topia = $882,000
Employee days worked outside of SF City = 50%
Outcomes post-Topia:
Tax overpayment saved = $441,000
New York UBT
Client example:
Taxable Income = $10 million
UBT at 4% = $400,000
Employees days worked outside of NYC = 57%
Outcomes post-Topia:
Tax overpayment saved = $225,000
Seattle Jump Start Tax
Client example:
50 Employees at $150K compensation
Payroll Expense= $7.5M/Year
JumpStart Tax Pre-Topia= $525,650
25 employees work outside Seattle 50% of time
Outcomes post-Topia:
Tax overpayment saved =$262,500
See how other firms use Topia
To learn how our solution can help you accurately track employee work locations click here
Join leading asset management companies and save money
Do you have employees working remotely, spending more and more time outside of city limits? Talk to our team to find out if you could be saving.
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