turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

ashley45
New Member

If a different company now owns the company I work for, does that count as getting a new job? It will be a different company name, TAX ID, etc.

 
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

4 Replies

If a different company now owns the company I work for, does that count as getting a new job? It will be a different company name, TAX ID, etc.

Yes.  Since the employer has a different EIN.

Hal_Al
Level 15

If a different company now owns the company I work for, does that count as getting a new job? It will be a different company name, TAX ID, etc.

Why do you ask? 

It makes little difference in filing your tax return.  One possibility: you may have too much social security tax withheld (if your total wages is over $137,700) and will have to include the refund request with your income tax filing.

If a different company now owns the company I work for, does that count as getting a new job? It will be a different company name, TAX ID, etc.

You should ask the employer and see if you should be getting one or two W-2 forms so you don't miss one ... also look at the last pay stub ... is the YTD amounts reflect the entire year's income to date or only part of it ?  That will give you a hint as to how many W-2 forms you will get.  

Anonymous
Not applicable

If a different company now owns the company I work for, does that count as getting a new job? It will be a different company name, TAX ID, etc.

new job for what purpose?

 

there are revenue procedures and letter rulings that allow the new company to be treated as a successor employer (in an asset purchase or merger where the required tests are met). the benefit to both you and it are that they get credit for the fica and medicare wages paid by the old employer and also those withheld from the employees' paychecks. the advantage is they save on fica(social security) and unemployment taxes.  since your wages from the old employer count toward the max fica that can be withheld, there will be no excess fica for you to claim. you get 1 w-2 that's a combination of the wages paid and taxes withheld by both companies along with other items reported on w-2's.   

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies