Paycom's Tax Credits software is a comprehensive solution designed to help businesses easily identify, secure, and administer Work Opportunity Tax Credits (WOTC). This software streamlines the process of screening candidates for WOTC eligibility, potentially saving companies thousands of dollars in federal income tax liability without adding to their workload.

Key Features

Automated Screening The software automatically screens candidates for WOTC eligibility when they are added to the system.

• Stress-free process for taking advantage of federal hiring incentives
• Ensures businesses don't miss out on potential tax credits

Real-time Dashboard Provides instant insight into candidate eligibility and potential credit amounts.

• Allows for quick decision-making in the hiring process
• Offers transparency in potential tax savings

Expert Management Paycom's WOTC team handles the entire process after a candidate is added to the system.

• Reduces administrative burden on HR teams
• Ensures proper documentation and compliance with WOTC regulations

Benefits

Cost Savings Helps businesses reduce or potentially eliminate their federal income tax liability.

• Dollar-for-dollar reduction in tax liability, not just a deduction
• No cost if no credits are found, minimizing financial risk

Simplified Compliance Streamlines the complex WOTC process, making it easier for businesses to comply with regulations.

• Reduces the risk of errors in WOTC applications
• Saves time and resources in managing tax credit documentation

Improved Hiring Strategy Provides insights that can inform and enhance recruitment efforts.

• Encourages hiring from groups facing employment barriers
• Aligns hiring practices with potential financial benefits