Oklahoma City, OK (PRESS RELEASE – September 18, 2010) – Paycom announces the introduction of another tool designed to help companies improve their financial performance and increase cash flow. With 10 to 20% of new hires eligible for anywhere from $1,200 to $9,000 in tax credits, Paycom has designed a program to identify, secure and administer these credits to insure employers get their share of the over $11 billion dollars a year available in tax credits from the U.S. government.
The newly created Tax Credits and Incentive Division of Paycom is under the direction of Richard Stupansky, formerly of Tax Break LLC. “Unfortunately, only 5 to 7% of companies are taking advantage of the tax credits because of the cumbersome processes involved in applying for the credits. They simply decide the credits are not worth the time and effort involved in the process. Companies are struggling to grow in this economy and they become so engrossed in running their business on a day to day basis they are not able to stay on top of the requirements to process everything on a timely basis” explained Stupansky.
Paycom’s user-friendly program can pre-qualify process, calculate and secure hundreds of tax credits for their clients with literally no risk and no investment. The program is contingency fee based so employers are only charged a fee when tax credits are generated. Since the tax credits are applied toward federal tax liability and quarterly estimated federal tax payments, the credits can have an immediate impact on the bottom line.
Statistically, one in every five to one in every ten prospective employees will qualify for at least one form of the over 3000 different types of state or federal tax credits. With this in mind, Stupansky recommends using Paycom’s Tax Credit module to help implement strategic hiring practices. “By creating a strategy to target these ever expanding groups in your recruiting efforts, you can increase the available tax credits significantly reducing or even eliminating your tax liability. Tax credits are a dollar for dollar reduction, not deduction, against your federal liability. This puts you a step ahead of the over 90% of companies not utilizing tax credits.”
Traditional methods for identifying tax credit eligibility are extremely cumbersome and time intensive, Paycom’s proprietary single-application technology is the only one that allows employers to enter applicant data into their payroll and HR system to prescreen job candidates. Paycom’s technology provides instant eligibility notification for any number of tax credits.
Oklahoma City-based Paycom pioneered the Internet payroll market in 1998 as the first 100% online payroll provider. Now the largest exclusively online provider of full-service payroll in the U.S., Paycom serves customers in all 50 states from offices in Atlanta, Austin, Charlotte, Chicago, Dallas, Denver, Fort Worth, Houston, Irvine, Los Angeles, Phoenix, St Louis, Tampa and Tulsa. For more information visit www.paycomonline.com.