Equifax Workforce Solutions Enhances WOTC Eligibility Screening with eSignature
eSignature Feature Helps Employers Increase Tax Savings While Providing a Paperless Process and Enhancing the Onboarding Experience
ST. LOUIS, Nov. 1, 2012 /PRNewswire/ -- Equifax Workforce Solutions (formerly TALX), a leader in human resource services, announced today details of its enhanced Work Opportunity Tax Credit (WOTC) services, which now offer a fully compliant eSignature solution. This service further enables clients to securely and effectively screen and claim WOTC with a paperless process that eliminates any barriers employers face with late or missing IRS Form 8850s.
Equifax Workforce Solutions is a leader in providing secure and compliant eSignature solutions for a wide range of HR, payroll and tax data products and services. The company's Tax Credit & Incentive services is now offering WOTC eSignature solutions to bridge the technology challenges of employers by accepting eSignature by either a call-in process or via the web.
"Each year, employers miss out on billions of dollars in tax credit opportunities due to complex, often-changing and time-consuming screening and claims requirements," commented Dann Adams, president of Equifax Workforce Solutions. "Equifax alleviates these challenges with our eSignature technology, team of dedicated professionals and extensive data expertise. We're committed to developing solutions that help our clients gain insight, recognize the opportunities available to them and meet compliance with all IRS, state workforce agency and Department of Labor rules and regulations. eSignature is part of a simplified and effective onboarding and tax credit and incentive strategy."
Recently approved by the Department of Labor, the acceptance of eSignatures, whether online or over the phone, greatly enhances the ability of employers to claim tax credits when hiring individuals who face significant barriers to employment. Prior to the acceptance of eSignatures, employers were required to have their applicants provide a wet signature on IRS Form 8850, the pre-screening form to determine WOTC eligibility. The hiring manager then had to mail the form for processing within a 28-day deadline.
eSignature technology enables Equifax to meet clients where they are to ensure program participation and compliance, while maintaining the highest industry standards for data protection. By utilizing eSignature, employers can see an immediate increase in the financial benefit of the WOTC program and provide their job applicants with a more efficient and user-friendly candidate experience. In addition, they can increase the dollar amount of their income tax credits and benefit from Equifax online reporting, monitoring suite and account management capabilities.
"Equifax is uniquely positioned to fully leverage the capability of eSignature by using our understanding of all WOTC regulations to ensure clients complete the screening process accurately and in the proper order," said Anir Pradhan, senior marketing officer for Equifax Workforce Solutions. "eSignature removes many of the hassles of the traditional WOTC screening process and enables us to provide clients with a streamlined method for filing claims without the need to spend valuable resources to retrain hiring managers or invest in new technology."
Equifax (NYSE: EFX) is a global leader in consumer, workforce and commercial information solutions, that provides businesses of all sizes and consumers with insight and information they can trust. Equifax organizes and assimilates data on more than 500 million consumers and 81 million businesses worldwide, and uses advanced analytics and proprietary technology to create and deliver customized insights that enrich both the performance of businesses and the lives of consumers. Equifax Workforce Solutions (formerly TALX), an Equifax business unit, is a leader in human resource, employment, tax management, and payroll-related services.
Headquartered in Atlanta, Equifax operates or has investments in 18 countries and is a member of Standard & Poor's (S&P) 500® Index. Its common stock is traded on the New York Stock Exchange (NYSE) under the symbol EFX. For more information, please visit www.equifaxworkforce.com or www.equifax.com.