Unedited news and product information from vendors.
Revenue Solutions, Inc. and the State of Missouri, Department of Revenue to Implement Modernized Integrated Revenue System
Apr 03, 2012 (04:04 PM EDT)
PEMBROKE, Mass., April 3, 2012 /PRNewswire/ -- Revenue Solutions, Inc. (RSI), a company that specializes in providing revenue and compliance management products and services specifically to Federal, State and Municipal government revenue, labor and child support agencies, is pleased to announce that the Missouri Department of Revenue has selected RSI's Revenue Premier® for its Modernized Integrated Revenue System.
Missouri is replacing its current legacy systems with a new Modernized Integrated Revenue System that will support all of the essential functions of tax administration and compliance. Revenue Premier, leveraging new - open technology, will support the administration of Missouri's personal income tax, withholding tax, corporate income tax, sales & use tax, property tax credit and battery & tire fee. The system will annually process more than 7 million returns and more than $12 billion in revenue.
In its evaluation summary, Missouri noted that "RSI provides a detailed proposal describing how RSI's solution will meet the agency's needs now and into the future. RSI's Revenue Premier solution uses a business rules engine to capture and process agency business logic in a centralized repository separate from the program code. RSI proposes an architecture that is open, scalable, and modular, providing the state the most flexibility into the future."
Alana M. Barragan-Scott, director of the Department of Revenue, said she looks forward to implementation of the new system, especially to see how its efficiency and streamlining of processes will benefit Missouri taxpayers.
"This new system will replace more than 70 existing systems, many of which are 20 to 30 years old and don't support services that make it easier to comply with Missouri's tax laws," she said. "Services that will now be available include secure access to more of their account information like previous filings and payments, refund status information, tax bills, filings requirements and communications to and from the Department. Improved electronic filing options will also be available for Missouri citizens and businesses. The department is also looking forward to implementation of a business rules engine that will give us the flexibility to revise the system ourselves in response to legislative and policy changes."
The contract between Missouri and RSI is a "benefits based" contract. Under the innovative arrangement, the total contract value of approximately $75 million is not payable to RSI until the new system has generated incremental tax collections in excess of the contract value. This innovative contract structure ties both parties to the project's success and protects the Missouri taxpayers from investing in new technology that doesn't produce a positive return on investment. The initial contract has a term of 5 years.
RSI has utilized its extensive tax processing background and compliance knowledge to develop Revenue Premier, a Commercial-off-the-Shelf (COTS) integrated tax software package that supports taxpayer registration, returns processing, taxpayer accounting, revenue accounting, collections and audit.
About Revenue Solutions, Inc.
CONTACT: Jeff Huber, 916-780-8741 x366, firstname.lastname@example.org
SOURCE Revenue Solutions, Inc.