This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Lionbridge Helps State Governments Manage High-volume Tax Season And Close The Tax Gap With Crowd-based Data Management Solutions

WALTHAM, Mass., Feb. 25, 2013 /PRNewswire/ -- At this week's Crowdopolis event in New York, NY, Lionbridge Technologies, Inc. (Nasdaq: LIOX) will present its suite of Data Management solutions for tax processing that allow state governments' departments of revenue to collect, cleanse and process vital tax data. These tax processing solutions, powered by Lionbridge's 100,000+ qualified crowd professionals and its secure task management platform, enable departments of revenue to:
  • Manage fluctuating workloads that impact revenue departments each tax season.
  • Cost-effectively manage the high volume of data processing needs during tax season.
  • Capture the tax data necessary to conduct analytics and help close the tax gap.
  • Increase local jobs by directing tax processing tasks to qualified professionals within each state's jurisdictions, rather than outsourcing to third-party providers. 

Lionbridge Enterprise Crowdsourcing (ECS) Practice Manager Dori Albert will present on this topic at Crowdopolis on February 28, 2013 at 9:25 a.m. at Digital Sandbox, 55 Broad Street - 4th Floor New York City, NY 10004.

According to the IRS, the estimated annual tax gap is $385 billion which comes from non-filing, under reporting and under payment. According to the U.S. Department of Treasury, the IRS collects $2.4 trillion each tax year from an estimated 234 million tax returns. Despite the proliferation of the Internet, approximately 15 percent or 35 million tax returns are still submitted in paper form.  State governments face similar challenges of closing tax gaps by capturing structured and unstructured data from millions of tax returns and W2s and performing necessary analytics to identify and prevent fraud.

"Typically, workload fluctuations around tax season require departments to hire seasonal staff or work second shifts to accommodate increased demands, which creates logistical headaches and increases costs," said Martha Crow, Senior Vice President, Global Enterprise Crowdsourcing at Lionbridge. "Lionbridge ECS helps departments capture and cleanse the data allowing them to more effectively and efficiently analyze it, which can save government agencies billions of dollars each year. Our elastic workforce model and secure platform ensures quality, security and efficiency.  As a result, with Lionbridge ECS, state departments of revenue can close the tax gap to increase revenue and reduce costs."

For more than 10 years Lionbridge ECS has managed tax processing programs for several state governments using a qualified crowd of data conversion specialists and a highly secure task management platform.   With Lionbridge ECS' Data Management solutions, state governments can convert paper returns and unstructured data into electronic forms—including all data within tax returns and W2s—allowing them to perform analysis on the 35 million paper tax returns being filed every year. In the past, this data capture and cleansing was cost prohibitive and could only be accomplished with costly manual labor models or by utilizing recognition technology that could only provide a partial data set.  Enterprise Crowdsourcing helps agencies close this massive tax gap by capturing structured and unstructured data from returns and W2s which empowers departments to perform analytics that can identify and prevent fraud and result in billions of dollars in tax revenue.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,528.03 -114.98 -0.69%
S&P 500 1,972.18 -16.69 -0.84%
NASDAQ 4,776.5080 -51.8170 -1.07%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs