BETHESDA, Md., Jan. 20, 2016 /PRNewswire/ -- Lockheed Martin (NYSE: LMT) was recently awarded a new contract with the Internal Revenue Service (IRS), supporting its Submission Processing systems to streamline the processing of paper tax filings, information returns and remittances. The five-year contract has a total value of about $100 million.
U.S. taxpayers file more than 100 million paper tax documents annually through the IRS Submission Processing Pipeline. Lockheed Martin will operate and maintain the efficiency of two high-performance IRS systems under this Paper and Remittance Processing Support contract. The first system converts individual and business paper tax filings and information returns to electronic forms, in addition to depositing tens of millions of dollars into the U.S. Treasury. The second is a data capture, management and storage system using high-speed scanning and digital imaging technology to process tax documents. Both complex systems are essential to creating a streamlined Submission Processing Pipeline that reduces costs for IRS and ensures secure and timely processing for taxpayers.
"As agencies and environmental needs evolve over time, continued modernization of these information systems with an eye toward cost savings is critical to success," said Paul Engola, vice president of transportation and financial solutions for Lockheed Martin's Information Systems & Global Solutions (IS&GS). "Lockheed Martin's experience in submission processing, combined with our 17-year history with the IRS and its operating environment, uniquely qualifies us to manage sensitive taxpayer records safely and efficiently, freeing up IRS resources for other priorities."
Lockheed Martin IS&GS, the top government IT services provider for 21 years, works with some of the most complex business and government organizations around the world to secure, manage, analyze and apply key data and information to meet a variety of organizational needs. To support the new IRS contract, IS&GS anticipates hiring 40 to 50 employees across the Washington metropolitan area over the next six months. Employees will primarily be based at two facilities in Lanham, Maryland, and Fairfax, Virginia.
For additional information about our IT modernization initiatives, visit: www.lockheedmartin.com/IT.
About Lockheed Martin
Headquartered in Bethesda, Maryland, Lockheed Martin is a global security and aerospace company that – with the addition of Sikorsky – employs approximately 126,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services.
SOURCE Lockheed Martin Corporation