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GenTax ® Upgrade to Version 9 April 18, 2012 Executive Sponsors Demesia Padilla, CPA Cabinet Secretary John Monforte Deputy Cabinet Secretary Greg Saunders.

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Presentation on theme: "GenTax ® Upgrade to Version 9 April 18, 2012 Executive Sponsors Demesia Padilla, CPA Cabinet Secretary John Monforte Deputy Cabinet Secretary Greg Saunders."— Presentation transcript:

1 GenTax ® Upgrade to Version 9 April 18, 2012 Executive Sponsors Demesia Padilla, CPA Cabinet Secretary John Monforte Deputy Cabinet Secretary Greg Saunders Chief Information Officer

2 Background  GenTax ® – tax system of record for New Mexico  Commercial-off-the-shelf (COTS) product provide by Fast Enterprises, LLC  First implemented in 2002 for Personal & Corporate Income Tax  Implemented on time and on budget  Currently 28 tax programs are processed in GenTax  Manages tax revenue stream fluctuating between $5.5 and $6.5 billion annually

3 Background  Accounting basis for TRD financial revenue processing  Manages the revenue stream from taxpayers to beneficiaries  Processes all tax returns and payments  System for Tax Audit and Compliance initiatives  Repository for all historical tax information  Used to enforce tax code compliance and combat tax fraud

4 Key Points  Some modules in the current version are obsolete, no longer supported, and are cumbersome to use and maintain; TRD is unable to fulfill critical user requests and implement legislative mandates  Lost revenue opportunities – inability to take advantage of new additional revenues of $14.5 million due to lack of implementation of New Refunds module, Tax Payer Offset Program, Discovery product, Business Credit Manager and other modern core revenue generation functionality

5 Key Points  Fraud Prevention – current system is unable to identity & prevent millions in fraudulent activity each year  Catastrophic failure- if GenTax suffers a catastrophic failure, NM will be unable to collect and distribute $6 billion in revenues

6 Benefits from Upgrade  Significant annual reduction of fraudulent refunds as a result of upgraded Refunds module and data exchange functionality  Additional new revenues annually resulting from more efficient processing due to an upgraded Taxpayer Offset Program module  Significant increase in new revenues annually resulting from implementation of GenTax integrated data warehouse (Discovery). This module increases audit, collections, non- filer recoveries, real-time fraud prevention and return validation.

7 Benefits from Upgrade  Annual savings in support & maintenance costs by incorporating the current data warehouse functionality into GenTax  Considerable annual saving to General Fund resulting from implementation of Business Credit Manager functionality. This functionality ensures that revenue due to the State is fairly collected and distributed.  Greater ability to satisfy user requests & legislative mandates  Greatly reduce the risk of catastrophic failure by upgrading to version 9 of GenTax

8 Scope  Upgrade all modules of tax processing system  Implement integrated data warehouse, Discovery  Implement a Business Credit Manager module

9 Budget  In Laws of 2012, Chapter 19, Section 7, Item 4, TRD received $6,230,000  Funds must me used to upgrade GenTax to the current version of the software  Funds must be expended before 6/30/14

10 Timeline Initiation PlanningImplementationCloseout 5/1/12– 5/31/12 4/18/12 – 5/1/12 6/1/12– 6/30/14 6/30/14

11 Statewide Initiative & Compliance Governor's Priorities Balancing the Budget  Produce recurring improvements to state revenue  Increase in audit collections & non-filer recoveries  Ensure that revenues due to the State of NM are fairly collected & distributed

12 Statewide Initiative & Compliance State Strategy Information Technology must drive efficient delivery of high quality government services  Build upon &extend existing cost efficient solutions to the processing of Individual and Business Tax returns and processing Reduce the cost of government operations  Produce recurring improvements to state revenue through the reduction of fraudulent returns  Create an increase in Federal funds received  Minimize the need for programmer/developer intervention in correcting data errors Consolidate enterprise information technology services  Improved Refund module will allow for better management oversight, rescheduling of refund that have a change in status and better interest calculation

13 PCC Gates  Initiation Phase - April 2012  Planning Phase - May 2012  Implementation Phase - June 2012 thru June 2014  Closeout Phase – June 2014

14 Summary The upgrade to GenTax Version 9 will:  Increase annual revenue generation  Improve Fraud detection and prevention  Enhance processing and tracking of refund requests  Increase annual saving through the prevention of over distribution from the General Fund  Reduce overall system risk over the long term  Ensure continued collection of $5.5 to $6.5 billion in annual revenues

15 Questions Thank you


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