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Lockheed Gets $100M IRS Submission Processing System Update Contract

lockheed martinLockheed Martin (NYSE: LMT) will help to update the Internal Revenue Service‘s processing systems for paper tax filings, remittances and information returns under a five-year, $100 million contract.

The company said Wednesday it will operate and maintain the IRS systems that convert paper-based submissions to their electronic forms, process deposits to the Treasury Department and manage data from processed tax documents.

An updated submission processing pipeline would work to help manage costs and efficient document processing functions for the tax agency, Lockheed added.

“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 at Lockheed’s information systems and global solutions unit.

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