IRS Financial Accounting System Set For October Launch

by Mike Godfrey, Tax-News.com, Washington

27 August 2004

The Internal Revenue Service’s long awaited new financial accounting system is on track for an October launch, according to reports.

Speaking to daily IT news service, Computerworld, Jim Sheaffer, Computer Sciences Corp's program manager for the IRS modernization program conceded that the twelve month projected timeframe for the project’s completion was somewhat overambitious.

"We undertook an aggressive schedule that everyone has since determined was probably too aggressive," he stated.

"Everything had to go exactly right for that to work, and everything didn't go exactly right," he went on to explain.

The Treasury Inspector General for Tax Administration (TIGTA) recently issued a report covering its final audit on the Internal Revenue Service's new Integrated Financial System project. According to Computerworld, this indicated that significant progress has been made in getting the initiative back on track.

The Integrated Financial System project is part of the IRS business systems modernization program, an ongoing initiative expected to cost in the region of $7 billion.

The BSM has not been without its problems however, and previous TIGTA reports have drawn attention to continuing schedule delays and cost increases.

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