Fairfax Imaging Introduces New Method of Capturing W-2 Data, Assisting Government Collection of Revenue for Today's Economic Climate

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Fairfax Imaging, a leading solution provider for the tax and revenue industry announced an exciting breakthrough in W-2 processing for government taxing authorities. This new technology automates the scanning, data extraction and processing of W-2 information, subsequently providing a quick and accurate method to ensure tax compliance.

There are a variety of W-2 forms and the sizes, formats and styles can vary by vendor. Traditional methods of using templates for data extraction are just not possible because of these extreme variations, making processing a tedious, manual effort. Governments searching for ways to shore up revenue shortfall, will have a viable method for quickly detecting inaccurate income reporting.

Quick Modules helps governments by reducing the need to handle so many forms by hand. The technology finds, extracts and interprets the information automatically while business rules validate and send the information downstream in the process. Eventually, this automation may be integrated with government databases providing immediate validation of the W-2, so exceptions can be identified before payments are generated.    

In its initial testing, the R&D team at Fairfax Imaging obtained field recognition rates in excess of 80% for the majority of W-2 information. A government tax agency processing W-2s will therefore see significant labor savings, faster response times and improved customer service to its citizens.

This technique is known as semi-structured recognition, and requires no templates to be built since it uses sophisticated algorithms, line placement and other advanced document classification methods to locate the data.

"This is a tremendous evolution in the process of reading W-2's. We see a growing requirement by government revenue agencies requesting this type of recognition capability" Michael Minter, VP of Sales and Marketing stated. "Our new W-2 recognition method allows our clients to capture W-2's at 200 DPI, taking advantage of high speed transports, resulting in fast processing times while achieving excellent results".

Minter continued, "This innovation is yet another example of Fairfax Imaging's commitment to listening to our customer's needs and providing data capture solutions that not only save time and money - but can now reduce the loss of tax revenue!"

ABOUT FAIRFAX IMAGING, INC.
Established in 1994 with offices in California, Florida, Illinois, New Jersey, Texas and Virginia, Fairfax Imaging developed its own processing software, Quick Modules. Quick Modules offers the industry a highly successful and award winning forms and remittance processing solution. Currently Quick Modules' systems process billions of dollars in payment items and millions of transactions per day; across many industries, both government and commercial.

SOURCE: Fairfax Imaging, Inc.
Web site: http://www.fairfaximaging.com
Phone: 877-627-8325
Michael D. Minter, VP of Sales and Marketing, mminter(at)fairfaximaging.com
Mark A. Sokol, Director Product Management, msokol(at)fairfaximaging.com

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