Now the IRS signs on with Basis100!
IRS Signs Contract with Basis100 for Automated Valuation Model (AVM), PASS
The IRS will utilize PASS to determine an individuals ability to pay
taxes through home equity
TORONTO, March 5 /CNW/ - Basis100 Inc. (BAS:TSE), an e-commerce
technology solutions provider for the financial services industry, today
announced that the IRS has adopted Basis100's PASS product for assistance in
determining an individual's equity in their real property. The PASS product
will be used primarily when a taxpayer is requesting an "Offer in Compromise"
for outstanding tax balances.
While the "Offer in Compromise" program is not a new program, this
process will be much faster and more efficient for both the IRS and the
individuals involved. Prior to adopting PASS as its home valuator, the
taxpayer was often burdened with having to seek out an independent appraisal.
This process would normally take several days, as compared to 5 seconds for
the PASS report.
Basis100 has been providing valuation technology to the IRS since March
of 2000 in a pilot program. The IRS identified measurable timesavings by
utilizing AVM technology and determined that automated valuations could
replace traditional appraisals in most cases. The IRS subsequently requested
competitive proposals from companies to provide the technology on an ongoing
contractual basis.
"Our strategy is to provide technology solutions that can scale to just
about any application," said Joseph Murin, COO, Basis100. "The IRS contract
is evidence of this and more importantly, we now have a large government body
outwardly validating automated home valuations, which will go a long way
towards influencing overall industry adoption of AVMs."
The IRS will receive an accurate valuation from the Basis100 web-centric
valuation solutions which include a property's estimated highest and lowest
reasonable value, the two most recent sale dates and prices, the last
assessed value on the home and comparable sales information for three
additional neighborhood properties. Provided the valuation is deemed
acceptable by the IRS review, a traditional appraisal will not be necessary
and the IRS can continue with the processing of the Offer in Compromise
application.
This is a one-year contract with four one-year option periods to be
exercised at the discretion of the IRS.
About Basis100
Basis100 Inc. is a global technology solutions provider, which enables
businesses to build, distribute, buy and sell products and services in more
efficient and innovate ways. Basis100's lines of business include: Lending
Solutions for consumer credit, mortgage origination and processing; Data
Warehousing and Analytic Solutions for automated property valuations,
property data-warehousing and analytics support; and Capital Markets
Solutions for fixed income and equities trading, and settlement and clearing.
Our solutions are installed in over 36 countries and 5 continents around the
world. For more information about Basis100, please visit www.Basis100.com.
Forward-looking (safe harbor) statement
Statements made in this news release that relate to future plans,
events or performances are forward-looking statements. Any statement
containing words such as "believes", "plans", "expects" or "intends"
and other statements which are not historical facts contained in this
release are forward-looking, and these statements involve risks and
uncertainties and are based on current expectations. Consequently,
actual results could differ materially from the expectations expressed
in these forward-looking statements.
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