Accurate forecasting of tax revenues can help Federal and State Government Agencies to optimize budget execution, improve fiscal operations, and assist as part of an overall fraud detection strategy. FocalPoint Consulting Group has developed FocalPoint TaxInsight™, a tax revenue forecasting tool currently used by the U.S. Department of the Treasury. FocalPoint’s solution delivers highly accurate annual, monthly, and daily tax revenue forecasts that can provide benefits such as:
- • Improving fiscal planning: Accurate forecasting supports financing planning and operations.
- • Assisting in capacity planning: The granularity of the forecast enables it to support capacity planning for taxpayer services.
- • Supporting overall fraud detection: Forecasts can provide visibility to unexpected spikes, which in some instances, can provide an early warning for potentially fraudulent activity.
Our TaxInsight Forecasting tool is a machine learning forecasting model used to develop annual, monthly, and daily forecasts of tax receipts for the U.S. Department of the Treasury. Click here to download our TaxInsight Brief.