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Tax Reporting

Improve Customer Service with Tax Reporting Solutions

While superior tax information reporting may not attract new customers, poor reporting will lose them. Wall Street Concepts is a tax reporting solution suite from FIS™ that arrives at the proper tax character and calculation amounts of a payment or security for tax reporting purposes.

  • Reduce costs and increase accuracy through the use of the FIS™ Asset Class tax reporting services.
  • Gain coverage for fund products, debt instruments, structured products, equities, options and more.
  • Empower your front-office producers to manage client relationships, not client inquiries about inaccurate or late tax reporting.
  • Bring a new level of quality to the creation and delivery of 1099 forms and reduce the number of corrected forms.

Fixed Income Cost Basis

All-basis Calculations for Simple and Complex Debt

Tax Reporting Original Issue Discount Calculator

To arrive at the correct basis of a debt instrument, you need a simplified method of computing daily, periodic and annual amounts of original issue discount (OID), bond premium, acquisition premium and market discount. FIS™’ Original Issue Discount Calculator tax reporting solution is now a part of the FIS Fixed Income Cost Basis service.

  • Eliminate reconciliation and other issues with a tax reporting solution that derives income entries and the basis adjustments from the same source calculations.
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  • Gain flexibility in handling premium and discount accrual schedules.
  • Support all possible taxpayer elections for simple and complex debt.
  • Create original issue discount lifetime accrual schedules for securities.
  • Deliver IRS-compliant calculations and basis adjustments with a tax reporting solution that interfaces with cost basis systems.

Income Reallocation

Reduce the Year-end Burden and Deliver Accurate, Timely 1099s

A successful tax season is one that brings customers timely, accurate tax information. FIS™’ Income Reallocation services, part of the Wall Street Concepts tax reporting solution suite, allocates dividends and other payments into their proper tax categories and tax year for multiple mutual fund products, real estate investment trusts (REITs), registered investment companies (RICs) and corporations.

  • Substantially reduce the need for late mailings and corrected 1099s.
  • View process status, specific security segments and data integrity using more than 40 web-based reports.
  • Obtain supplemental information on liquidations and returns of capital for use by cost basis tracking systems.
  • Maintain focus on managing client relationships.
Tax Reporting Income Reallocation

Tax Information Reporting

Improve Customer Service with Tax Reporting Solutions

While superior tax information reporting may not attract new customers, poor reporting will lose them. Wall Street Concepts is a tax reporting solution suite from FIS™ that arrives at the proper tax character and calculation amounts of a payment or security for tax reporting purposes.

  • Reduce costs and increase accuracy through the use of the FIS Asset Class tax reporting services.
  • Gain coverage for fund products, debt instruments, structured products, equities, options and more.
  • Empower your front office producers to manage client relationships, not client inquiries about inaccurate or late tax reporting.
  • Bring a new level of quality to the creation and delivery of 1099 forms and reduce the number of corrected forms.

Tax Glossary

Keep up with Information Reporting Requirements

Different types of securities have different reporting requirements, and it can be challenging to keep up with the details. TEFRA Glossary, a component of the Wall Street Concepts tax reporting solution suite, provides a dynamic list of securities with information reporting requirements that go beyond a simple annual summary of distributions.

  • Bring order to tax documentation and reporting by categorizing securities by tax classification and special handling needs.
  • Ensure proper basis tracking, withholding and reporting by appending the glossary to a firm’s security master.
  • Avoid year-end issues by knowing early on the proper tax treatment of diverse securities requiring payment allocations.
  • Obtain information about the treatment of deemed payments, implicit redemptions and other special instruments all in one place – the TEFRA Glossary.
Tax Reporting Tax Glossary

Unit Investment Trust (UIT)

Identify and Collect UIT Data for Year-end Adjusting Entries

When it comes to tax reporting, efficiency and accuracy are essential. That’s why FIS provides the Unit Investment Trust (UIT) service. Using a list of publicly traded trusts, you extract all related transactions for the year. The tax reporting solution then compares the data to your yearly transactions and performs the necessary edits.

  • Identify all taxable UITs, including widely held fixed investment trusts (WHFITs), widely held mortgage trusts (WHMTs) and exchange traded funds (ETFs).
  • Gain efficiency by automating the collection of end-of-year data from trustees and the processing of year-end adjusting transactions.
  • Identify potential errors in your transaction data based on the statistics and reports generated by the tax reporting solution.