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Compliance Plus® Service Description
Wall Street Concepts's (WSC) traditional core services such as income reallocation, HPS, and REMIC provide tax information essential to production of Internal Revenue Service 1099's. Now, WSC has developed a service that produces the 1099's for you as well. We take your books and records data in its native format and process it using our tax glossary, our 1099 and supplemental reporting processing engine, and our traditional core services.
Advantages of our service include:
  • Tighter integration with WSC core services

  • We do the extracts of transactions and the importing of processed data. Our integration is automatic so as to allow for greater frequency of processing during tax season.

  • Experience

  • Our 1099 Processing engine reflects our many years of experience in tax reporting for the brokerage and banking industries. Tax reporting is our sole business and we continuously review federal and state regulatory literature and keep abreast of securities innovations with complex reporting ramifications.

  • Supplemental reporting

  • We help bridge the gap between 1099 and 1040 reporting. Our supplemental reporting includes purchases, margin interest, paid interest, exempt interest, return of principle distributions, and partnership distributions. Investors need this information to complete 1040 reporting even though this information is not required on 1099's.

  • Data Scrubbing

  • We run a series of checks for data integrity. These include review of transaction types for plausible pairings with security type, review of transactions against the security master for taxability, checks against our tax glossary for fixed rate capitals and royalties, and analysis of output against statistics on expected output for your data.

  • Online Corrections

  • Make corrections to your processed transactions using our web interface. This includes editing of REMIC and OID details, changing of transaction type and amount for any transaction, and editing of demographic and security master information.

  • Bulk Adjustment System

  • Make bulk adjustments across a CUSIP and within date ranges. Apportion payments to multiple transaction types.
 For more information, please contact wsc.ClientServices@fisglobal.com.
 
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