Income Reallocation Service for REITS and RICs
Using transaction histories that you provide, WSC computes the appropriate income for each tax lot. Data files are returned so that you can produce Forms 1099-OID for the beneficial owners. As part of this process, WSC collects foreign tax withholding factors, alternative minimum tax factors and the allocations percentage, by state, of tax-exempt income. WSC also screens equity securities to identify situations where dividend payments are likely to be characterized as a return of capital and contacts the company for a determination of the tax character of the distribution. The information collected is tested and standardized so that it may be utilized for transaction processing and viewed on the WSC Web site, where links are maintained to the original documentation for audit purposes.
Features
- Provides allocation of distributions to Qualified Dividend Income (QDI) for Mutual Funds
- Offers Web-based links to all documentation adjustment transactions
- Provides a standardized Web display of all generic information supplied by issuers and a detailed Web display of custom tax lot adjustments processed
- Includes a supplemental file of liquidations and returns of capital supplied for use in cost basis/gain loss systems.
- Provides special handling of cross year income deferrals by REITs and WHFITs
Benefits
- Reduces the number of corrected 1099s required substantially
- Helps you concentrate on managing client relationships
- Provides more than 40 Web-based reports for viewing process status, specific security segments and data integrity
- Facilitates the accounting of RICs and REITs for income reporting
- Provides daily reports that document the progress of collecting the data that is relevant to your firm