FIS Tax Reporting Manager

What FIS Tax Reporting Manager is

FIS Tax Reporting Manager is a web-based tax compliance and reporting service for U.S. broker-dealers, banks and trust companies. It helps financial institutions meet IRS and customer reporting obligations, with production support for Forms 1099, 1042-S, 5498 and K-1 across domestic, retirement and nonresident alien accounts. The suite also identifies reporting requirements for specialized holdings such as REMICs, pass-through mortgage-backed securities, long-term OID bonds, MLPs, mutual funds, REITs, UITs and WHFITs.

Data validations and correction management help reduce reporting errors and account holder inquiries. Filtering, real-time account summaries and processing dashboards give teams tools to search records and follow current work. Exception-based reporting and daily processing throughout the year support ongoing operations, and FIS supplies annual tax form updates. The service coordinates with cost basis systems and sends data feeds to third-party tax preparation software using OFX. Customers can select printed or hosted statements, including electronic delivery. FIS lists phone customer service options for product and security questions, technical help and file transmission support. More than 350 financial institutions rely on the service, according to its product sheet. Pricing is available by contacting FIS.

Who it suits

It suits U.S. broker-dealers, banks and trust companies handling tax reporting for domestic, retirement and nonresident alien accounts. Institutions managing specialized investments or coordinating reporting through cost basis systems and third-party tax preparation software may find its coverage relevant.

Limits

The enterprise service has no listed price; contact FIS for pricing. Browser use requires Internet Explorer 11, Chrome 38.0 or higher, or Firefox 27.0 or higher, with JavaScript and cookies enabled.

Getting started

1. Visit the WSC website.
2. Contact FIS to discuss pricing for the enterprise service.
3. Use the web service with Internet Explorer 11, Chrome 38.0 or higher, or Firefox 27.0 or higher.
4. Enable JavaScript and cookies in the browser.
5. Coordinate cost basis systems or OFX data feeds to third-party tax preparation software as needed.
6. Choose printed or hosted statements and delivery options, including electronic delivery.

Verdict

Financial institutions seeking web-based tax reporting across several account types and specialized assets should consider FIS Tax Reporting Manager. Its validation, correction, processing and integration capabilities support ongoing reporting work. Contact FIS for pricing and confirm that the listed browser requirements fit your environment.