Year End Services
Broadridge Brokerage Processing Services provides broker/dealers and banks with comprehensive Year End services that include end-to-end processing and reporting. From data accumulation and mailing of forms and statements, to full transmissions of necessary reporting files, Broadridge provides the support your firm needs to meet all of your Year End requirements. Broadridge provides all relevant information for IRS-mandated reporting of 1099B, 1099DIV, 1099INT, 1099MISC and 1099OID. This information is available to clients in the form of consolidated 1099s, by January 31st of each year - following the end of the tax year.
Broadridge's support starts with the tracking and storage of all relevant tax reporting information for each client account. All of this pertinent information is then sent via a direct file transfer to the IRS by March 31st each year (a 30-day extension is filed on behalf of the client when necessary), allowing your firm to benefit from a fully automated tax reporting process. And, as a Broadridge client, you also receive weekly, monthly, quarterly and yearly reports, which help you monitor the accuracy and completeness of your tax reporting data. You also receive weekly updates of adjusted information on corrected 1099s. This allows your firm to monitor changes to 1099 information after the initial forms are mailed but before the IRS files are transmitted. Broadridge also provides state reporting, as well as reporting for forms 1042S and 2439.
With Broadridge's Year End Services your firm benefits from:
- Consolidated 1099s, containing all 1099 information on a single form
- Detailed Income Statements that provide exhaustive listings of all tax-related income and expenses, as well as non-reportable income - all categorized and summarized by income type
- Comprehensive exception reports that show all relevant information missing or incorrectly setup for reportable accounts, as well as errors made in booking of tax-related income and withholding taxes
- Robust bulk adjustment functionality that allows clients to reallocate income by entering one request regardless of the number of accounts affected
- Timely notification of exceptions and error conditions so problems can be fixed as they occur instead of being accumulated until the end of the tax year
- End-to-end processing, including all data accumulation, tracking, printing and mailing, all managed by Broadridge - cutting down on file-handling problems and reducing errors
- Single envelope mailing of all tax-related forms and statements resulting in increased postage savings
- Easy online viewing of up to three years worth of historical tax-related distributions and trades
- A Short-Term Bond Cost system that matches cost basis information to redemption amounts, providing the ability to calculate actual reportable income
- Easily accessible copies of all forms and statements in multiple sequences on hardcopy, COLD media, microfiche, or cartridge
Broadridge's Year End services provide unparalleled support for all of your firm's Year End processing and reporting needs. And, along with state-of-the-art systems and technology, Broadridge provides unparalleled world class service including comprehensive conversion plans, proven quality assurance and ongoing technical support!
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