ONESOURCE TRUST TAX - UNITED STATES

Tax Information Reporting for Financial Institutions

ONESOURCE Trust Tax, our leading complex investment tax reporting software for over 40 years, automates all phases of the tax information reporting process - from initial bridging of accounting system data or data manipulation and management to the final print and electronic filing of the information return.

ONESOURCE Trust Tax provides you with the tools you need for total compliance with all federal and state regulatory requirements for the proper classification and reporting of income from investments.

It also provides both trust tax software and tax preparation services to institutions worldwide, such as personal and institutional trust departments, U.S. withholding agents, and private banking institutions.

1099 and 1042-S Information Reporting

ONESOURCE Trust Tax offers seamless integration with accounting systems, third-party providers, and internal systems that offer financial institutions complex investment tax reporting functionality and services that enable you to produce a complete 1099 or 1042-S package for your clients. This includes:

  • Income reallocation of mutual funds and royalty trusts:
    • Qualified/non-qualified dividends
    • Return of capital
    • State reporting for municipal mutual funds
    • RIC and REIT reporting
    • NRA reporting
  • Widely Held Fixed Investment Trust (WHFIT) reporting
  • Original Issue Discount (OID) reporting
  • Unit Investment Trust (UIT) reporting, including commodity trust
  • Mortgage-Backed Securities (AMBIR) reporting, including REMIC and other structured MBS assets and MBS pools
  • Real Estate Mortgage Investment Conduit (REMIC) reporting
  • Cost-basis reporting
  • Wash sale identification

Additionally, with ONESOURCE Trust Tax you're able to:

  • Track recipients and treaty rates
  • Identify the proper income code, tax rate, and exemption code for NRA reporting
  • Electronically file all required reports to the federal and state taxing authorities
  • File corrections as needed
  • Automatically mail the 1099 or 1042-S packages to the end recipient
  • Allow the end recipients to view their information through a browser
  • Allow your support organizations to view client information through a browser
  • Provide a professional tax letter and back-up detail for all income and expense information for proper reporting on individual tax returns (also includes non-reportable items for a complete picture for your clients)
  • Provide a professional-looking 1099 with the look and feel of a brokerage statement

Forms available with ONESOURCE Trust Tax

  • 1099-DIV, 1099-INT, 1099-OID, 1099-B in a combined statement
  • 1099-MISC
  • 1042-S
  • 1099-R
  • 5498
  • 1098

Keep your Data Secure

Data security is our priority. For over 40 years, our security and disaster recovery abilities have been tested by the nation's largest corporations, banks, and accounting firms. All data is maintained in the Thomson Reuters Data Center - a multitier, secure, SAS-70 certified facility.

We have a disaster recovery plan that provides for full data replication and recovery using sophisticated back-up technology and advanced security systems. With over 500 on-site security specialists to monitor and troubleshoot all platforms, network, and infrastructure, our management systems ensure continuous access to your applications.