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Preparation and transmission of the tax forms is a crucial – and often time consuming –
part of year-end processing. The Tax Forms Module automates the calculation and
production of these forms, as well as the production of an electronic transmission file for
the IRS. The system uses the data files from TRUSTprocessor to determine the
transactions that occurred during the year and associate them with the correct tax
calculations for specific forms.
The following forms are included in this module:
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- 1099-DIV
- 1099-INT
- 1099-B
- 1099-R
- 1099-Q
- 1099-MISC
- 5498
- 5498-ESA
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These are then properly associated with the client, beneficiary, or third-party
vendor to be
reported. These can also be edited with any amendments required for special
situations.
For 5498 and 1099-R reporting, any non-cash transfers in and out are included at
market
value.
Two additional forms are set up for manual data entry, followed by complete
support of
the printing and IRS export functions: |
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Each January, we release a software update to match the IRS formats for
the new year. |
The Tax Forms Module adds value to the core system by … |
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- greatly reducing the time it takes to research, calculate, and enter the tax
information required by these forms for all reportable transactions throughout the
year.
- fulfilling your obligation to prepare an electronic file for transmission to the IRS.
- eliminating the opportunity for human input error by automating the tax calculation
and tax form completion.
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- Interactive Data Interface – to get the market valuations for non-cash transfers
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