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ONESOURCE Trust Tax Automates the Trust Tax Process

ONESOURCE Trust Tax is a comprehensive and integrated web application that automates the trust tax process-from the initial bridging of trust accounting data to the final print and filing of completed tax returns-and helps reduce operational costs by providing the features and functions of an in-house tax system. Client workstations communicate directly with the ONESOURCE Trust Tax application servers maintained in the multi-tier, secure Thomson Reuters Data Center. The advantage is that your tax department can access, update and review tax data while Thomson Reuters handles the complexities of disaster recovery, server management, high-volume data management, volume printing and law and output form changes. With ONESOURCE Trust Tax, all of the trust tax functions are together in one place. You no longer need separate systems to:
  • Gather, update and maintain trust accounting data
  • Compute and print tax returns, estimates and other tax documents, including federal and (if applicable) state 1041s, 1099s, 5227s and 990s
  • Provide status to professionals, such as trust administrators, outside the tax department
  • File tax returns electronically with the IRS and with those states that have electronic filing programs
  • Remit balance due and estimated tax payments

Trust Accounting Vendors

Thomson Reuters has formed close relationships with the major trust accounting vendors. If you use a trust accounting system, the advantage for you is that your detailed trust accounting data can be electronically transmitted (or bridged) from your trust accounting vendor directly to Thomson Reuters on a monthly basis or more frequently, if you prefer. Once Thomson Reuters receives the data, we create a detailed tax database that is independent of your trust accounting system database.
ONESOURCE Trust Tax offers bridges with the following trust accounting vendors:
  • Accutech SystemsAccutrust GoldAccutrust Cheetah
  • Innovest
  • INFOVISA
  • SEI Investments CompanyTrust 3000Global Wealth
  • FISTrustDeskAddVantageCharlotteGlobal Plus
  • Fi-Tek
  • HWA International, Inc.
The ONESOURCE Trust Tax generic bridge format can also be used with internally developed trust accounting systems. If you have an internally developed trust accounting system, we can assist with extracting the data so that you can use it with ONESOURCE Trust Tax.

Transferring Trust Accounting Data Files Using Secure FTP with PGP or GPG

Secure FTP (SFTP) with PGP or GPG offers an industry-standard, secure method of transmitting your trust accounting data files from your organization to Thomson Reuters. Secure FTP encrypts and authenticates the transmission session so that your trust accounting data files are protected as they are transmitted. PGP and GPG are encryption solutions that use public or private keys to ensure files remain encrypted throughout the transmission process. When you use Secure FTP with PGP or GPG, the file transmission process is streamlined, the need for expensive equipment or tunneling software is eliminated and you can rest assured that your confidential tax data remains confidential.

Asset Management with Wall Street Concepts

FIS Wall Street Concepts (WSC) provides tax information reporting solutions to the financial industry for WHFITs, REMICs, long-term OID bonds, Master Limited Partnerships, mutual funds and REITs. With additional licensing, you can integrate Wall Street Concepts services into your tax process.
Income Reallocation Service
As part of the WSC suite of solutions, the Income Reallocation Service allocates dividends into the final tax categories that mutual funds, REITs or corporations make available following their assessment of earnings and profits for the year. Since the Income Reallocation service is integrated with ONESOURCE Trust Tax, IR factors are transmitted daily as they are obtained from the mutual fund companies. You can use ONESOURCE Trust Tax to review the asset factors before globally applying to all holders.
ONESOURCE Trust Tax Wall Street Concepts Plus Package
The ONESOURCE Trust Tax Wall Street Concepts Plus Package (Plus Package) provides the tools necessary to comply with reporting requirements for Widely Held Fixed Investment Trusts (WHFITs). The Plus Package includes:
  • Income Reallocation service with the addition of factors for Royalty and HOLDRS Trusts and NRA factors
  • All Mortgage Backed Income Reporting (AMBIR), which includes REMIC and other structured MBS assets and MBS Pools
  • Unit Investment Trusts (UITs), which include Commodity Trusts
  • Long-Term Original Issue Discount (OID) services

Tracking Tax Information and Connecting Trust Tax Administrators

ONESOURCE Trust Tax Tools
ONESOURCE Trust Tax Tools is a group of optional, add-in components that is fully integrated with ONESOURCE Trust Tax. It consists of two components: Workflow Management and ONESOURCE Trust Tax Insight. The Workflow Management component allows tax managers and preparers to manage the tax preparation process and track critical tax information. ONESOURCE Trust Tax Insight is a web application that provides trust administrators and other non-tax preparers with controlled access to current tax information. Trust administrators and other non-tax preparers can view the information they need (including completed tax returns) to respond to customer inquiries without interrupting tax department staff.

Electronically Filing Tax Returns and Estimates

Tax Returns
You can use ONESOURCE Trust Tax to e-file federal 1041 returns and extensions, federal 5227 returns, and 990 return types. You can also e-file resident and nonresident 1041 state returns for the following states:
  • Alabama
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • District of Columbia
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • New Hampshire (estates only)
  • New Jersey
  • New Mexico
  • New York
  • North Dakota
  • North Carolina
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • Tennessee (tax year 2020 and prior tax years)
  • Utah
  • Vermont
  • Virginia
  • West Virginia
  • Wisconsin
For tax-exempt organizations and private foundations, you can use ONESOURCE Trust Tax to e-file California Form 199. For split-interest trusts, e-filing is available for Massachusetts Form 2G for 5227 returns as well as New Jersey Form 1041 for 5227 returns and extensions.
ONESOURCE Trust Tax formats returns to IRS or state specifications then transmits the returns to the IRS. Resident and nonresident state returns are e-filed with the appropriate state taxing authority through the IRS' Modernized e-File (MeF) platform. IRS or state acknowledgments of acceptance are processed by ONESOURCE Trust Tax. PDF documents can also be attached to the following e-filed returns:
  • Federal 1041 returns
  • Federal 5227 returns
  • Federal 990, 990-EZ, 990-PF, 990-T and 4270 returns
  • 1041 state returns for the states listed above that allow attachments
  • Massachusetts Form 2G for 5227 returns
  • California Form 199 returns
ONESOURCE Trust Tax uses the Electronic Federal Tax Payment System (EFTPS) service to remit federal balance due payments. Even if your federal returns are not electronically filed, you can use the EFTPS process to remit balance due payments. ONESOURCE Trust Tax complies with the remittance process outlined by the state taxing authority to remit state balance due payments.
Michigan and Missouri do not accept electronic payment for electronically filed state returns.
Quarterly Estimates
You can use ONESOURCE Trust Tax to prepare and file federal quarterly estimates. Federal estimated tax payments are remitted using EFTPS. In addition, the following state estimates can be prepared using ONESOURCE Trust Tax:
  • Arkansas
  • California
  • Connecticut
  • Delaware
  • Georgia
  • Hawaii
  • Kentucky
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • New Jersey
  • New Mexico
  • New York
  • North Dakota
  • Ohio
  • Oklahoma
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • Vermont
  • Virginia
  • Wisconsin
ONESOURCE Trust Tax complies with the method outlined by the state taxing authorities for filing state estimates and remitting state estimated tax payments.

Printing Tax Documents

ONESOURCE Trust Tax provides several options for printing tax documents. You can print at your location or you can print using the Bulk Shipping or Mail Service print and delivery options. Regardless of the option you choose, 1099 tax documents are printed landscape and in a format similar to a brokerage statement.
Bulk Shipping
When you use the Bulk Shipping print and delivery option, your tax documents are printed remotely then packaged and shipped to you. Bulk Shipping is allowed for any type of print file (for example, worksheets, federal and state tax returns and tax return extensions).
Mail Service
ONESOURCE Trust Tax provides the Mail Service print and delivery option so you can print and directly mail the beneficiary or recipient sections of any type of tax return. When you use the Mail Service option, the beneficiary or recipient package is mailed directly to the beneficiary or recipient.
Custom Logos and Digitized Signatures
ONESOURCE Trust Tax allows you to print a black and white logo on your greeting letters, beneficiary letters, 1099 supporting detail and IRS Fair Market Value statements. You can also digitize your organization's fiduciary and preparer signatures for printing on your federal and state income tax return forms.
If you are interested in printing custom logos and/or digitized signatures, you will need to work with your Client Manager to prepare the logo or signatures for printing. Additional fees may apply for these services.

Web Delivery

Web Delivery is an optional service that allows you to deliver tax documents generated in ONESOURCE Trust Tax to recipients and beneficiaries via your organization's website. Tax documents are made available for recipients to access after a specific milestone (which is set using ONESOURCE Trust Tax Tools) is reached. After logging in to your website, recipients and beneficiaries can view, print or save a copy of their tax document.

This article applies to:

  • PRODUCT: ONESOURCE Trust Tax