About the WSC Income Reallocation Service
Wall Street Concepts Is Now FIS Tax Information Reporting
Wall Street Concepts (WSC) is now FIS Tax Information Reporting. This means you will likely encounter current and former names when you use this guide, work in the ONESOURCE Trust Tax application, and use the FIS Tax Information Reporting Suite secure website . Former and current names include:
Former | Current |
|---|---|
Wall Street Concepts (WSC) | FIS Tax Information Reporting |
Wall Street Concepts (WSC) Income Reallocation Service | FIS Income Reallocation Services |
All Mortgage Backed Income Reporting (AMBIR) service (a service included in the Plus Package only) | FIS Mortgage-Backed Income Services |
WSC's secure website | FIS Tax Information Reporting Suite secure website |
For users of the Plus Package, the
WSC PLUS
menu, WSC Plus Package, WSC Plus services and the Wall Street Concepts Plus registers remain unchanged.About the WSC Income Reallocation Service
The FIS Wall Street Concepts (WSC) Income Reallocation Service (sometimes referred to as the Income Reallocation Service or IR service) is an integrated feature of ONESOURCE Trust Tax. It applies to mutual funds and stocks with return of capital distributions, which ONESOURCE Trust Tax refers to as assets.
The Income Reallocation Service allows you to review, modify and apply factors sent from WSC under the Income Reallocation Service. It eliminates the need to manually identify, gather, analyze and enter mutual fund data. Starting the first week of January, WSC transmits to ONESOURCE Trust Tax a factor file that includes information WSC received from mutual fund companies and corporations. Transmissions occur daily (typically, factor files are received around 11:30 P.M.) until no new factors are received. Factor files are loaded by ONESOURCE Trust Tax as they are received from WSC.
In ONESOURCE Trust Tax, payments are associated with the posted transactions for each asset included in the Income Reallocation Service. Transactions that have a posting date within a specified date range and that are posted to one of the tax codes considered for factoring are included in factoring.
As a ONESOURCE Trust Tax user, you review and apply factors to the accounts that hold the assets. During your review, you can change factor information, and add and delete factors. After applying factors, you can review the applied factors.
Tasks
The tasks listed below apply to assets with factors sent from WSC under the Income Reallocation Service. The do not include information on the assets included in the WSC Plus Package.
Complete the following tasks to review, modify and apply factors sent from WSC under the Income Reallocation Service:
- Licensing and Enabling Your PAN to Use the Income Reallocation Service.
- Setting up your PAN. Includes information on granting user rights to those Trust Tax users who will apply factors sent from WSC and setting the PAN-level options that apply to assets with factors.
- Placing Assets on Hold and Releasing Asset Holds.
- Reviewing and Applying Factors.
- Reviewing Applied Factors.