About the WSC Plus Package
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 | FIS Mortgage-Backed Income Services |
WSC's secure website | FIS Tax Information Reporting Suite secure website |
The
WSC PLUS
menu, WSC Plus Package, WSC Plus services and the Wall Street Concepts Plus registers remain unchanged.About the Plus Package
The WSC Plus Package (also referred to as the Plus Package or WSC Plus) is an integrated feature of ONESOURCE Trust Tax. It incorporates the FIS Wall Street Concepts (WSC) Income Reallocation Service and facilitates Schedule K-1 preparation and tax information reporting by allowing you to prepare and process factoring transactions for the following securities:
- Master Limited Partnerships (MLPs)
- Original Issue Discount (OID) instruments
- Unit Investment Trusts (UITs)
- Real Estate Mortgage Investment Conduits (REMICs)
- Mortgage Backed Security (MBS) pools
ONESOURCE Trust Tax refers to the securities listed above as assets or asset types. WSC has services for each asset included in the Plus Package. Collectively, these services are referred to as WSC Plus services. MLP, OID and UIT assets each have their own WSC services. REMIC and MBS assets are combined into WSC's AMBIR (All Mortgage Backed Income Reporting) service.
note
The Plus Package supports securities that are identified with CUSIP numbers. Alternate identification systems are not supported.
About the WSC Plus Services and Asset Preparation and Processing
Each WSC Plus service is unique and follows its own timeline. The sections below provide you with an overview of each WSC Plus service, and how the assets included in those services are prepared and processed in ONESOURCE Trust Tax and through WSC.
note
ONESOURCE Trust Tax uses eNewz broadcasts to communicate WSC submission deadlines and the availability of extract processing.
The MLP Service and MLP Asset Preparation and Processing
The MLP service facilitates Schedule K-1 preparation by the MLPs. As a ONESOURCE Trust Tax user, you prepare and review MLP assets then submit those assets in an extract file to WSC. During your review, you balance the number of units held as of December 31.
WSC communicates the specific deadline date for submitting an MLP extract file to WSC on its secure website . In early January, ONESOURCE Trust Tax communicates via an eNewz broadcast the WSC MLP submission deadline and the availability of extract processing. You must wait until MLP extract processing is available before you can submit your MLP extract file to WSC. MLP extract file submission must occur by WSC's January submission deadline and only after all account and asset combinations are balanced.
WSC passes the data in your MLP extract file to the MLPs who prepare the Schedule K-1s. Depending on how certain options in ONESOURCE Trust Tax were set prior to you sending the extract file to WSC, the MLPs mail the Schedule K-1s back to you or directly to the recipient. If the Schedule K-1s are sent back to you, it is your responsibility to deliver the Schedule K-1s to the recipients.
note
Unlike the other WSC Plus services, you will not receive data (an output file) from WSC or the MLPs.
The OID Service and OID Asset Preparation and Processing
The OID service includes three segments of the fixed-income market: taxable OID discount bonds, certificates of deposit and nontaxable municipal OID bonds. WSC facilitates the computation of OID by identifying securities issued with OID, collecting the data for OID amounts from issuers, and computing the OID accrual rates. As a ONESOURCE Trust Tax user, you prepare and review OID assets then submit those assets in an extract file to WSC. During your review, you balance the original face value as of December 31.
note
You are not required to schedule when you want WSC to return output to you. WSC automatically sends the output file to ONESOURCE Trust Tax approximately two business days after you submit your OID extract file to WSC.
Between early to mid-January, ONESOURCE Trust Tax communicates via an eNewz broadcast when WSC Plus extract processing is available for the tax year. You must wait until WSC Plus extract processing is available before you can submit your OID extract file to WSC. OID extract file submission should occur in January or early February, and only after all account and asset combinations are balanced.
WSC uses the data in your OID extract file to calculate the amount of OID accrual based on the holding period for each asset, any OID adjustments, any related bond premium and any prorated interest on nonqualified bonds. The output file that WSC returns to ONESOURCE Trust Tax includes adjustment transactions for amounts calculated by WSC.
The UIT Service and UIT Asset Preparation and Processing
The IRS requires information regarding income and expenses attributable to securities deemed to be Widely Held Fixed Investment Trusts (WHFITs) to be reported to the IRS on Forms 1099-B and 1099-DIV, and to the taxpayer on an additional written statement. The definition of a WHFIT includes UITs that are treated for tax purposes as grantor trusts and not as regulated investment companies (RICs), royalty trusts, MBSs, HOLDRS trusts or commodity trusts. The UIT service helps you comply with WHFIT reporting regulations, process UIT transactions and complete year-end UIT adjustments.
UIT transactions and sales for the year are identified by ONESOURCE Trust Tax using a list of publicly-traded trusts. This list (referred to as a solicitation file) is provided by WSC. As a ONESOURCE Trust Tax user, you prepare and review UIT assets, submit those assets as an extract file to WSC, and schedule when you want WSC to return the output to you. During your review, you balance the number of units held as of December 31.
note
You are required to schedule (or request) UIT output from WSC. You can schedule multiple output files from WSC. See the
Your Profile & Schedule
link on your firm's Dashboard on WSC's secure website for details.Between early to mid-January, ONESOURCE Trust Tax communicates via an eNewz broadcast when WSC Plus extract processing is available for the tax year. You must wait until WSC Plus extract processing is available before you can submit your UIT extract file to WSC. UIT extract file submission should occur in early to mid-February and only after all account and asset combinations are balanced.
WSC compares all taxable UIT data to the UIT transactions you submitted, and performs a series of edits on your data. WSC performs year-end UIT adjustments after the year-end accrual and gross-up rates are posted and edited. Reports are available on WSC's secure website to help you identify and resolve issues with your data and to track the progress of the UIT process.
The AMBIR Service and REMIC and MBS Asset Preparation and Processing
The AMBIR service applies to mortgage-backed securities that are issued through REMICs and to MBS pools that are packaged through the Federal Home Loan Mortgage Corporation (FHLMC, also known as Freddie Mac), the Federal National Mortgage Association (FNMA, also known as Fannie Mae), and the Government National Mortgage Association (GNMA, also known as Ginnie Mae).
REMICs and MBS pools are governed by WHFIT regulations because they are considered Widely Held Mortgage Trusts (WHMTs), a major subcategory of WHFITs. As such, the AMBIR service helps you comply with WHFIT regulations and facilitates the annual 1099 reporting of income for these mortgage-backed securities.
REMIC and MBS assets, transactions and sales are identified in ONESOURCE Trust Tax using a list that identifies the relevant securities. This list (or solicitation file) is provided by WSC. As a ONESOURCE Trust Tax user, you prepare and review REMIC and MBS assets, submit an extract file for each asset type to WSC and schedule when you want WSC to return the output files to you. During your review, you balance the original face value as of December 31.
Between early to mid-January, ONESOURCE Trust Tax communicates via an eNewz broadcast when WSC Plus extract processing will become available for REMIC and MBS assets for the tax year.
WSC delivers AMBIR solicitation files to ONESOURCE Trust Tax in mid- February. (Check WSC's secure website for important dates.) ONESOURCE Trust Tax must receive the solicitation files from WSC and the solicitation files must be loaded to ONESOURCE Trust Tax before you can submit your REMIC and MBS extract files to WSC.
Take the following into consideration before submitting your REMIC and MBS extract files to WSC:
- REMIC extract file submission should be planned so that you meet the March 15 reporting deadline for the taxpayer's additional written statement.
- For MBS assets, income is reportable based on the record date of the distribution. To account for January and February MBS payments that are taxable in the prior year, you should plan to submit your MBS extract file to WSC after the February 15 transaction data is bridged to ONESOURCE Trust Tax. You should also plan your submission so that you meet the March 15 reporting deadline for the taxpayer's additional written statement.
You can determine your submission dates for your REMIC and MBS extract files using the Output Schedule on WSC's secure website . Submission should occur only after all account and asset combinations are balanced for each asset type.
note
You are required to schedule (or request) REMIC and MBS output from WSC. You can schedule multiple output files from WSC. See the
Your Profile & Schedule
link on your firm's Dashboard on WSC's secure website for details.WSC uses the data in your REMIC and MBS extract files as well as the information WSC collects from issuers and trustees to compute the reportable income for each tax lot. For REMIC assets, the output file includes qualified interest income accrual transactions, accrued OID and secondary market adjustments. For MBS assets, the output file includes adjustment transactions for amounts distributed as interest payments throughout the year, and new transactions to identify expenses.
Tasks
The tasks listed below show you how to prepare and process MLP, OID, UIT, REMIC and MBS assets. They do not include information on using the WSC Income Reallocation Service to modify mutual fund postings and factors, and they do not include information for processing accounts that hold MLP, OID, UIT REMIC and MBS assets.
Complete the following to prepare and process MLP, OID, UIT, REMIC and MBS assets:
- Getting started. Includes Licensing and Enabling Your PAN to Use the Plus Package.
- Setting up your PAN. Includes granting user rights to those Trust Tax users who will use the Plus Package, and setting PAN-level options that apply to MLP, OID, UIT, REMIC and MBS assets. See Setting Up Your PAN for details.
- Setting up accounts. Includes setting the 1099 service level so you generate the level of detail required to comply with WHFIT regulations, indicating that you want the MLPs to use the recipient address (rather than your address) when sending prepared Schedule K-1s, and reviewing your active accounts to ensure they are included or excluded from WSC process.
- Placing Assets on Hold and Releasing Asset Holds.
- Using the WSC PLUS Menu. Includes information on preparing and reviewing MLP, OID, UIT, REMIC and MBS assets, and submitting the extract file for each asset type to WSC.
WSC Output includes information on scheduling (or requesting) output from WSC. Tax Codes Considered for WSC Processing identifies the tax codes considered for WSC processing. Registers that Apply to the WSC Plus Services provides details about the registers that apply to the WSC Plus services.