Using the WSC PLUS Menu
The
WSC PLUS
menu allows you to prepare, review and submit assets to WSC. To be included in WSC processing, purchases and transfers for OID, UIT, REMIC and MBS assets must be posted to the following:
- Tax code 946 (Purchases) for purchases.
- Tax code 950 (Transfer of Securities Out (Free Deliveries)) for free deliveries or transfers.
- Tax code 951 (Receipt of Securities (Free Receipt)) for free receipts or transfers.
Amortization of income should be coded to one of the 400 series amortization tax codes.
For MBS assets, the
Revised Tran Type
must be set to 300 for accrued interest purchased and 301 for accrued interest received. If the Revised Tran Type
is not set correctly, interest distributions for MBS assets will not be reported correctly because ONESOURCE Trust Tax will recognize the interest received as a regular monthly interest receipt rather than using the month-end the purchase or sale posted to.Recommended Processing Sequence
Each WSC Plus service is unique and follows its own time line. ONESOURCE Trust Tax recommends using the following processing sequence to prepare, review and submit assets to WSC:
- MLP assets
- OID assets
- UIT assets
- REMIC assets
- MBS assets
note
ONESOURCE Trust Tax uses eNewz broadcasts to communicate WSC submission deadlines and the availability of extract processing.
ONESOURCE Trust Tax also recommends completing the tasks listed below for each asset type. You can prepare and review assets as often as is necessary to ensure all asset and account combinations are balanced. Submission to WSC should occur only after all relevant bridge files are loaded to ONESOURCE Trust Tax and only after all account and asset combinations are balanced.
- Prepare assets.
- Review and balance assets, including clearing all WSC HIT messages.
- Prepare assets again to confirm all account and asset combinations are balanced. This is especially important if a bridge file was loaded to ONESOURCE Trust Tax after you completed your review.
- Submit the extract file to WSC.
note
You are allowed to submit to WSC only one extract file for each asset type. For UIT, REMIC and MBS assets, you must also schedule output from WSC.
The table below is included to help you plan your WSC processing for the tax year. The deadlines and dates mentioned in the table are approximate. Specific deadlines and dates for the tax year are communicated by WSC via its secure website and by ONESOURCE Trust Tax via eNewz broadcasts.
Asset Type | Deadline or Date | Details |
|---|---|---|
MLP | Approximately January 20 | This is a deadline to submit the MLP extract file to WSC. Check WSC's secure website for the specific deadline date. ONESOURCE Trust Tax communicates the WSC MLP submission deadline and the availability of extract processing. Submit your extract file to WSC after:
You are allowed to submit only one MLP extract file to WSC. No output files for MLP assets are generated by WSC or the MLPs. |
OID | January to early February | This is a timeframe for submitting the OID extract file to WSC. Check WSC's secure website for important dates. WSC delivers the OID solicitation file to ONESOURCE Trust Tax at the end of December. ONESOURCE Trust Tax communicates the availability of extract processing. Submit your OID extract file to WSC after:
You are allowed to submit only one OID extract file to WSC. You do not need to schedule output through WSC for OID assets. WSC automatically sends the output file to ONESOURCE Trust Tax approximately two business days after you submit your OID extract file. |
UIT | Early to mid-February | This is a timeframe for submitting the UIT extract file to WSC. Check WSC's secure website for important dates. WSC delivers UIT solicitation files to ONESOURCE Trust Tax towards the end of December. ONESOURCE Trust Tax communicates the availability of extract processing. Submit your UIT extract file to WSC after:
You are allowed to submit only one UIT extract file to WSC. You are required to schedule output using WSC's secure website . You can schedule multiple output files for UIT assets. |
REMIC | March 15 | Submit your REMIC extract file to WSC in time to meet the March 15 reporting deadline for the taxpayer's additional written statement. Between early to mid-January, ONESOURCE Trust Tax communicates via an eNewz broadcast when WSC Plus extract processing will become available for REMIC 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 extract file to WSC. Submit your REMIC extract file to WSC after:
You are allowed to submit only one REMIC extract file to WSC. You are required to schedule output using WSC's secure website . You can schedule multiple output files for REMIC assets. |
MBS | After February 15 but before March 15 | Submit your MBS extract file to WSC after the February 15 transaction data is bridged to ONESOURCE Trust Tax and in time to meet the March 15 reporting deadline for the taxpayer's additional written statement. The February 15 date takes into consideration that February MBS payments taxable in the prior year may not be available until after the February 15 transaction data is bridged to ONESOURCE Trust Tax. Between early to mid-January, ONESOURCE Trust Tax communicates via an eNewz broadcast when WSC Plus extract processing will become available for 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 MBS extract file to WSC. Submit your MBS extract file to WSC after:
You are allowed to submit only one MBS extract file to WSC. You are required to schedule output using WSC's secure website . You can schedule multiple output files for MBS assets. |