ADP Brokerage Services is to distribute the Depository Trust & Clearing Corporation's (DTCC) Domestic Tax Reporting Service (DTax) to its clients.
DTax provides year-end tax reclassification information on more than 10,000 mutual funds, real estate investment trusts (Reits) and other securities, allowing firms to streamline 1099 reporting to customers.
The service will be integrated with ADP's year-end reporting system, enabling clients to perform bulk adjustments on affected transactions.
William Salva, group director, DTCC tax product management group, says the service gives another group of customers easier and more cost-effective access to year-end tax reclassification information.