Source: ADP Investor Communication Services
ADP Investor Communication Services (ADP ICS), a division of Automatic Data Processing's (NYSE: ADP) Brokerage Services Group, announced the launch of its new Tax Information Reporting Service to support the year-end information reporting needs of brokerage firms and banks.
ADP's new solution will provide comprehensive tax information reporting services through the development and maintenance of a database and processing that provides a platform for tax calculations and reporting in order to meet tax reporting requirements for IRS Forms 1099.
The new service will provide processing for debt instruments with Original Issue Discount (OID); real estate mortgage investment conduits (REMICs) and other collateralized debt obligations (CDOs); real estate investment trusts (REITs) and mutual funds and unit investment trusts (UITs). The product will include two levels of service in the offering - a basic level service to provide factor or reallocation information for each of the securities, and a premium-level service that will provide investor-specific reportable tax information based on the investor's specific transactions.
ADP also announced the appointment of Steven A. Neiss as Vice President of Tax Information Reporting. Steve comes to ADP with a 30-year background in tax reporting, dividends and operations for major brokerage firms. Steve is a member of the Securities Industry Association (SIA) Dividend Division and past chairman of the Tax Compliance & Administration Committee of the SIA. Steve was appointed a member of the Information Reporting Program Advisory Committee (IRPAC) for the term 2004-2006.
"We are excited about the value that ADP can bring to the industry and specifically our bank and brokerage clients to support them in their year-end processing efforts. We see this opportunity as extremely synergistic with many of our existing services including back-office processing, tax lot accounting, as well as statement and 1099 print and distribution services," says Robert Schifellite, Senior Vice President and General Manager of ADP ICS.