1. Healthcare

SunGard/Charlotte Tax Reporting
Wall Street Concepts (WSC) Interface
SunGard Confidential and Proprietary
SunGard/Charlotte Tax Reporting
2014
Table of Contents
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Overview
File Transmission to WSC & Data Processing
Client Level Options
Available Forms
WSC Products
WSC Account Number Format
WSC Web Site
Forms & Tax Ledger Production
Frequently Asked Support Questions
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SunGard/Charlotte Tax Reporting
2014
OVERVIEW
Tax Reporting in Charlotte is performed using an interface with SunGard Company,
Wall Street Concepts (WSC). It is a monthly interface with a full year to date
transaction file refresh sent to Wall Street Concepts (WSC).
WSC is an industry leader in tax reporting offering Income Reallocation, Master
Limited Partnership Reporting, OID Reporting, REMIC Reporting, and UIT Reporting.
The WSC application is strictly a web based product. www.wsc.com
WSC clients will be assigned a 3 character WSC client number/firm id.
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SunGard/Charlotte Tax Reporting
2014
There are two service levels :
Basic service includes the Charlotte interface data, tax ledgers, all 1099/5498
forms and access to the following products:
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Compliance Plus
Master Limited Partnerships (MLPs)
Premium service offers a consolidated 1099 statement: a single document
covering the 1099-INT, DIV, B, OID and MISC with a summary total, followed by
payment details. Automated processing of income reallocations is included, along
with access to the following additional features:
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Compliance Plus
MLP Reporting
Long Term OID Reporting
REMIC Reporting
Income Reallocation
UIT Reporting
TEFRA Glossary
**Please note, Premium service does not support multiple payers at the account
level for 1099 pass thru income reporting (1099-INT, DIV, B, etc).
FILE TRANSMISSION & DATA PROCESSING
Charlotte will send data files monthly to WSC. These files will contain account
master, account cross reference, security master, and transaction data. For monthends, January through November, these data files will be produced as part of the
month-end closing process. For the December month-end, this data will be sent
as part of the tax year end processing (approx. Jan 12th).
By default, data for all Accounts, with the exception of suspense accounts and
accounts closed/saved in the prior year, will be sent to WSC. The client may
exclude certain accounts types by contacting Charlotte Client Support.
WSC processes files through a pre-edit screening and then a final load process.
After they process the files for pre-edit screening a series of pre-edit reports are
produced for review. Then the final load of the files is performed which produces
warning/error reports for your review.
No editing should be done on the WSC web site during the year since data is
purged and replacement YTD transactions are sent monthly. All corrections during
the year should be made in Charlotte and once data is loaded after tax year end,
editing would begin on WSC.
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All Charlotte Account coding and cross reference coding remain the same. WSC will
look at the “IRS Information Return Reporting” code to determine which forms
should be produced.
WSC’s Income Reallocation uses only industry cusip numbers. Contra cusips are
not allowed. Therefore, the interface will convert contra cusips to the industry
cusip prior to data being sent to WSC. Additionally, the interface uses the Security
Master 1099 Security Type when mapping security data to WSC.
CLIENT LEVEL OPTIONS
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Option to send money market purchases and sales to WSC.
Option to exclude certain account types from being sent to WSC via the
interface file.
Option to sort tax ledgers and forms by branch.
WSC Form Type Option:
o S=Simple
o I=Intermediate (Only available for Premium clients).
o C=Consolidated (Only available for Premium clients).
AVAILABLE FORMS
Forms that WSC will produce:
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1099INT
1099DIV
1099MISC Income/Expense
1099B
1099OID
1099R
5498
5498ESA
1099Q
5498SA
1099SA
1098
WSC produces an enhanced version of the Tax Ledger, which includes any editing
you make to transactions in WSC and will reflect any income reallocation editing
either entered through bulk adjustments or as part of the Premium service.
WSC PRODUCTS
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Compliance Plus
Master Limited Partnership Reporting (MLP)
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SunGard/Charlotte Tax Reporting
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2014
Income Reallocation (IR)
Long Term OID Reporting
REMIC Reporting
UIT Reporting
TEFRA Glossary
AMBIR
WSC ACCOUNT NUMBER FORMAT
Due to the nature of tax reporting, WSC is a form recipient centric system. Not
Account centric. In filing with IRS they are dealing with payees or form recipients
more than the account the income was earned on.
The account numbering logic is as follows:
1. Tax Ledger and transaction activity is listed under the Charlotte six digit
account number, i.e. 001234.
2. Data related to a specific payee or form recipient is listed under the
Charlotte six digit account number plus the 5 digit Charlotte
Name/Address number, i.e. 00123400001
3. Information for a 1099R payee or form recipient is listed under the
Charlotte six digit Company Number, six digit Charlotte Plan Number, five
digit Charlotte Payee Number, and the 3 digit WSC payer number, i.e.
00123400123400005003.
a. The Charlotte payer name & address number is converted to a 3
digit payer number on WSC and may be viewed on the below table.
The table will reflect both the WSC payer id, example 002 and the
Charlotte name & address payer number #50245.
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See Charts Below:
The above Beneficiary (payee) split that occurs with the pass thru income forms is
a result of the Trust Beneficiaries table:
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The below Trust Bene Table shows the 6 digit account number and the Bene
account (which is the 6 digit account number followed by the 5 digit payee name &
address number) with the corresponding income percent split among
beneficiaries/payees.
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SunGard/Charlotte Tax Reporting
5498 Forms Account Structure
Charlotte Account #005678 & 5498 Payee #05678
WSC Account #
00567805678
1099 Misc Expense Forms Account Structure
Charlotte Account #007788 & Misc Exp Payee #07788
WSC Account #
00778807788
1099R Forms Account Structure
Company #001234
Plan #001234
Payee #00005
Payer #003
WSC Account #
00123400123400005003
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WSC Web Site
Once the tax year end file is sent to WSC, all editing must be done on the WSC web
site, www.wsc.com
This is an interface, so once the tax year end is closed and final data goes to WSC
there will be no more transmission of data for the tax year. If a social security
number is missing from a payee name/address record it must be changed on both
systems, WSC for this tax year and Charlotte for next tax season.
For questions, please contact Charlotte client support or send a question/inquiry to
WSC, through the Client Service Request on www.wsc.com
Review ‘All Reports’ under the Warnings/Errors
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To view an account setup, go to Account Holders
To see the account level setup (tax ledger coding), enter the six digit account
number (000002):
To see the cross reference record for the beneficiary: enter the six digit account
number (000002) plus the 5 digit name & address number (01770):
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To view transactions within an account:
Add/Edit or Deletes must be done on the Account level (six digits)
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WSC Forms Production
You may choose to print forms and tax ledgers in-house or through WSC’s
preferred print vendor ComGraphics. If you decide to print your own forms and tax
ledgers, WSC will deliver these forms and tax ledgers via FTP and this must be
setup directly with WSC.
All forms may be printed individually via WSC web site as a PDF file. Typically this is
done for corrections and not for the original print file.
WSC suggests that all clients file a mailing extension for 1099 forms with the IRS.
The reason is that Income Reallocation changes are typically not completed prior to
January 31st.
Forms and tax ledgers are retained on the WSC web site for three years.
WSC does state filing through IRS Combined Federal/State Filing Program. WSC
codes all information they send to the IRS for reporting to the participating states.
The client must notify WSC so that they will include the K records in the IRS file.
Tax Ledgers are produced AFTER income reallocations are completed. There is no
functionality for a demand tax ledger on WSC.
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Frequently Asked Questions - FAQs
Why is Wall Street Concepts (WSC) taking over Charlotte tax reporting?
WSC has a proven system and they are experts. IRS regulations change often –
sometimes at the last minute. WSC is better at interpreting these regulations and
quickly updating their system to accommodate the changes.
What services are offered by WSC?
There are two service levels :
Basic service includes the Charlotte interface data, tax ledgers, all 1099/5498
forms and access to the following products:


Compliance Plus
Master Limited Partnerships (MLPs)
Premium service offers a consolidated 1099 statement: a single document
covering the 1099-INT, DIV, B, OID and MISC with a summary total, followed by
payment details. Automated processing of income reallocations is included, along
with access to the following additional features:







Compliance Plus
MLP Reporting
Long Term OID Reporting
REMIC Reporting
Income Reallocation
UIT Reporting
TEFRA Glossary
**Please note, Premium service does not support multiple payers at the
account level for 1099 pass thru income reporting (1099-INT, DIV, B, etc).
Will I need to do anything differently?
The account coding and cross-referencing requirements will not change. No
additional coding of accounts, master security files or transactions are needed.
Is there training and documentation?
Both WSC and Charlotte offer a variety of web-based training, documentation,
service annoucements during the year and an on-line user guide.
When can I start checking the reports?
There is monthly data load, you should check the reports after each upload.
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How can the data be checked?
By logging into WSC’s Compliance Plus and reviewing the warning/error reports.
What do the reports show?
A variety of warnings and/or errors may appear on the reports. A warning will not
prevent tax reporting on the account, but an error will. Examples of warnings and
errors include missing beneficiary records, taxable income posted on a tax-exempt
security and municipal bonds missing the state code.
I sold a worthless security for zero proceeds to claim a loss, but WSC does
not recognize that transaction. How can my client claim this?
Gross Proceeds transactions (sales) with a zero amount (worthless security) will
show with an error “Invalid Cost Amount” in WSC. You must manually edit the
transaction in WSC and change the amount to .0001.
I have many warnings for Invalid city/state/zip errors on account records.
What do I need to do?
Invalid city/state/zip errors on account records (records with a 6 character account
number) can be ignored. If the error is for a recipient (account number field is 11
characters or 20 characters) then the address needs to be corrected.
How do I fix errors?
During the year, all corrections should be made in Charlotte. After tax year-end
closes, corrections are done through WSC’s Compliance Plus web access.
Will I still receive tax reports from Charlotte?
You will receive 1099/5498 Cross-Reference reports from Charlotte on a monthly
basis. You must review these reports and make any necessary corrections in
Charlotte prior to the end of the tax year. All corrections after the tax year end are
handled in Compliance Plus. The 1099R Cross Reference and 1099R Data Report
are also run monthly if you use Pension master.
Will I still receive Tax Ledgers from Charlotte?
Charlotte will still create Tax Ledgers, but they will only reflect the information
posted in Charlotte at the time the tax year is closed. Because all corrections are
processed in Compliance Plus, those corrections will carry over to the WSC tax
ledger, which is what you should use.
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Who will print the tax forms?
You have the option of printing your own forms, or using WSC’s print vendor,
ComGraphics, Inc. (CGI). CGI will provide a quote for their services. WSC can
send a print file, containing all forms, to you or to CGI. If they are sent to you, you
may elect to outsource the printing to a vendor of your choice.
Can the SSN/TIN be masked on the tax forms?
Yes, this option is available.
Will I have archive access to forms?
Yes. Both the forms and the tax ledgers are archived in PDF format in Compliance
Plus for three years.
Will WSC print 5498 forms at year-end, and then again in April to report
contributions made through April 15?
Yes, that option is available.
How do I handle corrections after initial IRS filing?
You can submit corrections in Compliance Plus at any time. WSC has correction
windows throughout the year when they submit them to the IRS.
Are there other tax-reporting options besides WSC?
SunGard/Charlotte will continue to offer an interface to Thomson FastTax
(OneSource).
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