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| About WSC |
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Since its inception in 1970, Wall Street Concepts (WSC) has provided products and services that help investors and
financial institutions comply with the tax information reporting laws and regulations with regard to securities investments.
Wall Street Concepts offers a full outsourcing solution for the production of payee statements and IRS information
returns as well as solutions for specific asset class information reporting requirements.
WSC's asset class based services cover: Master Limited Partnerships, Long and Short Term Original Issue
Discount (OID) instruments, REMICs, Registered Investment Companies (RICs), Real Estate Investment Trusts (REITs), Unit Investment Trusts (UITs) and Listed
Securities with specialized tax information reporting processing requirements. More information about each of WSC's services can be found under the specific product tabs on this web site.
Each of WSC's services offers the following benefits:
- Identification of Securities Requiring specific tax reporting obligations
- Collection of the information necessary to comply with the reporting obligations
- Edit testing and standardizing the tax information
- Processing the information to produce investor level information
- Post processing support
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| WSC's services address the following information reporting requirements and securities: |
| Service |
Overview |
Requirement |
# Securities |
Primary Market |
| Long Term OID |
Holding Period Specific OID Reporting (HPS)
Computation of OID income accruals and allowable adjustments for acquisition premium and market discount
as well as adjusted cost basis. |
IRS Code Section
1272
6049 |
60,000 |
Brokered, Exchanges and Bank Certificate of Deposit programs |
| OID Calculator |
Web based computation of life time OID income and adjustment accrual schedules and bond premium amortization schedules. |
IRS Code Section
171
1272
1276
1278 |
N/A |
Brokered |
| REMICs |
Computation of interest and OID income accruals and allowable adjustments for premium, acquisition premium, and
market discount as well as adjusted cost basis. |
IRS Code Section
1272(a)(6)
6049 |
65,000 |
Brokered |
| Income Reallocation |
Post payment changes to the tax character of payments, foreign withholding gross up of RIC dividends,
identification of spillover dividends, and state specific tax information for RIC investments. |
IRS Code Section
852
857
6042
6043 |
20,000 |
Exchanges, Brokered |
| UIT |
Calculation of income accrual adjustments, expense gross-up, OID accrual and reallocations. |
IRS Code Section
6042
6049 |
2,000 |
Brokered |
| Compliance Plus® |
Complete Outsourcing of Payee Statements and IRS information returns. |
IRS Code Section
6042 - dividends
6045 - proceeds
6049 - interest/OID
6050N - royalties |
N/A |
N/A |
| TEFRA Glossary |
Data for securities requiring specialized processing for payment allocation, contingent payment variation from
projected schedules and deemed payments. |
IRS Code Section
6042
6049 |
2,000 |
Exchanges, Brokered |
| MLP |
Identification, collection and distribution of street name holder information to the partnership for the production of a K-1. |
IRS Code Section
6031(c) |
300 |
Exchanges |
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| The majority of firms with investor tax information reporting responsibility use one or more of WSC's services.
For tax year 2002 WSC's information was incorporated in over 52 million 1099 payee statements.
WSC works closely with its client firms and takes pride in providing superior software, service and support. |
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