LAKE SUCCESS, N.Y. & MINNEAPOLIS--(BUSINESS WIRE)--
Broadridge Financial Solutions, Inc. (NYSE: BR) and Convey Compliance
Systems have partnered to provide a comprehensive tax reporting and tax
compliance solution designed to meet the increasingly complex tax
processing and withholding needs of broker-dealers.
As a result of the strategic alliance, Broadridge and Convey will offer
an end-to-end tax outsourcing solution to streamline a number of
labor-intensive back office functions, including Information Reporting,
Cost Basis Reporting, Withholding Management and Broker Compliance.
“A broker-dealer’s tax information reporting responsibilities are
greater than ever. With increased scrutiny on NRA (non-resident alien)
reporting introduced by the Foreign Account Tax Compliance Act (FATCA)
legislation along with the new Cost Basis Reporting/Troubled Asset
Relief Program (TARP) regulations, financial institutions need an
effective agnostic outsourcing solution to better manage the cost and
risk associated with these new responsibilities,” said Geoff de Lesseps,
Senior Vice President, Investor Communication Solutions, Broadridge.
“Through our alliance with Convey, Broadridge can provide broker-dealers
with real-time tax reporting via a more flexible, customizable
platform,” Mr. de Lesseps added.
“We know that broker-dealers are looking for more affordable, flexible
options to address their tax compliance needs across multiple business
lines,” said Brian Provost, CEO at Convey Compliance Systems. “We are
excited to be working with Broadridge to extend our proven tax reporting
technologies to the broker-dealer market. Our combined expertise and
shared strategy of applying technology innovation to reduce overall
processing costs will help the broker-dealer community deal more
efficiently with the rapidly changing compliance environment,” Mr.
Provost continued.
Tax Managed Services is the latest offering to Broadridge’s suite of Tax
Information Reporting Services (TIRS) which includes income
reclassification, calculation of Original Issue Discount (OID), Real
Estate Mortgage Investment Conduits (REMICs), Widely Held Fixed
Investment Trusts (WHFITs), processing for Unit Investment Trusts (UITs)
and Master Limited Partnerships (MLPs). Broadridge has offered tax
reporting solutions to the brokerage industry for over 25 years.
About Broadridge
Broadridge is a technology services company focused on global capital
markets. Broadridge is the market leader enabling secure and accurate
processing of information for communications and securities transactions
among issuers, investors and financial intermediaries. Broadridge builds
the infrastructure that underpins proxy services for over 90% of public
companies and mutual funds in North America; processes more than $3
trillion in fixed-income and equity trades per day; and saves companies
billions annually through its technology solutions. For more information
about Broadridge, please visit www.broadridge.com.
About Convey
Convey Compliance Systems reduces both the costs and risks associated
with handling 1099 reporting at the federal and state level. Clients
depend on Convey’s innovation and expertise to assure tax compliance
while handling the complexities of reporting and filing tax documents on
behalf of customers, vendors and investors. Convey’s solutions combine
over 20 years of expertise in 1099 reporting with configurable on-demand
software and operational services, all designed to reduce costs,
increase efficiency and mitigate risk.
Founded in 1986, Convey serves clients ranging from small businesses
processing hundreds of forms to Fortune 500 companies. For more
information, visit www.convey.com.
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Source: Broadridge Financial Solutions, Inc.