Regulatory Tax Reporting

Xceptor Regulatory Tax Reporting manages the end-to-end lifecycle of a financial institutions’ regulatory obligations, reporting to both its customers and supervisory tax authorities under IRS and TRACE legislation. The Tax Reporting component is broader than a reporting tool and is built on the foundations and strengths of the Xceptor platform.

Xceptor automates the tax reporting process through data ingestion, reconciliation, operational processes and onward report production and distribution. Designed to address the specific requirements of regulatory tax reporting, the component is actively updated according to the latest changes to IRS and TRACE legislation, ensuring you keep pace with the latest regulatory requirements. Xceptor tracks every action in the process, ensuring a fully compliant audit trail.

key features

Data Ingestion - automate the collection of both upstream (source file) and downstream (customer) payment data and initiating data validation processes to ensure reported data is accurate.

Income Event Reconciliation - compare upstream source payments against internally distributed customer payments, ensuring every cent is accounted for in the process.

IRS and TRACE Reporting - preparation and distribution of reporting data into 1099, 1042-S or electronic file format.

Amended Returns - automated production of amended returns where transactional payment data is reversed or edited after the reporting entity submits its annual official return to a tax authority or customer.

Updates in response to the latest IRS and TRACE guidelines. 

Key Benefits

Truly an end-to-end flow, from the point of income distribution or account opening to end reporting.

Always compliant with the latest regulatory guidelines.

Improved accuracy and efficiency.

Full audit trail - Xceptor tracks every action in the process.

Xceptor produces all customer reports, removing the need to use 3rd party print services. 


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