Broadridge said the solution collects, organizes and tabulates shareholder account data across distribution channels in all 50 US states, without divulging specific shareholder information.
The Multi-State Tax Management solution streamlines the time consuming and complex process of collecting the data and calculating taxes due across states on a regular basis and provides improved accuracy for better risk and expense management.
The solution determines average asset holdings and apportions income earned for a particular fund in each state. The analytic dashboard helps tax managers to review asset positions as well as income and tax obligations at a state level.
Broadridge president of Mutual Fund Solutions Gerard Scavelli said that until now, a mutual fund or ETF could only estimate aggregate shareholder positions and not effectively calculate the positions by state. As states take a more aggressive stance in scrutinizing tax estimates the market need for this solution became very evident to us.
"This important tax information is available now for chief financial officers and corporate tax managers to calculate their 2010 taxes and to begin planning for the 2011 tax season," concluded Mr. Scavelli.
Multi-State Tax Management is the latest addition to Broadridge’s Access Data product suite, which provides enterprise data management, analysis and reporting solutions to address challenges asset managers face in distribution assessment, compensation management, compliance and risk management.
