Broadridge Introduces New Tax Management Solution
Broadridge said that its Multi-State Tax Management solution collects, organizes and tabulates shareholder account data across distribution channels in all 50 states, without divulging specific shareholder information. It enables CFOs and their corporate tax managers to effectively apportion state taxes.
Multi-State Tax Management streamlines the time consuming and complex process of collecting the data and calculating taxes due across states on a regular basis and provides increased accuracy for stronger risk and expense management, said Broadridge.
According to the company, the solution determines average asset holdings and apportions income earned for a particular fund in each state. An analytic dashboard makes it easy for tax managers to review asset positions as well as income and tax obligations at a state level.
Multi-State Tax Management is the latest addition to Broadridgeâ€™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.
In 2010, Broadridge has introduced market intelligence for its SalesVision platform. That product also provides unprecedented information to mutual fund and ETF managers about their competitive position in the independent broker-dealer and registered investment advisor markets, enabling them to make smarter decisions around the deployment of sales and marketing resources, new product development and the strategic direction of their businesses.
Gerard Scavelli, president of mutual fund solutions at Broadridge, said: â€œUntil 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.
â€œWith the extensive information available to Broadridge, we were able to create this solution in collaboration with our clients, and solve a real industry problem. This important tax information is available now for CFOs and corporate tax managers to calculate their 2010 taxes and to begin planning for the 2011 tax season.â€
Will the launch enhance Broadridge's product portfolio?
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