ADP Brokerage Services Group, a division of Automatic Data Processing, announced Tuesday that its software unit will team up with the Depository Trust & Clearing Corporation to upgrade year-end tax reporting for its customers on more than 12,000 mutual funds, real estate investment trusts (REITs) and other securities whose tax status is restructured at the end of the year.

ADP/SIS, the software arm of ADP Brokerage, will now be able to provide clients access to the DTCC domestic tax reporting service known as DTax. The DTax service provides vital year-end tax reclassification information to financial institutions, enabling them to streamline 1099 reporting to customers. The service replaces the antiquated manual reporting system that collects information by fax and phone.

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