How EY can help

Managing fiduciary tax compliance is a year-round endeavor

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Many financial institutions and law firms rely on our team to facilitate timely and accurate preparation of fiduciary tax filings. Our experience provides us with the insight and know-how to respond to your specific needs and develop a plan of action to efficiently and effectively manage fiduciary tax responsibilities. We can help you with your efforts to:

  • Enhance the quality of your tax practice by leveraging leading practices and the breadth and depth of our global resources
  • Reallocate internal resources to focus on core business initiatives
  • Reduce rising costs attributable to compensation, benefits and training, as well as the increasing challenge of recruiting and retaining an in-house fiduciary tax team
  • Reduce the risks of IRS and state penalties related to mistakes and noncompliance

Although filing happens once a year, managing fiduciary tax compliance is a year-round endeavor. Working with our Fiduciary/Trust Tax Services professionals can reduce the need for last-minute processing and filing, saving time; and can support a positive return on investment.

Our demonstrated processing methodology includes:

  • Continual review of bridged data
  • Full retrospective quarterly tax worksheet audits
  • Enhanced use of software tools and resources to automate the review process and correction of missing or erroneous data
  • Routine tax research and consulting

Using current software, our professionals are able to provide ready access to completed returns, tax letters and other reports. Our proprietary collaboration tool, EY Share Trust, supports effective governance of the outsourcing relationship by providing enhanced communications management, secure exchange of documents, status tracking and reporting on key performance indicators. EY Share Trust provides a single web-based portal that improves productivity and provides increased transparency, supporting exceptional client service.
EY Share Trust helps you and our team to:

  • Effectively manage engagement communications
  • Exchange documents required to support timely, accurate preparation of information statements and tax returns
  • Track the status of key milestones and open issues affecting service delivery
  • Facilitate authorization of filings
  • Track progress toward completion of information statements and tax returns
  • Track tax authority notifications and collaborate on responses
  • Monitor compliance with key performance indicators and service-level agreements