Introduction
United Missouri Bank (UMB), headquartered in Kansas City, Missouri, serves a diverse customer base from individual account holders to large corporations. As UMB expanded, its legacy in-house tax reporting process became increasingly cumbersome, requiring manual file handling, in-house printing, and physical mailing of 1099 forms.
Thomson Reuters® ONESOURCE Tax Information Reporting (OTIR) provided UMB with the automation, efficiency, and control it needed to keep pace with regulatory change and rising customer expectations.
Challenge
UMB's legacy process was labor-intensive and misaligned with the industry's accelerating shift to electronic reporting. Every step in preparing tax forms required hands-on effort from file management to printing and mailing. As regulatory requirements grew more complex (including the IRS mandate for electronic filing of Form 1042), the limitations of the in-house system became impossible to ignore.
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