Steps to Complete After 12/31/25

 

Step 1

This step is optional, although recommended.

Use the tax report to review the amounts in the Previous year fields for some accounts to verify that the information submitted to the IRS appears reasonable. Spot checking accounts with history information can help detect problems early in the process. This is especially valuable to institutions during their first year on SHAZAM Core.

 

Step 2

In January, once previous year figures seem reasonable, output the tax records pertaining to the bank.

NOTE: For data center customers, the output will be completed by the data center on January 3rd.

Reference Compass XD - Tax Reporting documentation for steps on output of tax records.