Checkissuing Class Action Settlement Disbursement System
Checkissuing helps Settlement Fund Administrators navigates the complex intricacies of the claims Settlement process to help businesses in filing class action claim distributions, Settlement payouts and associated tax reporting.
We can assist you in all aspects of the class-action award process, from the settlement payout process of disbursing funds through check printing and mailing, Digital Checks, and/or ACH (Automated Clearing House) transfers as well as issuing tax forms such as W-2s and 1099s. In addition, Checkissuing will ensure all tax reporting is made to the appropriate federal, state, and local tax authorities. We partner with accountants who have extensive experience in all aspects of settlement award issuance, whether those awards are issued directly by defendants or via a Qualified Settlement Fund.
Disbursing of settlement awards
Checkissuing has extensive experience in administering Qualified Settlement Fund payouts under Treasury Regulation 1.468B-1 et seq. There are a variety of tax implications associated with establishing and disseminating a Qualified Settlement Fund. Involving Checkissuing in the disbursement process early on can ensure settlement monies are paid to the class in the most efficient manner, quickly, and at the lowest-cost based on your strategy and timeframe of distribution.
The team at Checkissuing has disbursed millions of dollars in class action settlement benefits in a wide variety of forms—paper and digital checks, and ACH (Automated Clearing House). We are able to do so working through our State-of-the-Art proprietary systems and technology.
Disbursement of settlement benefits is the last and most anticipated step in class action settlement administration. Our experts provide expert analysis and calculation to every aspect of this step, and pay the utmost attention to detail.
Tax Forms and Reporting
At the end of the settlement, we efficiently manage all tax reporting for disbursements, including issuing tax statements to class members, preparing settlement fund tax returns, and helping calculating any payroll withholding and employer taxes required in employment class action, including the preparation of settlement fund tax returns, and the preparation and issuance of IRS Forms 1099 and W-2.
Checkissuing can handle Qualified Settlement Fund annual reporting and income tax filings, submitting to governmental agencies on time, every time. We handle all of the printing and mailing of class member W-2 and 1099 forms across the United States and perform TIN/SSN matching and verification processes to ensure accuracy and prevent duplicates.
Benefits of using Checkissuing to disburse class-action settlement awards
- Using our proprietary system, we provide centralized fund distribution via secure printed checks, Digital Checks, and ACH (Automated Clearing House) options.
- Clear checks using “positive pay” fraud prevention security features.
- Prepare tax returns to ensure compliance with all Federal and State requirements
- Distribution and Tax Services– Checkissuing’s in-house tax, accounting and financial services professionals provide world-class tax statement services.
- Checkissuing’s proprietary technology and data-handling processes set the industry standard for security, cost efficiency and quality.
The primary means of distributing funds in class action settlements has typically been the tried-and-true method of an administrator printing and mailing checks. However, in this modern digital-age, ACH and Digital Checks offer alternative options for a quicker and more efficient distribution and payout method.
As you can see, Checkissuing offers an efficient and well-coordinated method to manage class action settlement funds, facilitates the disbursement of funds to class members and coordinates necessary tax reporting. Using our secure procedures, Checkissuing can establish, manage and report on Qualified Settlement Funds (QSF) accounts and disburse funds through check printing and mailing, Automated Clearing House (ACH) transfers and digital checks in USD and local currencies.
We provide exceptional residual fund disbursement, reverting funds back to the Defendant, Charity, or State Controller. Our systems and production capabilities that have printed and mailed millions of documents annually. In the past 10 years, our disbursement services team distributed millions of dollars to claimants.
With experience administering hundreds of settlements, Checkissuing’s team knows first-hand the intricacies of class action settlement administration.