Cost basis is a funny thing. Every investor knows a little something about it. Since 1913 it’s been the foundation for taxes on capital gains (I’m not absolutely certain about that date; but, really, who’s going to check?). It has appeared on statements and brokerage websites for years. It was almost always incorrect. The basic […]
The lesson here is to constantly keep abreast of innovation and client perspective. Being the best at what you do doesn’t matter much if customers don’t value what you do. Focusing on customer needs, not on specific products, is essential to achieving lasting success.
If you have ever invested in a bond, you will know that the terms of the bond are spelled out in excruciating detail. But have you ever wondered what happens if someone wants to change one of those terms?
In the enterprise and infrastructure software space, innovation is slower and development more costly. Still, users and purchasers of technology get excited about the promise of new technology and the positive effect they hope it will provide to them as well as their businesses.
As the investment industry continues meet IRS reporting requirements, firms face increasing costs for this regulatory compliance. Some firms are hoping to reduce resource requirements using additional automation for items such as corporate actions. Others are asking, “How else can I leverage my cost basis data to make this investment more valuable?” If your firm is grappling with either of these concerns, consider Scivantage Maxit.
The operational challenges of cost basis reporting compliance have not yet fully abated. “There will likely be a tsunami of calls from confused investors who don’t understand their tax reports and some incorrect reporting by financial firms which will need to redo their work,” describes cost basis expert Bob Linville, Scivantage Director of Product Management, […]
While Phase III Cost Basis Reporting regulations were implemented in January 1, 2014, firms are still grappling with the operational toll of compliance, particularly as it relates to simple debt instruments. In this in-depth FinOps Report piece, industry expert Bob Linville, Director of Product Management at Scivantage, takes a focused look at the final phase […]
By Isabella Fonseca, Research Director, Wealth Management at Celent Bio: Isabella Fonseca is a research director within Celent’s Wealth Management group. Mrs. Fonseca’s current research focuses on wealth management technology in both Europe and North America. Mrs. Fonseca has extensively covered topics on wealth management trends, retail brokerage, financial planning, advisor platforms, and cost basis reporting. […]
Even as the industry moves through the current 1099 tax reporting season, firms should keep a keen eye on the final phase of the cost basis rules covering fixed income and options. At present, the industry is eager for the final Phase III regulations to be released from the IRS and the ongoing uncertainty about the […]
By Donna Fry, Tax Reporting Product Manager, Scivantage The industry is in high gear with less than one month to go before the Feb. 15, 2013, deadline for the 1099 mailings. With the new reporting requirements for mutual funds, added to the equities mandates from Phase I, firms are looking to lean on the knowledge […]