In April of 2016, the IRS published proposed regulations providing that conversion rate adjustments (CRAs) on convertible instruments are deemed dividends and are subject to withholding by withholding agents. A comment period was scheduled ending 7/12/2016 in which seven comment letters were filed and posted to the docket on Regulations.gov. On 7/5/2016, the IRS published […]
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 […]
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.
With 2015 now underway, cost basis reporting is top-of-mind for brokers and investors as they comply with the complex mandates, and look to maintain operational efficiency. Bob Linville, Director of Product Management, Scivantage, helps to clarify the meaning of disallowed carryover offset in his most recent video – Reporting and Tracking Disallowed Carryover Offset – […]
The New Year traditionally marks a time when businesses look to reignite their company’s outlook and build momentum towards another successful and prosperous year. In 2015, however, brokers will once again be faced with a new wave of cost basis reporting mandates, and this isn’t something that many institutions are celebrating. For the first time, […]
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 […]
Our video interview series featuring financial industry analysts and technology experts continues this month with an interview of Alex Camargo, Wealth Management Analyst at Celent. In this video, Mr. Camargo shares his insights on the main challenges for firms using in-house cost basis reporting systems.
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 […]