Cost Basis Reporting: Beyond Cost and Straight to Reporting

This past tax season is widely viewed as being the most challenging since cost basis reporting regulations went into effect, primarily due to the Phase III regulations around fixed income and options. As the industry looks back on this reporting season for successes, challenges and lessons learned, firms are already gearing up for next year in order to once again ensure timely, accurate 1099 reports.

As the investment industry continues to meet IRS reporting requirements, firms face increasing costs for this regulatory compliance. Many firms would like 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 over 125 million IRS 1099s processed this season alone, Maxit’s sophisticated data management capabilities continue to set it apart, processing and managing high volumes of data to ensure cost basis accuracy and data consistency with a firm’s books and records.

For more information about Scivantage Maxit®, the automated Cost Basis, Tax Management and Portfolio Reporting solution, contact us.

Maxit 2015 Infographic

For more on Cost Basis Reporting see:

Leading Brokerage Firm Converts to
Scivantage Maxit® for Automated Cost Basis Reporting

Case Study Maxit Conversions

Maxit RDS Tax Lot Data Store

factsheet Investor Maxit RDS

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