In just a short time, brokerage firms and mutual fund companies will be required to track and report adjusted cost basis to both their clients and the IRS. Doing so will require major system upgrades to support corporate action adjustments, wash sale treatments and proper lot relief methodologies. Failure to properly address even a single component of cost basis could result in significant penalties and disgruntled clients. Is your firm ready to comply?
Scivantage Maxit® provides real-time cost basis and tax-based investment decision support to help financial advisors and individual investors minimize tax liabilities and increase after-tax performance. Developed by experts in the tax compliance and cost basis software field, Maxit is the most comprehensive, automated cost basis and portfolio tax reporting system available—delivering a full range of tools designed to help clients track capital gains, generate IRS Schedule D for tax filing and improve investment tax decisions.
Scivantage Maxit is a web-based application that can be deployed to meet the needs of financial advisors, home office support personnel and individual investors. Say goodbye to manual processes for monitoring and updating client accounts: Maxit provides an automated solution that provides accurate, timely investment information you won't find anywhere else—all in real-time.
Implementation is easy, thanks to Maxit's open, flexible architecture that easily integrates with all major back offices and third-party software solutions. This powerful cost basis tool offers a number of flexible deployment options, including seamless integration with your existing brokerage platforms or as a fully integrated, premium component of Scivantage Professional™ or Scivantage Investor™.Key Advantages
|Portfolio Management & Tracking|
|Support for equities, mutual funds, index and stock options, ETFs, bonds and futures|
|Wash sale flagging, calculation and deferral|
|Detailed tax-lot drill down showing everything from the disposals made out of the tax-lot, cost basis, adjustment due to corporate actions and wash sale - plus adjusted cost basis linked to the tax-lot with transaction details and revision date|
|Calculate proper lot relief methods including FIFO, LIFO, Specific ID, MaxGain and Average Cost and MinTax, a tax efficient method available only with Maxit|
|Automatic support for corporate actions across a client's account while maintaining cost basis integrity|
|Corporate events supported include: Split/Reverse Split; Rights/Warrants; Stock Dividend; Merger with or without cash; Spin off; Dividend/Dividend reinvested; Redemptions/call; Cash-in-lieu|
|Accounts for cost basis changes due to voluntary corporate actions|
|Tax Management & Reporting|
|Tax lot matching and short-term/long-term characterization|
|Real-time, actionable trade analysis of short- and long-term gain/loss opportunities|
|Real-time, actionable trade analysis of short- and long-term gain/loss opportunities; Customized tax reports for realized and unrealized gains/losses, IRS Schedule D|
Keeping investors happy appears to be a universal theme.
Celent Report - Cost Basis Reporting Landscape 2012: Are Firms Staying the Course? - Download
Celent Report - Cost Basis Reporting: Where Are We Now? - Download
BasisReporting.com - Basis Reporting Knowledge Base
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