Scivantage Maxit

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.

Automated, Accurate Cost Basis Information

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
  • A single platform that covers virtually every security
  • Automated, real-time cost basis adjustments to reflect corporate actions, wash sales, partial sales and more
  • Comprehensive data management capabilities that ensure accuracy and complete integration to your firm's book and records system
  • Eliminates time-consuming, labor-intensive manual processes
  • Unmatched cost basis expertise throughout every phase of the process
  • Attract, retain and empower clients by offering real-time actionable and comprehensive cost basis analysis and simplified tax reporting
  • Reduce support costs through automatically generated cost basis and IRS Schedule D reports
  • Eliminate the time and effort required to research corporate actions and to identify wash sales
  • Full integration with all back office systems to eliminate time consuming and costly reconciliation
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
Corporate Actions
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