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.
As cost basis reporting regulations inch towards their final phase, firms are now looking beyond compliance and searching for new and innovative ways to get the most out of their investment. From total cost of ownership initiatives to maximizing the value of the data, cost basis reporting has financial institutions reevaluating their overall strategy to […]
One of the provisions of the Emergency Economic Stabilization Bill of 2008 required financial intermediaries to report adjusted cost basis information to their clients and to the IRS. In response, financial services firms rushed to put in place major system upgrades in their cost basis reporting systems, only to find that the solutions they chose were not necessarily scalable […]
Shortly after cost basis reporting regulations were enacted, this top ranked broker-dealer implemented Scivantage’s Maxit® product to extend automated cost basis reporting across its thousands of financial advisors throughout the United States and abroad. As a robust enterprise-wide cost basis engine, Maxit provided the firm with access to fully automated cost basis data for account statements, investment inquiries […]
A high level of accuracy and regulatory expertise is fundamental to cost basis compliance. In order to support complex data management needs for precise and timely cost basis reporting, firms require increasingly advanced reconciliation services. With a wide range of reconciliation options, Scivantage Maxit® has further expanded its cost basis reporting offering to include data cleansing, management and synchronization services. […]
As the industry continues to evolve along with Cost Basis Reporting regulations, firms are asking, “How can I maximize my investment beyond simply meeting regulatory requirements?” The answer is in the data. Originally built for timely and accurate cost basis reporting, the robust Scivantage Maxit® database can now be utilized for increased data access and […]
Turn tax compliance into a strategic strength. Cost basis reporting is one of the biggest operational challenges facing financial institutions today. With mandatory cost basis reporting requirements continuing to roll out and the increased complexity of corporate action events, financial institutions are reevaluating existing systems and processes to ensure they are keeping pace with the changing […]
Alex Camargo, Analyst, Wealth Management at Celent, shares his ideas on the main challenges for those firms using in-house cost basis reporting systems.
Join Alex Camargo, Analyst, Wealth Management, at Celent and Greg Alves, Senior Vice President, Investment Reporting at Scivantage as they share valuable insights and findings from Celent’s recent research: “Cost Basis Reporting Landscape 2012: An Analysis of Readiness of Firms, Technology Capabilities and Lessons Learned”.
The level of preparedness in the industry for Phases 2 and 3 of the cost basis reporting (CBR) rules varies greatly — not only among various industry segments, but also among different firm sizes. Alex Camargo, an analyst in the securities and investments division at Celent, breaks out the status of implementations and general readiness […]