As interest grows in digital currency trading, Scivantage ensures its clients are prepared to address investors’ reporting needs.
Scivantage®, a technology provider of Cost Basis, Information Reporting and Digital Wealth Management solutions, announced today it has expanded its support for cryptocurrencies in Maxit, its cost basis reporting system.
“Scivantage continually monitors investment trends, industry regulations, and investor demand to ensure our clients are ahead of the curve on any changes,” said Cameron Routh, Chief Commercial Officer, Tax & Analytics at Scivantage. “As investment in cryptocurrency becomes more mainstream, it is important to our clients that we extend cost basis support to more cryptocurrencies to provide investors with enhanced solutions to complex reporting requirements,” added Routh.
Maxit’s robust rules engine supports many new asset classes natively. The recent enhancements, based on market demand, provide additional functionality to Maxit’s cryptocurrency platform.
In IRS Notice 2014-12, the IRS indicates that cryptocurrency is treated as property for federal tax purposes. To help investors comply with this notice, Maxit has expanded support for Bitcoin, Ethereum, Ripple and over 1,500 other cryptocurrencies. The Maxit cost basis support includes:
- Matching buy and sell activity using multiple depletion methods, including tax-efficient strategies to minimize tax liabilities
- Trading in all major fiat currencies
- Automated adjustments for cryptocurrency forks
- Unrealized and realized gain/loss reports
- Real-time tax calculations
- Support for both brokerages and exchanges
“We are excited about the evolving digital currency industry and the possibilities it opens up for investors. Our team is dedicated to monitoring the changes that come with this evolution and will be ready to comply as the regulations are amended,” said Routh.
Scivantage® is a technology provider of Cost Basis, Information Reporting and Digital Wealth Management solutions. With proven expertise in online brokerage, tax and portfolio reporting, and wealth management applications, Scivantage delivers intelligent and actionable information that goes beyond the boundaries of traditional financial software, helping improve investment decisions. Leading financial institutions, including broker-dealers, mutual fund companies, bank custodians, trust and prime brokers, depend on Scivantage’s cloud-based technology to achieve critical business insights, generate new revenue and build stronger customer relationships. For more information, please visit https://www.scivantage.com or contact us at +1.646.452.0050