G2 FinTech has introduced TaxGopher+ cost basis reporting software for filling out the Form 1099-B.
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The Emergency Economic Stabilization Act of 2008, passed in the wake of the financial crisis, included a provision requiring brokers and other investment managers to track and report the cost basis of investments on Form 1099-B. The requirements were phased in gradually, starting with stocks acquired on or after Jan. 1, 2011, mutual funds on or after Jan. 1, 2012, and bonds, options and other investments on or after Jan. 1, 2013. TaxGopher+ addresses all three roll-out phases of the 1099-B CBR rules, notably fixed-income and options, the final set of covered securities to take effect on Jan. 1, 2014.
The TaxGopher+ offering adds a tax lot retirement engine to TaxGopher, G2 FinTech’s original version of the software for providing accurate information on taxable gains and losses.
TaxGopher+ produces the necessary cost basis compliance reports for equities, mutual funds, exchange-traded funds, fixed income and options. It accepts transaction data from any upstream trading system, produces the relevant lot retirements and open tax lot inventory based on the chosen tax lot closing method for a given account, and uses that data to run the tax analyses of those securities transactions.
“For 1099-B cost basis reporting, many companies prefer a single solution that combines tax lot retirement functionality and tax analysis of securities transactions,” said G2 FinTech CEO George Michaels in a statement. “Instead of working with two vendors and two different software programs, firms want one solution. In response to this market demand, we created TaxGopher+.”
For more information, visit http://g2ft.com/taxgopherplus.html.