Torrance, Calif. (June 20, 2003) -- For tax preparers who struggle with generating Schedule Ds for their client investors who actively trade throughout the year, CCH has developed GainsKeeper Pro.
GainsKeeper Pro, a Web-based portfolio management tool developed specifically for professionals, takes the work out of tax lot accounting, basis tracking, and Schedule D preparation. The new CCH tool combines the portfolio tracking features of GainsKeeper with the ProSystem fx Office suite of tax and accounting workflow tools.
"GainsKeeper Pro not only enhances the relationships tax professionals have with their clients, it also links the professional with their clients' financial data to save them much time and effort," said Mike Sabbatis, vice president of sales and marketing for CCH Tax Compliance.
With GainsKeeper Pro, the preparer can populate GainsKeeper accounts with imports from over 30 brokerage companies, and automatically track corporate actions and wash sales. Basis information is tracked and adjusted throughout the year, and then imported into ProSystem fx Tax.
"Many investors assume that good cost-basis record-keeping is the responsibility of their brokerage firm, but few of the top brokerage firms are able to provide this service," noted Bob Dias, director of marketing for CCH Tax Compliance.
With the GainsAdvisor module, clients or professionals can generate pre-trade analyses so they know the implications of buys and sells before the trade is executed. The module identifies simple trading opportunities that minimize clients' capital gains taxes and therefore maximizes after-tax returns. It includes year-end tax minimization tools such as “sell grades,” which identify optimal lots to sell first.
"There's a lot of interest in GainsKeeper Pro, but it's an educational process," said Jerry Connor, marketing manager for CCH Tax Compliance. "The firm may choose to manage the client modules themselves or they may push it down, allowing the client to access and maintain the data throughout the year -- it depends on what level of service the CPA provides. It's flexible enough to accommodate any situation including a collaboration between the client and the CPA. The payoff is at the end of the year -- it's an easy process to pull all the Schedule D data into the tax return."
-- Roger Russell
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