Source: Wolters Kluwer
Wolters Kluwer Financial Services today announced that its GainsKeeper product, which provides automated tax-based financial tools and services to the investment community, will be integrated with Zecco.com, an online financial portal that provides investors with access to free stock trading via Zecco Trading.
GainsKeeper offers investors tools to calculate capital gains, complete the Schedule D for tax filing and make tax-smart trading decisions. Zecco customers will also have access to GainsKeeper's performance reporting tool, which provides personal performance return metrics to show if investment goals are being met. Zecco has chosen to incorporate GainsKeeper's technology with its site and will offer it to customers free of charge for the remainder of the year. Beginning in 2008, Zecco customers who would like to continue their access to the GainsKeeper tools via their Zecco account can register for a nominal monthly fee.
"We are committed to providing Zecco customers with best tools to help them make informed investment decisions," said Allard Luchsinger, COO of Zecco Holdings. "GainsKeeper supports this commitment by helping investors understand the potential tax implications of their trades, maintain accurate investment records, track their investment performance and maximize after-tax returns."
"Zecco is recognized as an innovator in online trading that helps arm investors with industry-leading tools and support," said Chuck Ross, GainsKeeper's general manager. "GainsKeeper's technology is an important resource for Zecco customers because it addresses their biggest tax-related challenges and concerns, such as tracking capital gains and adjusting the cost basis of their portfolios."
Reporting securities transaction cost basis information has become a major issue in the financial services industry, as Congress considers ways to close the nation's tax gap. The IRS estimates that underreporting of capital gains has contributed to the gap, which is why some legislators are recommending that brokerage firms and mutual funds report their clients' cost basis.