G2 FinTech, provider of tax analysis and compliance software for the investment management community, has today announced the launch of TaxGopher+, a complete Cost Basis Reporting (CBR) solution.
TaxGopher+ addresses all three roll-out phases of the 1099-B CBR rules, most notably fixed-income and options, the final set of covered securities to take effect on January 1, 2014.
The TaxGopher+ offering adds a tax lot retirement engine to TaxGopher®, G2 FinTech's flagship product and proven tax analysis solution that provides accurate information on taxable gains and losses. TaxGopher+ produces the necessary CBR compliance reports for equities, mutual funds, exchange-traded funds, fixed income and options. It accepts transaction data from any upstream trading system, produces the appropriate 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. TaxGopher+ provides brokers and other firms responsible for producing 1099-B forms with a single software solution for cost-basis reporting.
George Michaels, CEO of G2 FinTech, comments: "For 1099-B cost basis reporting, many companies prefer a single solution that combines tax lot retirement functionality and tax analysis of securities transactions. Instead of working with two vendors and two different software programs, firms want one solution. In response to this market demand, we created TaxGopher+. If firms want to be phase 3 CBR compliant and meet the January 1, 2014 deadline by using only a single solution, then TaxGopher+ is the answer."
Michaels continues: "With three new clients signing on in December, we start the new year with strong sales momentum. In 2013, G2 FinTech will continue its strong focus on increasing awareness of our offerings within the strategically important accounting and audit market segment. Additionally, G2 FinTech will further our efforts to expand beyond the U.S. tax code and help the investment management community abroad address localization requirements related to specific overseas compliance and tax jurisdictions."
TaxGopher+ is the latest addition to G2 FinTech's tax analysis and compliance product offerings. The firm's flagship product is TaxGopher, a powerful tax analysis engine for cost basis adjustments that provides accurate information on taxable gains and losses. A high-performance solution for wash sales, TaxGopher also offers modules that address constructive
sales, straddles, and qualified dividends, along with robust support for substantially identical securities.