Source: Wolters Kluwer
Wolters Kluwer today announced that Ustocktrade Securities, Inc. (USTS), the first alternative trading system (ATS) designed exclusively for retail investors, has selected Wolters Kluwer’s GainsKeeper Brokerage solution for cost basis reporting.
The solution uses a suite of smart tools that helps firms calculate, track and report cost basis, adjusted for corporate actions and wash sales, for 1099 tax reporting.
“As a relatively new retail stock trading network, we continuously enhance our platform to create a better trading experience for our growing base of users. We are very pleased to integrate Wolters Kluwer’s cost basis reporting to meet both our and our users’ requirements,” said Matt Bergin, CEO of Ustocktrade Securities. “The solution will provide us with the in-depth expertise and proven technology we need to comply with the cost basis reporting regulation.”
GainsKeeper Brokerage is part of the GainsKeeper solution suite, an award-winning, tax lot accounting solution for the brokerage, fund investment, and active trader and individual investor communities.
Cost basis reporting is one of the most highly sought account features for investors. GainsKeeper Brokerage allows brokerage firms to efficiently deliver this value-add service to their customers, helping them save time, money and aggravation when preparing their taxes. GainsKeeper Brokerage also provides detailed running cost basis and gain/loss reports that enable firms to maintain accurate investment records and realize greater after-tax performance.