Broadridge offers automated cost-basis application

Generates data in an IRS-friendly manner

Aug 1, 2013 @ 10:42 am

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A new partnership between Broadridge Financial Solutions and Scivantage will provide Broadridge clients with access to Scivantage Maxit, an automated cost-basis application.

Maxit generates the cost basis of raw trade data in an IRS-friendly manner in real time. The service also includes a team of experts who can step in if the processed data doesn't meet IRS reporting requirements.

Cost-basis reporting became more of a challenge for advisers after the financial crisis. Included in the 2008 Emergency Economic Stabilization Act were strict cost-basis reporting requirements to prevent investors from underreporting capital gains or overreporting capital losses. Advisers now need to keep detailed records of when a stock, bond, mutual fund or other financial security was purchased and at what price.

The rules went into effect for individual stocks in 2011, mutual funds in 2012, and bonds and options at the beginning of this year.

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