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     Cost Basis Reporting

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A Complete Cost Basis Reporting Solution

TaxGopher+ is 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 that took 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.

TaxGopher+ is an enhanced version of the TaxGopher product. It includes an engine to process trade and corporate action data and calculate economic gains and losses prior to completing its traditional mission: Tax Analysis of Securities Transactions (TAST). Visit our Resources section for practical reference material on tax analysis for securities transactions.

How It Works

  1. accepts transaction data from any upstream trading system

  2. produces the appropriate lot retirements and open tax lot inventory based on the chosen tax lot closing method for a given account

  3. uses that tax lot retirement data to run the tax analyses of those securities transactions

  4. processes cost basis adjustments related to the tax regulations for fixed income instruments

Single Software Solution
TaxGopher+ provides brokers and other firms responsible for producing 1099-B forms with a single software solution for cost-basis reporting. The addition of a Tax Lot Retirement Calculator makes TaxGopher+ an excellent solution for securities brokers and mutual funds who require a single solution for both calculating economic gains and losses as well as calculating wash sale adjustments to those gains and losses. Since 2008, the Cost Basis Legislation has required brokers and other entities who produce 1099(b) statements to determine the cost basis for any qualified securities that are disposed of. For more information on this topic, please read our white paper: 1099-B Statements and Cost Basis Reporting. Typically, brokers look to acquire a vendor solution that performs both objectives: calculation of gains and losses and calculation of wash sales. TaxGopher+ performs both of these duties with speed vastly superior to any competitor’s product.

Phase 3 Compliance
In addition, just like our traditional TaxGopher product, TaxGopher+ can process most kinds of fixed income and derivative securities. This means that brokers who adapt TaxGopher+ are ready today for the requirements of Phase 3 of the Cost Basis Legislation. Learn what we have to say about preparing for this final phase of the CBR regulations in our blog More Time Is Not Enough, August 2012. Since many forms of derivatives are yet to be included under the cost basis umbrella, adopting TaxGopher+ ensures that not only can you prepare yourself for phase 3, but you can also be ready for anything else that might be lumped in at a later point.

Deployed Solution Puts You in Control
Just like TaxGopher, TaxGopher+ is a deployed solution that our clients implement within their own IT infrastructure. Instead of worrying about information security breaches, you can be confident that all your data stays under your control and doesn’t get shipped to some unknown, unsecured region of the cloud. Also, without the bandwidth bottlenecks imposed by uploading data into the cloud, you can be sure that you can process data as fast as you can gather it. What is more, you have control over how frequently the engine runs, putting you in the driver seat, instead of being put on hold with some call center waiting for some junior tech to try to figure out when your batch job will be complete.

For more information about G2’s Complete Cost Basis Reporting Solution, TaxGopher+, please call or e-mail us: +1 347 327 3288; sales@g2ft.com