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GainsKeeper in the News
Senior Public Relations Specialist
Wolters Kluwer Financial Services
WALTHAM , Mass. – Aug. 13, 2008 – Wolters Kluwer Financial Services announced today the launch of its new Cost Basis Reporting Resource Center, located online at www.costbasisreporting.com. The Resource Center is the company’s latest tool to help the financial services community prepare for the pending cost basis reporting legislation in Congress, providing news and updates related to the proposed legislation, insight from financial and legal experts who are continually monitoring its developments in Congress, and information about technology that can help them prepare for the legislation.
The pending legislation would require financial organizations to report adjusted basis information for securities to the Internal Revenue Service (IRS) and to their clients—a challenging task due to complex corporate actions that make it difficult to calculate the basis of stocks and securities. The sheer number of taxpayers that would require this service from their financial organizations would make the task even more difficult.
The Resource Center includes news articles and white papers about the potential legislation and its requirements, as well as key areas of concern for brokerages and other financial organizations as they prepare for the changes. The site also helps firms take steps to assess the capabilities of their current cost basis systems, and provides insight from experts at Wolters Kluwer Financial Services’ Capital Changes and GainsKeeper.
“The new Resource Center helps the financial community gain a better understanding of the pending cost basis legislation and the various factors that affect a firm’s ability to properly handle cost basis calculations,” said Richard Ryndak, manager of international content development at Capital Changes, a recognized leader in corporate actions tax analysis and cost basis tracking.
“Based on proposed effective dates for cost basis reporting requirements, brokers, return preparers, tax advisors and taxpayers will likely have less than two years to prepare,” said Stevie Conlon, tax director for GainsKeeper, which provides sophisticated tax lot accounting services to financial organizations, advisors and individual investors. “That isn’t much time when you consider provisions of the legislation and the data and technology that firms will need to meet the requirements. If firms are up to speed on the pending legislation and assess their readiness now, they can prevent significant penalties for noncompliance down the road.”
About Capital Changes
Wolters Kluwer Financial Services’ Capital Changes provides a comprehensive source for current corporate action reporting. In addition to detailed tax information and analysis, it provides timely and concise summaries—updated daily—of spin-offs, mergers, exchange offers, reorganizations, bankruptcies, stock dividends, splits and other corporate actions affecting publicly traded securities of both U.S. and foreign companies. With over 100 years of data coverage, leading financial services firms rely on Capital Changes for its basis adjustments and its legacy of unparalleled legal, tax and accounting analysis of corporate actions. For more information, visit www.capitalchanges.com.
GainsKeeper®, a part of Wolters Kluwer Financial Services, provides automated tax-based financial tools and services to the investment community. GainsKeeper’s solutions enable financial institutions to offer sophisticated tax lot accounting services to their customers, ranging from back-office outsourcing to fully integrated, web-based tools and services utilized by the brokerage, mutual fund and fund administration industries. In addition, GainsKeeper offers products designed specifically for individual investors and accountants to meet their complex tax reporting and portfolio analysis needs. For more information, visit www.gainskeeper.com.
About Wolters Kluwer Financial Services
Wolters Kluwer Financial Services provides best-in-class compliance, content, and technology solutions and services that help financial organizations manage risk and improve efficiency and effectiveness across their enterprise. The organization’s prominent brands include Bankers Systems, VMP® Mortgage Solutions, PCi, GulfPak, Desert Document Services®, AppOne®, GainsKeeper®, Capital Changes, NILS, AuthenticWeb™ and Uniform Forms™.
Wolters Kluwer Financial Services’ solutions include integrated and stand-alone compliance and workflow tools, documentation, analytics, authoritative information and professional services. Customers include banks, credit unions, mortgage lenders, and securities and insurance organizations of all sizes throughout the United States. For more information on Wolters Kluwer Financial Services, visit www.WoltersKluwerFS.com.Wolters Kluwer is a leading global information services and publishing company. The company provides products and services globally for professionals in the health, tax, accounting, corporate, financial services, legal and regulatory sectors. Wolters Kluwer has annual revenues (2007) of €3.4 billion ($4.8 billion), maintains operations in over 33 countries across Europe, North America and Asia Pacific and employs approximately 19,500 people worldwide. Wolters Kluwer is headquartered in Amsterdam, the Netherlands. Visit www.WoltersKluwer.com for information about our market positions, customers, brands and organization.