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Empaxis Cost Basis Service |
Starting January 1 2011, a new law takes effect that requires custodians to report cost basis. While the law directly affects custodians, the way that you report cost basis now needs to match with the custodian. Showing a different number than the custodian leads to confusion and needless calls from frustrated clients. Avoid this by having Empaxis analyze and fix your clients cost basis.
To get you started, Empaxis, in conjunction with Wealthsight have developed specialized tools to analyze your data to find problems and mismatches with the custodian. The Empaxis solution starts with:
- Lot level analysis to find missing, wrong or suspect cost basis
- Prioritize by Realized, Unrealized, taxable
- Locate wash sales in the same account and across different accounts
- Changes in closing method and when they occurred
- Validate original cost entered
Finding the problems is half the battle. Fixing is a tedious and sometimes challenging process. Lots with dependant closing transactions will need to be deleted, corporate actions will need to be re-processed. Don’t waste your time fumbling through fixing your own cost basis. Empaxis has a team of experts who work with cost basis daily.
All you need to do is supply Empaxis with the correct cost basis and we’ll handle the rest:
- Update missing cost basis
- Estimate cost basis where there is none, following IRS rules
- Compare your cost basis with your custodians
- Work with your custodian to fix differences
Avoid the unnecessary calls with your clients about differences between your data and the custodian’s. Call Empaxis today so you are prepared tomorrow.
310-356-5831
sales@empaxis.com
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