G2 FinTech
TaxGopher: Tax Analysis Solution
Company Overview
G2 FT, LLC (www.g2ft.com) specializes in tax compliance and regulatory software for the investment management community. TaxGopher®, G2’s flagship product, is a sophisticated tax analysis engine for cost basis adjustments. TaxGopher enables firms to meet their compliance requirements by providing accurate information on taxable gains and losses. G2 also offers software solutions to aid firms in addressing the complex regulatory requirements included in the UCITS Directives. The firm’s software products help Clients solve business problems that have been traditionally addressed with in-house code or expensive third-party services. G2 Clients include leading Hedge Funds, Brokerage Firms and Fund Administrators in the U.S. and around the globe. The company also maintains a practical resource for the tax and accounting community that addresses real-world cost basis challenges. Visit the company’s Cost Basis Advisory Page at http://g2ft.com/costbasisadvisorypage.
TaxGopher—Tax Analysis Solution for Geneva®
TaxGopher Streamlines Cost Basis Reporting
TaxGopher is a powerful cost basis software package that makes it easy to comply with the new IRS cost basis reporting requirements. TaxGopher is already driving wash sale reporting for more than 500 hedge funds. Using trade data from Geneva, TaxGopher creates an instant tax profile for all of your trading activities and identifies wash sales, constructive sales, straddles, substantially identical securities, and qualified dividends. TaxGopher creates the necessary cost adjustments so that you can produce compliant and accurate 1099-B forms, K-1s or Investor Reports.
Optimization & Speed!
TaxGopher delivers the cost basis reporting solution you need, the way you want it. TaxGopher eliminates the need to reconcile tax lot retirement algorithms. TaxGopher also delivers extremely fast processing capabilities as well. When performing wash sale analyses, for example, TaxGopher processes up to 10,000 transactions per second. Dramatically reduce the time it takes to comply with the new cost basis reporting rules — with TaxGopher, a leader in wash sale software.
Features
Wash Sales
TaxGopher automatically identifies wash sales and allows you to construct families of specific 'substantially identical’ securities. Cost basis adjustments can be automatically fed back to Geneva. Sometimes transactions need to be considered exempt from wash sales or exempt from being considered 'substantially identical’ to another security. TaxGopher lets you easily override either the transaction or the security-grouping for wash sale calculation purposes.
Constructive Sales
Sometimes an investor inadvertently executes a constructive sale. TaxGopher identifies constructive sales and reports taxable gains in a concise, effective format.
Substantially Identical Securities
TaxGopher readily addresses 'substantially identical’ securities, one of the biggest hurdles involved in computing wash sales. It lets you readily group 'substantially identical’ securities. This grouping feature works for any type of security, including options, stocks, rights, warrants, convertible bonds, ADR’s, and preferred shares and makes it easier to produce accurate K-1s.
Straddles
The straddle rule governs cases where offsetting securities positions are treated as an aggregate trade and taxed as a single transaction. TaxGopher identifies these cases and applies the appropriate rule for disallowing losses and cost basis adjustments to the surviving positions. TaxGopher correctly reverses the risk profile of such securities as put options so that straddles can correctly be identified no matter which direction the position takes. TaxGopher also ensures that trades included in wash sales are not put into straddles and vice versa.
Qualified Dividends
TaxGopher identifies which dividends qualify for reduced withholding tax treatment.
Out-of-the-Box Reports
Provide information regarding current wash sales, constructive sales, straddles and qualified dividends.
For more information, please visit http://g2ft.com/index.html