Wolters Kluwer Financial Services has teamed up with Broadridge Tax Services to develop a comprehensive cost-basis tax reporting and investment compliance solution.
The partnership combines Wolters Kluwer’s GainsKeeper CompleteDebt software with Broadridge Tax Data Services to improve tax reporting and reconciliation to meet the needs of broker-dealers for reporting debt, equities, mutual funds, options and other types of assets.
The combination of GainsKeeper solution with Broadridge introduces the indutry’s only Phase 3 Debt solution built from a cost basis platform.
According to the company, CompleteDebt is debt calculator that conforms to all of the tax rules needed to make the basis adjustments needed by Phase 3.
Additionally, Wolters Kluwer will implement Broadridge’s Tax Managed Services solution to complete information reporting requirements for clients seeking for a combined basis and tax reporting solution.
Gordon Fox, vice president and general manager of Broadridge Tax Services, said: "We share in GainsKeeper’s vision to drive debt calculations out of basis platforms to reduce risk and gain the benefits of real-time updates for cost and investor election changes. We applaud their work with this product and are excited our Data Services products will be an integral part of their success."
Chuck Ross, vice president and general manager of investment compliance solutions at Wolters Kluwer Financial Services, said: "It is important for us to deliver the most extensive and centralized broad-based automated Cost Basis services available so we can help broker-dealers avoid the potential data quality and workflow issues inherent in multiple-vendor systems while providing tax regulatory compliance."