Scivantage Launches New Brokerage Solution to Drive Tax Optimization and Efficiency.New portfolio management product Maxit(SM) to automate cost basis analysis and streamline tax reporting for financial professionals and their clients NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Scivantage, the premier provider of web-based, front- and middle-office brokerage products, today announced the availability of Maxit(SM), the most comprehensive, automated cost basis and portfolio tax reporting system available for financial institutions, financial professionals and retail investors Retail Investor Individual investors who buy and sell securities for their personal account, and not for another company or organization. Notes: Retail investors buy in much smaller quantities than larger institutional investors. . Financial advisors and investors are continuously searching for better ways to reduce the complexity of the investment tax process. If not managed effectively, capital gains tax can reduce the after-tax performance of investments by up to 35 percent. With Maxit, Scivantage helps financial advisors turn tax into a strategic advantage, with a full range of tools that help their clients track capital gains, generate IRS An abbreviation for the Internal Revenue Service, a federal agency charged with the responsibility of administering and enforcing internal revenue laws. Schedule D for tax filing and improve investment tax decisions. "We are very excited about the value this new product will deliver to our clients and individual investors," said Adnane Charchour, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Scivantage. "Proposals put forth by President Bush as part of his budget last week, calling for financial institutions to provide more detailed analysis of their customers' capital gains for tax purposes are driving many institutions to consider whether they are currently well enough positioned to offer this level of granularity. With Maxit, Scivantage clients can be confident that they have this perspective automatically and that they are able to more efficiently manage the tax liabilities of their customers." Maxit reduces the complexity of the challenging investment tax decision process by analyzing actionable cost basis scenarios, simplifying tax reporting, eliminating the need for research on corporate actions and identifying wash sales. Maxit is available as a core component of Scivantage's Professional(SM) and Investor(SM) platforms or it can be integrated as a stand-alone application into a firm's proprietary systems. Maxit's open, flexible architecture is designed to integrate with all major back offices and third-party software providers. Key features of Maxit include: * Automatic processing of corporate actions, including voluntary events, across accounts while maintaining cost basis continuity * Tax lot matching and short-term--long-term characterization * Real-time, actionable trade analysis of short- and long-term gain/loss opportunities * Calculations utilize proper lot relief methods including FIFO (First In First Out) A storage method that retrieves the item stored for the longest time. Contrast with LIFO. See traffic engineering methods. FIFO - first-in first-out , LIFO (Last In-First Out) A queueing method in which the next item to be retrieved is the item most recently placed in the queue. Contrast with FIFO. LIFO - stack , HIFO HIFO Highest in First Out HIFO Institut für Hirnforschung (Universität Zürich, Switzerland) , Specific ID, MinTax, MaxGain and Average Cost * Wash sale identification, calculation and deferral deferral - Waiting for quiet on the Ethernet. * Customized, on-demand reports for realized and unrealized gains/losses, IRS Schedule D and Form 6781 about scivantage Leading financial institutions trust Scivantage to power critical front- and middle-office brokerage applications that automate key business processes and drive operational efficiencies. Scivantage's proven, back-office agnostic ag·nos·tic n. 1. a. One who believes that it is impossible to know whether there is a God. b. One who is skeptical about the existence of God but does not profess true atheism. 2. brokerage platforms offer a full suite of essential components that span the workflow of financial professionals and satisfy the investment needs of the retail investor. From online trading Online Trading Making trades via the Internet. Notes: The use of online trading increased dramatically in the mid to late 1990's with the advent of high-speed computers and Internet connections. Stocks, bonds, options, futures, and currencies can all be traded online. and enterprise notification management to automated account opening, maintenance and funding, Scivantage enables financial institutions and financial professionals to dramatically reduce operational costs, strengthen customer relationships and improve productivity. For more information, please visit www.scivantage.com or contact us at +1.866.724.8268 scivantage: experience true integration |
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