Combination solution to tackle Phase 3 Basis Reporting

TaxGopher now supports Phase 3 Basis Reporting (CBR) for Advent Software’s Geneva clients, according to G2 FinTech.

Already used by prime brokers as a combined solution to address CBR and Phases 1 and 2, Geneva and TaxGopher are proven solutions for complex tax accounting associated with derivatives and other alternative instruments.

TaxGopher levers the fixed income engine within Geneva to drive tax analysis computations and reporting for Phase 3 covered securities, fixed income and derivatives.

George Michaels, CEO and founder of G2 FinTech, said: “G2 has always been in the forefront of addressing the complicated accounting issues our clients face related to fixed income and derivatives.”

“TaxGopher, our best-of-breed software, for tax analysis of securities transactions, combined with Advent Geneva’s rich pre-tax handling of fixed income and derivatives, enable the G2-Advent alliance to provide a strong Phase 3 solution for Geneva clients.”

G2 FinTech has also published a whitepaper, Cost Basis Reporting, Phase 3: The Basics, which outlines how to comply with Phase 3 requirements when generating 1099-B statements.

The paper also reviews amortisation rules, which are an integral part of calculating cost basis for debt instruments and can make compliance with Phase 3 challenging for brokers.