One of the most time consuming and tedious aspects of fund tax reporting is the calculation of wash sales. Manual calculation of these adjustments requires significant man hours and is prone to error risk. GainsKeeper FundTax® automates the wash sale calculation process-tracking deferrals and reversals, holding period carry-overs, and basis adjustments. It also automates the wash sale reconciliation process and provides book and tax gain/loss reports.
The wash sale algorithms are fully integrated with corporate action functionality-eliminating the arduous task of manually tracking wash sales across events such as mergers, acquisitions and spin-offs.
FundTax is a powerful automated tax reporting solution already relied upon by more than 4,500 U.S. mutual and hedge funds. Leveraging a platform optimized for high-speed calculations, this solution can rapidly rebuild a fund's transaction history-adjusted for corporate actions and wash sales-delivering accurate and timely tax reporting information. Customized reports provide a detailed audit trail of all wash sale adjustments for your records.