TaxGopher^TM, the powerful tax analysis engine from G2 Systems, LLC, delivers the cost basis reporting solution you need. TaxGopher provides a clear picture of the tax ramifications for all of your trading activities. It is designed to augment your existing portfolio accounting system and create the adjustments necessary to produce a compliant 1099-B — all without the need to reconcile tax lot retirement algorithms. Click here to see how TaxGopher compares with other tax analysis solutions.

1099-B Compliance Made Easy
Using trade data from your portfolio management system, TaxGopher automatically identifies critical events, such as Wash Sales, Straddles, Constructive Sales and more. TaxGopher reports provide you with the key data necessary to maintain an up-to-date tax profile. For example, one report helps you proactively identify wash/constructive sales, including the total amount that will be disallowed by the IRS. Another TaxGopher report details disallowed losses by lot and lists the necessary cost adjustments to carry forward the loss into future periods. Those cost adjustments can be auto-fed into your general ledger system so that once those lots are eventually liquidated, realized gain or loss is correct.

Other TaxGopher features allow you to group specific securities to comply with the substantially identical rule and to override specific transactions when necessary. End Result: Compliance with IRS 1099-B reporting requirements becomes routine.

Options
TaxGopher clients can choose the solution that works best for them. TaxGopher can be installed inside your operation and live side-by-side with your existing portfolio accounting system. Alternatively, clients can send G2 its trade data and G2 will process it for them.

Massively Scalable
Regardless of the size of your organization, TaxGopher delivers the solution you need. Whether you run TaxGopher on a handful of accounts or millions of accounts, each instance of the software can process hundreds of thousands of transactions in seconds.

Smooth Integration
TaxGopher easily integrates with your firm’s current portfolio accounting system. It instantly accesses all the critical data necessary to run tax analyses on your investments so you know your tax liabilities. TaxGopher “talks” to your portfolio accounting system, either through an easy-to-use command line interface OR with a direct link to your database. Click here to see how TaxGopher easily integrates with your current operation.

Expert Support – When You Need It. Phone support for TaxGopher is available from 7 AM until 8 PM on all business days.  The TaxGopher support line is staffed by G2 engineers who can respond comprehensively to any concern.  Call 646 450 1038 for TaxGopher support.

Product Features
Cost basis reporting and compliance with 1099-B reporting is a fact of life. Designed to augment your existing portfolio accounting system, G2 TaxGopher makes the necessary adjustments to keep your 1099-Bs compliant with current requirements.

• 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 your general ledger system.
  
  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.
  
  
• 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 comply with IRS 1099-B reporting requirements.
  


• Straddles
  When both sides of the wash sale are not equities, rule 2 of the wash sale tax logic cuts in and disallows a portion of the loss based upon the unrealized gain of the offsetting transaction. TaxGopher  identifies this special case of wash sale and applies the correct tax lot offset to the straddle trade.
  
  TaxGopher gives you the option to reverse the apparent direction of certain transactions in order to allow for reverse risk scenarios, such as long puts and short calls when determining matching transactions.


• Constructive Sales
  Sometimes an investor inadvertently executes a constructive sale. TaxGopher identifies constructive sales and reports taxable gains in a concise, effective format.


• Out-of-the Box Reports
  Reports include Disallowed Losses, Cost Adjustment, Constructive Sales, and Wash Sales by Issuer. More detailed descriptions are available in this fact sheet.

The G2 TaxGopher product license includes a data schema, data processing engine, and an intuitive graphical user interface for browsing all of the raw data used by TaxGopher.

Click here to see a detailed fact sheet for G2 TaxGopher. To read more about the challenges of the new cost basis reporting requirements and how to meet them, click here.

G2 Systems LLC and the G2 TaxGopher product offer clients the business, financial, accounting and tax management services they need to readily comply with IRS reporting requirements through the identification of taxable events or events that require tax adjustment treatment such as a wash sale.

Back to top