Wolters Kluwer Financial Services’ GainsKeeper Generates Investors’ IRS Form 8949 Reports for Tax Filing

Waltham, MA - 23 March 2012

New Functionality Helps Individual Investors and Active Traders Meet Challenges Related to Cost Basis Reporting

To help individual investors and active traders address new challenges this tax season related to the cost basis reporting law, Wolters Kluwer Financial Services has released new functionality as part of its GainsKeeper tool that generates Form 8949, the Internal Revenue Service’s (IRS) new supplement to the Schedule D. This functionality is available in GainsKeeperPro, GainsKeeper’s retail product used by thousands of active traders and individual investors.

Previously, realized capital gains/loss details from the sale of securities were all listed on the Schedule D-1. This year, the IRS has changed the process so details related to gains and losses are included on the supplemental Form 8949. The new form is designed to help the IRS understand the differences between what individuals are reporting on gains and losses and what their brokers reported on the required 1099-B tax form, which summarizes the proceeds of stock transactions and cost basis on covered securities.

GainsKeeper, web-accessible tax software that calculates cost basis adjusted for corporate actions and wash sales, now provides a Form 8949 feature that allows individuals to import transactions from their broker and produce a Form 8949 report.

“New IRS Form 8949 may come as a surprise to many people,” said Stevie Conlon, senior director and tax counsel at Wolters Kluwer Financial Services. “The new form is extremely different than the old process, so that alone will take additional time to review and understand. Additionally, the required calculations are quite complex, which is an added frustration for individuals as we quickly approach the April 17 deadline.”

“GainsKeeper’s new functionality greatly simplifies the calculations that individual investors and active traders have been struggling with as they work to file their taxes on time,” said Chuck Ross, vice president and general manager of Investment Compliance Solutions at Wolters Kluwer Financial Services. “It’s particularly valuable for individuals who need to consolidate information from various investment accounts onto a single Schedule D.”

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