FundTax® Wash Sale Calculation & Reporting Overview
  • Wolters Kluwer Financial Services Banner Image

FundTax® - Wash Sales

  • Automate Wash Sale Calculations & Reporting-Save Time & Reduce Error Risk

    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.

    FundTax Benefits

    • Eliminate potential reconciliation errors that can occur when using separate spreadsheets and systems
    • Process up to 10,000 transactions a second and avoid critical production delays
    • Reduce the amount of time spent on tax reporting compliance
    • Facilitate tax provision completion as well as 1120-RIC preparation
    • Address multiple tax rules with integrated straddle, short sale, wash sale, PFIC and REIT algorithm