Jersey City, N.J.-based Scivantage unveiled its new automated cost-basis and portfolio tax reporting system, Maxit. The vendor says it hopes to attract financial advisers and individual investors who are searching for ways to reduce the complexity of the investment tax process.
According to Scivantage, capital gains tax can reduce the after-tax performance of investments by up to 35 percent. The vendor claims that the Maxit platform can improve tax decisions with a range of automated tools and functions, including automatic processing of corporate actions, tax lot matching, real-time trade analysis of gain/loss opportunities and customizable reports.
"With Maxit, Scivantage clients can ... more efficiently manage the tax liabilities of their customers," said Scivantage CEO Adnane Charchour in a release.