NetWorth Services, Launches the New 8949 Verifier™
New Verification Tool Offers Professionals Accurate Cost Basis Analysis
March 7, 2012, Phoenix, Arizona— NetWorth Services, maker of Netbasis, is pleased to announce the release of its new 8949 Verifier web-based application. The first product of its kind, the 8949 Verifier ™ is a patent-pending application that allows tax professionals to examine their clients’ 8949 form instantly for accuracy prior to filing to the IRS. In light of taxpayer confusion with the new 1099-B and 8949 forms, this efficient application saves time for tax and investment professionals and creates a value-added service for the client.
“The new 1099-B and 8949 forms seem to have created a significant amount of taxpayer confusion and frustration,” said Nico R. Willis, CEO of NetWorth Services, “which can mostly be attributed to the non-coverage and/or misreporting of cost basis information on the 1099-B. To add to the concern, there are taxpayers who have not yet received their 1099-B due to the March 15 extension that was granted to broker-dealers. According to a March 2, 2012 Reuters.com article entitled ‘Brokers Delay 1099, Causing Investor Angst’ underscores that frustration”, continues Nico Willis. “Taxpayers need a well prepared tax professional more than ever before and the 8949 Verifier allows them to expand their client services to meet the demand.”
The tax professional can upload the client’s 1099-B to the 8949 Verifier, where any additional information or adjustments can be made. When the information is complete, the reported cost basis information is automatically populated into the 8949 form where the accuracy of the reported cost basis is verified using Netbasis’ vast capabilities to quickly and precisely determine the adjusted cost basis of virtually any security traded in the U.S.
The 8949 Verifier’s innovative design contains color-coded alerts for quick reference and expedited workflow. These alerts indicate varying degrees of deviation from accurate cost basis calculations for the selected securities. Green indicates that the client’s tax form reflects a relatively low deviation from comparative benchmark figures available in Netbasis. A yellow, orange, or red code signals that moderate or more severe deviation from the benchmark has been flagged in the client’s 8949, providing a heightened alert for the tax professional to examine the 8949 before the return is filed.
Netbasis, the flagship product of NetWorth Services, quickly and accurately determines the adjusted cost basis of virtually any security traded in the U.S. as far back as 1925. The vast Netbasis database of historical pricing and corporate actions allows for accurate cost basis calculations in seconds ― even when securities have long and complicated histories of mergers, spin-offs and stock splits. Netbasis enables users to capture and track lot shares acquired under myriad circumstances, including reinvestment, employee stock option and other stock plans, voluntary cash purchases, transfer of ownership, cash or stock dividends, and corporate events.
Netbasis is offering a special “tax-time” Netbasis promotional package to tax professionals. This “limited time only” promotional package bundles the accuracy of the award-winning Netbasis cost basis application together with the innovative new 8949 Verifier tool. For the promotional price of $599.00 per month, until April 17, 2012, not only can tax professionals ensure the accuracy of their client’s capital gains tax filings but they can actually guarantee the results.
Media Contact: Lauren Frank LFrank@networthservices.com 602-222-6380
NetWorth Services is a financial web application and database software company that is based in Phoenix, Ariz., and has offices in Philadelphia and New York. Its flagship product, Netbasis, is an award-winning application that quickly and accurately determines the adjusted cost basis for securities. Financial solutions developed by NetWorth have been adopted by many leading financial institutions, transfer agencies, tax preparation software companies, accounting firms, money managers, government agencies, Fortune 500 companies, universities, endowments and individual investors.