NetWorth Services Co-Sponsors Cutting-Edge Webinar with Celent
Turning 8949 Form Challenges into Revenue Opportunities
Phoenix - - While t ax season may be over for most of us, there are still tax professionals who are dealing with accurately reconciling their client’s 1099-B and 8949 Forms ; and for them, it is just the beginning. Many have filed extensions for their clients in order to grapple with this complicated issue. NetWorth Services, along with Celent will a host an important free webinar, Turning 8949 Form Challenges into Revenue Opportunities, which will address the challenges tax professionals have faced this tax season the 1099-B and 8949 forms as well as the unprecedented revenue opportunities that these challenges actually present to the tax services industry.
This webinar will focus on the 26-page White Paper titled “Cost Basis Reporting: Additional Revenues for Tax Professionals," just released by Celent, a prestigious international research and advisory firm that publishes research reports identifying trends and practices in financial services industry. Celent’s research included extensive interviews with financial intermediaries, technology providers and tax/accounting preparation firms. The challenges of reconciliation between the disparate reporting requirements of the broker and the actual taxpayer continue to present a problem.
With an estimated 20-25%, or 6 million, investor households seeking professional help every year, Celent estimates this additional revenue potential for tax professionals could total as high as $310 million for 2012. They also estimate this will go higher as the upcoming requirements for mutual funds and fixed income assets are phased in 2012 and 2013, respectively. This could reach a high of $450 million by 2015. In short, opportunities abound for the tax professional to experience significant revenue growth.
"The Celent report is a clear indication of how pervasive the challenges are with the 8949 form for tax professionals, said Nico Willis, CEO of NetWorth Services, Inc. “It also identifies the clear opportunities that lie in solving those challenges, which can ultimately have a positive effect on the bottom line for the tax profession. We believe that we can help tax professionals take advantage of this opportunity and grow their business."\
The webinar will offer a panel of top -notch experts to provide answers to many of the questions plaguing tax professionals still searching for answers for their clients. “Services around guiding tax return filings provides an opportunity for tax professionals to not only supply accurate cost basis information, but also to segue into a larger relationship, where CPA’s and professionals can offer a fully “tax efficient” strategy as it relates to all of their financial holdings,” says Isabella Fonseca, Research Director of Celent and one of the Webinar expert panelists.
To register for the free webinar, visit www.8949info.com. A panel of experts will be available for a “Q&A” forum directly following the approximate 90-minute webinar. Copies of the Celent White Paper are available upon request.
NetWorth Services, a financial web application and database software company, is headquartered in Phoenix, Arizona, 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. For more information: www.netbasis.com and www.networthservices.com.
For media inquiries, please contact, Nicole Kasem, Public Relations Specialist for NetWorth Services, Inc. at (602)222-6380.
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