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Follow on Google News | Investment Basis and ROI Tracking ServicesIt has become increasing more complicated and time consuming for individuals and investment firms to track securities, limited partnerships and private equities for tax purposes. My firm offers such investment tracking services.
By: Petfield & Associates, Inc. Fortunately, most brokerage firms do track ones investment portfolio for tax purposes. They often provide a year-end capital gains and loss schedule complete with proceeds and basis. To their shame though, they usually neglect investment basis tracking of limited partnerships. They generally do list each LP’s basis, but they are often are not adjusted for distributions and K-1 income activity. Due to the complexity, lack of time and incomplete available history, many tax preparers fail to properly account for the correct basis of these investments. CPA’s generally will offer to provide such investment basis tracking services, but it is quite often very expensive. My firm specializes in investment portfolio basis tracking. We work with each brokerage firm to ensure that all security transactions are handled in the proper manner. When 1099’s are incorrectly filed, we insist that a corrected one is prepared. We often save our clients CPA fees by providing ready made back up schedules for inclusion on required tax filings. CPA’s generally welcome our investment tracking services. They often do not have the manpower to perform these mundane and detailed tasks. We also save our clients money by ensuring that they aren’t inadvertently doubled taxed. My firm offers on-sight investment portfolio basis tracking services in New York Tri-State region as well as remote access nationwide. Please inquire for more details. David Petfield Petfield & Associates, Inc. petfield@live.com 845-255-2707 End
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