NetBasis Offers Tax Season Special on Cost Basis Calculations

NetWorth Services has extended its “buy one transaction get one free” promotion through May 1 for professionals using the company’s online cost basis calculation tool, NetBasis, available at www.netbasis.com/26. The system is designed to provide accurate adjusted cost basis calculations for stock trades, and was the application used by the IRS in their landmark 2005 tax gap study to quantify the amount of uncollected capital gains tax revenue.

Many analysts and tax experts are anticipating a rise in audits this year, particularly for investors filing US tax returns who have capital gains from stock trades. Pending legislation and an increase in resources allocated to the IRS are leading to an increase in scrutiny on tax returns, and there is underreported income resulting from these inaccurate “cost basis calculations” which the IRS estimates could amount to an additional $10 billion in revenue.

NetBasis provides a valuable resources to tax professionals and individuals self-filing because many investors and tax preparers do not have the tools available to make accurate cost basis calculations which can be a complex and time consuming process.