8949 Express Service

The 8949 Express Service is a new offering from NetWorth Services designed to enable tax professionals to increase their billable hours. It accomplishes this by eliminating the time tax pros spend preparing clients’ 8949 and Schedule D Forms; we assume that responsibility. With this task outsourced to NetWorth Services, tax firms can concentrate on serving other revenue-producing clients, thus boosting their bottom lines

The new service capitalizes on our proven 8949 Verifier tool to provide accurate cost basis analysis and reconcile clients’ 1099-B and Schedule D Forms – promptly and at a nominal fee.  Through a secure file transmission, a client’s 1099-B and supporting information, such as realized gain/loss reports and previous wash sales, are simply and securely transmitted to NetWorth for bulk processing through a cost basis engine. The 8949 Express Service first verifies the accuracy of prices, checks for corporate actions and then compares the information to 1099-B values.

We then make the following series of adjustments:

  • Fill in missing cost basis values provided on the 1099-B
  • Correct values on the 8949 form, making proper adjustments when the variance is greater than 15%
  • Apply tax savings strategies to the gain/loss variances on the 8949
  • Code the tax forms for the adjustments

The 8949 Express Service then prepares the 8949 and Schedule Forms and provides both PDF and electronic output for uploading into the tax preparation software. The prepared tax forms are then securely returned to the tax professional.

By eliminating and providing accurate, vetted information that ensures compliance, the 8949 Express Service frees up tax professionals to take on additional clients to boost profitability.

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