A Valuable Resource for Government Agencies
Netbasis can serve a number of important functions for both state and federal government agencies.
State agencies can use Netbasis to calculate and verify the amount of capital gains tax that will be collected from state residents, eliminating the need to wait for federal calculation. Accurate cost basis calculation at the state level also provides important verification of federal calculation.
By performing their own capital gains tax calculations, states can significantly reduce the 24-month waiting period currently involved in waiting for federal calculation, laying the foundation for more timely receipt of tax revenues.
Netbasis can also offer valuable benefits to state unclaimed property divisions, allowing them to provide the cost basis of unclaimed securities that were sold according to law, and subsequently claimed by an owner, who is entitled to the proceeds.
Netbasis is the same patented technology used to prepare the 2005 Tax Gap Report. It allows for accurate, efficient calculation and verification of Schedule D information, helping to maximize capital gains tax receipts while enhancing agency productivity.
In addition, agencies such as the SEC or IRS can use Netbasis to verify the cost basis reporting of money managers and brokers, a vital capability in today’s financial marketplace. Netbasis can also play a critical role in helping federal agencies calculate an individual’s net worth to determine eligibility for programs such as Medicare and Medicaid.
Accessing Netbasis is as simple as contacting a Netbasis sales professional to discuss implementation options:
Individual or Departmental License: Access to the web-based Netbasis application is also available through both individual and departmental license. An individual or departmental license is a cost-effective solution for government agencies that frequently make cost basis calculations, require historical corporate action information, and need access to historical security pricing and date of death and gift valuation. Licenses may be purchased for one or two years, and provide an individual user or department with unlimited desktop access to Netbasis, either through an intranet or the Internet.
Enterprise Solutions: Organizations with heavy transaction needs can purchase an enterprise Netbasis license. An enterprise license provides all employees with desktop access to Netbasis, either through an intranet or the Internet. A Netbasis batch solution is also available for high-volume transaction and cost-basis verification needs.