- February 16, 2012
We’ve got you covered!
You’ve heard that the saying that the only sure things in life are death and taxes, but for Netbasis users, that should be amended to death and accurate taxes.
The company, known as the industry leader for cost basis calculations, is putting its money where its mouth is, providing a $350,000 “penalty shield” that broadly protects institutional users of its patented Netbasis cost basis application.
The first of its kind in the nation, this policy, offered by an A+ rated insurance company through Netbasis Insurance Services, covers all federal penalties, up to $350,000, which are the result from any Netbasis software errors in the preparation of a client’s 8949/Schedule D Form. This policy also covers any related public relations costs up to $100,000.
The “penalty shield” covers use of Netbasis by tax professional users “solely in the performance of providing cost basis calculation to others for a fee,” and is in force on any calculation, even a security that has been held for decades and has a complex history of corporate action events.
Now that’s putting our money where our mouth is!