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G2 FinTech forms tax management advisory board, advises managers to demand proof of performance from service providers

Wednesday, August 01, 2012

Bailey McCann, Opalesque New York:

G2 FinTech has formed a strategic advisory board comprised of leading members of the tax, asset management, financial software and academic communities that will provide guidance and counsel as G2 FinTech continues to develop software to address the complex tax issues facing the investment management space. The Advisory Board will meet on a regular basis to contribute meaningful advice and guidance related to the current and future work at G2 FinTech.

"Because of the way the tax code is constructed, it is very difficult for professionals in wealth management to report tax information to investors and pay their own taxes accurately," says George Michaels, CEO of G2 FinTech, in an interview with Opalesque. "So what we are doing is automating that. In the event of an audit, we want you to be able to get the auditors out the door as quickly as possible."

He explains that right now firms typically bring in their existing auditors to handle tax management as part of the audit function, however, these tasks often get assigned to junior staffers who are apt to skim over information and that can lead to problems during an IRS audit. Beyond audit issues, wealth managers are sometimes placed in the position of taking a loss, but receive a tax bill because their earnings may still be higher than they were previously, putting the manager in a tough spot with investors.

Members of the advisory board were chosen because of their expertise ......................

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