Thu, Sep 19, 2019
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

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 ......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Albright Capital builds on emerging markets impact strategy, signs on to IFC principles[more]

    Bailey McCann, Opalesque New York: Albright Capital has adopted the International Finance Corporation's Operating Principles for Impact Management. The firm has also developed its own impact measurement system as part of the implementation of the principles. The IFC's principles were

  2. Investing: Hedge funds getting burned as growth stocks trounced by value, Why investors are prioritizing health care in a big way, Fannie, Freddie soar as hedge funds score wins on two fronts[more]

    Hedge funds getting burned as growth stocks trounced by value From Bloomberg: A hedge-fund favorite is rapidly losing ground in the stock market just as one of the industry's least-loved sectors picks up. Growth stocks, generally companies that are seeing rapid profit increases, have drop

  3. PE/VC: Supersized unicorn: Root Insurance leaps to $3.65bn valuation with $350m round[more]

    Root Insurance is now valued at $3.65 billion after a $350 million funding round - the largest single venture capital round ever in the state. The 3-year-old auto insurer, now the startup with the highest valuation of any in Ohio, has raised a cumulative $523 million in VC and another $100 mi

  4. Testing hedge performance when stocks crash[more]

    Bonds have historically been a reliable buffer for stock exposure. But low yields and potential reversion to a more positive stock/bond correlation would likely translate to less protection. Gold has been a solid crisis hedge but has experienced long stretches of negative inflation-adjusted returns.

  5. PE/VC: The FBI is investigating a venture capital fund started by Peter Thiel for financial misconduct, Why venture capital firms need more women partners and entrepreneurs[more]

    The FBI is investigating a venture capital fund started by Peter Thiel for financial misconduct From Vox: Federal investigators are probing the conduct and practices of Mithril Capital, a venture capital firm co-founded by Peter Thiel, Recode has learned. US officials - including t