ConvergEx Launches Tax Solution for Brokers

According to the New York-based company, Tax Optimizer allows users to "customize their tax lot closing methods, thereby [allowing] them to itemize their capital gain and loss allocations in a more efficient manner."

Users can also run "what-if" scenarios that will analyze which closing method that will yield the best returns and how their tax liabilities may change with each close. Additionally, Tax Optimizer can provide explanations as to variances in those closing methods.

"While the [2014] tax reporting season may seem like a far off event, customers would be wise to begin planning for it now so they are fully prepared come next April," says Douglas Nelson, chief executive officer of ConvergEx Prime Services.