The Bilski v. Kappos Supreme Court Decision Gives Birth To The Only Patented Cost Basis Calculator/Software In The World
Phoenix, AZ (PRWEB) June 29, 2010
The Supreme Court recently issued its opinion in the much-anticipated Bilski v. Kappos case. This case was expected to resolve whether certain types of methods, especially methods of doing business and software-implemented methods, could be patented. The Supreme Court decision indicates that business methods and other methods are not automatically unpatentable simply because they are business methods.
"We welcome the Supreme Court's recent ruling and couldn't be more pleased said Nico Willis, CEO of NetWorth Services which now holds the only patented software technology that simplifies the complexities of calculating cost basis by identifying and accounting for corporate actions such as stock splits, mergers, spin-offs, and dividend reinvestments that may have occurred during the holding period. Drawing on a securities database extending as far back as 1925, his software calculates within 3 seconds. A much needed and necessary tool for financial institutions and individual investors.
The deadline to comply with a new mandatory cost basis reporting law is nearly here (January 1, 2011) and financial institutions and investors are completely in the dark and oblivious to the broad and deep ramifications which threaten stiff IRS penalties for non-compliance. Worse yet, when mandatory cost basis reporting goes into effect there's no tolerance for calculation errors regarding schedule D forms, 1099 reporting, inherited or gifted securities, or capital gains taxes. Nico's patented software is the miracle pill.
Non-compliant financial institutions and investors face serious consequences if they fail to accurately report cost basis for themselves and their clients. Facing stiff IRS penalties up to $350,00 per year for incorrect Form 1099-B cost basis reporting, and unlimited penalties for intentional disregard of the new requirements. Under the new law, taxpayers are also subject to penalties of up to $1,000 for underreporting capital gains taxes, and up to $5,000 for willful disregard of the law or reckless conduct in reporting capital gains taxes. Financial intermediaries must address technology and data issues now if they are to ensure future compliance with the regulations. Firms that do not assess and modify their current systems risk chaotic service disruptions and confused clients unless they implement now.
The current Bilski v. Kappos Supreme Court desicion bring netbasis to the forefront of a cost basis solution, making it the only patented software of it's kind for those who wish to comply with the new IRS law.
Anthony Tomei - NetWorth Services
Tel:(602) 222-6380 ext 102