CHICAGO, Aug. 10, 2023 /PRNewswire/ -- K1x, the leading data distribution platform for alternative investments reporting, has added former IRS commissioner Charles "Chuck" Rettig to its board of directors. Rettig's extensive tax law experience will advance K1x efforts to digitize and streamline the complex and labor-intensive IRS tax compliance requirements for alternative investments, which are expected to total at least $17 trillion by 2025.
The K1x software solution is the first-ever all-digital K-1 packet production platform. The software operates in lockstep with the new Paperless Process Initiative from the IRS and automates tax compliance for alternative investments. Further, the digitized process helps K-1 and K-3 producers and receivers to collaborate digitally, reducing or eliminating manual, analog processes. The result — faster delivery times, more accurate information, increased transparency and streamlined reporting.
"The digital K-1 is finally happening. The disruption of archaic paper-based processes burdening the people who work in alternative investments is long overdue," said Rettig. "By providing an automated process, we leave the robotic work to the robots, freeing human beings to build client relationships, think strategically, and even reclaim their nights and weekends. K-1 digitization shifts our focus from reactive problem-solving to proactive decision-making that drives innovation, improves the health and stability of the US financial market, and creates new opportunities for economic growth. K1x is bigger than tax software — the company is remaking how an entire industry goes about its business."
Rettig is a tax policy expert. He served as the IRS commissioner from 2018-2022 under both President Trump and President Biden. Before that appointment, Rettig spent 35 years as a certified specialist in tax, estate planning, and trust and probate law at Hochman, Salkin, Rettig, Toscher & Perez.
"Chuck's familiarity and insight into tax law uniquely qualify him to help us usher in a new era of tax compliance for alternative investments," said K1x CEO John LaMancuso. "Working together, we are disrupting the industry. Tasks that once took hours now take only seconds at nearly 100% accuracy. Our automation improves the lives of talented, hard-working tax professionals and helps address the industry's unsustainable attrition rate. With guidance from Chuck and the rest of our board, K1x is removing complexity and restoring transparency, benefitting tax professionals, investors and the economy."
Earlier this year, K1x added LaMancuso, David Eisner, Josh Linkner, Geralyn Hurd, and Jennifer Lee to its board of directors. Together with Rettig, they form a strong, knowledgeable, innovative council to drive much-needed change in the alternative investment industry.
To learn more, take the K-1 Test Drive or request a personalized demo.
About K1x, Inc.
K1x is the leading data distribution platform for alternative investments. The fintech company's AI-powered SaaS solution digitizes and distributes data seamlessly–connecting investors, advisors, tax software, portals, accounting firms, IRS and state taxing authorities–simplifying complex processes, accelerating filings, reducing costs, and delivering greater control, transparency, and accessibility. K1x is trusted by more than 6000 organizations including 31 of 100 largest institutional investors in the US, 17 of the top 100 accounting firms, 8 of the top 100 private foundations, 26 of the top 100 university endowments, and 7 of the top 40 health systems. Visit us at K1x.io and follow us on LinkedIn.
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SOURCE K1x
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