Formidium Announces the Release of Tax Allocations and Returns Module for Its Fund Accounting Software "Seamless™"

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Aug 28, 2023, 10:00 ET

DOWNERS GROVE, Ill., Aug. 28, 2023 /PRNewswire/ -- Formidium, a global leader in providing fund technology and back-office solutions, has today announced the release of Tax Allocations Module for its fund accounting software "Seamless™". The tax allocations module is a major milestone in redefining and streamlining the process of tax allocations, federal/state returns preparation, tax schedules such as K1s and informational returns such as 1099s and 1042s, for SPVs, Hedge Funds, Venture Funds, Private Equity Funds, and Crypto/Digital Asset funds.

Tax allocations within an accounting system for a pooled investment fund ensure that all investor-level tax allocations are calculated efficiently and books vs tax adjustments are tracked and reconciled. It ensures efficient, faster and accurate processing of tax returns, K-1s,1099s, and other tax schedules required for US tax returns for investment funds. This benefits fund managers to receive timely delivery of tax returns, timely distribution of K-1s & 1099s to their investors & vendors in a cost and time-efficient manner.

Formidium's investment in the tax allocations system enables their tax professionals and practitioners to spend more time on tax data analysis and handling complex tax matters.

"We are thrilled to announce the Automation of US tax allocations module for investment funds and partnerships. This technology solution will help our team of professionals to provide tax returns and K1s to our clients in a more timely manner along with better quality controls and reconciliations. It has always been our philosophy of utilizing technology to provide innovative solutions and this automation is a step forward towards it." said Nilesh Sudrania, Founder & CEO of Formidium, and a licensed CPA himself.

Seamless™ is available to hedge funds, CFO services, CPA firms, and other service providers to investment funds and partnerships on a single or multi-year license basis.

About Formidium:

Formidium Corp. is a global investment fund administration services and technology provider headquartered in Downers Grove, IL (USA). Formidium has developed its proprietary technology for fund accounting (Seamless™) and for Investor onboarding (CommonSubDoc™). Formidium also offers a Marketplace for alternative investments to HNWIs, Family Offices, and other Institutional Allocators.

Formidium's operations and technology are SOC 1, SOC 2, and SOC 3 audited, ISO27001 certified, and supported by over 2 million hours of R&D and a global staff of 900.

Learn more about Formidium at www.formidium.com

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SOURCE Formidium Corp.