20 Feb 2013 Sales, Revenue Expected to More than Double at Phoenix-based NetWorth Services
PHOENIX, February 19, 2013 – Sales and revenue were up about 150 percent at Phoenix-based NetWorth Services in 2012 and are expected to more than double in 2013.
“We expect our growth in 2013 to be driven by the addition of larger accounts, specifically custodial and institutional firms, along with rapid gains in the professional market, which consists primarily of CPAs and other tax professionals.,” said Nico Willis, president of the private company.
During 2012, the company added six positions in marketing, data research, and sales and support. To handle increased demand, NetWorth Services expects to add four to five more salespeople in 2013.
NetWorth Services, Inc. is a financial information services and software consulting company that is setting the industry standard for all cost basis securities information. Created in response to the need for an accurate, efficient cost basis calculation solution, NetWorth Services, Inc. developed patented Netbasis. Netbasis takes the headache out of calculating historical security changes due to stock splits, mergers, dividend reinvestments and every other possible cost basis adjustment.
Netbasis provides highly accurate cost basis data on stocks and mutual funds through batch and automated processes to government tax agencies, accounting firms, large financial institutions, shareholder services companies, and money managers.
In 2013, NetWorth expects to capitalize on the full implementation of the new rules governing cost basis reporting that were enacted by Economic Stabilization Act of 2008. The legislation that requires brokers to report their clients’ cost basis went into effect January 1, 2011. But that requirement is only for securities purchased after that date. But what about the millions of shares investors purchased before January 1, 2011 and sold in 2012?
Determining the cost basis of those shares is a potentially huge headache. That’s because it requires an investor to consider a myriad of factors, including reinvested dividends, stock splits, acquisitions and other corporate actions. Cost basis adjustment has always been a difficult calculation – even for professionals. Just imagine then the challenge it presents for individuals who are responsible for accurately reporting the information to the IRS. If an investor is unable to determine the cost basis of the stocks he sold, the IRS will assume it is zero.
For media inquiries, please contact Barry Cohen at Networth Services at (602) 222-6380.