Formidium Achieves New Milestone With Release of the Tax Allocations and Returns Module for SeamlessTM Fund Accounting Software
Downers Grove, Illinois, USA, August 24, 2023 – Formidium, a global leader in providing fund technology and back-office solutions, announces the release of the Tax Allocations and Returns Module for its fund accounting software, SeamlessTM. The tax allocations module is a major milestone that redefines and streamlines 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. Formidium’s new tax allocation system enables tax professionals and practitioners to spend more time on tax data analysis and handling complex tax matters.
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 and accurate processing of tax returns, K-1s,1099s, and other tax schedules required by US tax returns for investment funds. Fund managers will benefit from the prompt delivery of tax returns and distribution of K-1s & 1099s to their investors, which will save them time and money.
“We are thrilled to announce the SeamlessTM Tax Allocations and Returns Module for investment funds and partnerships. This new technology will help our team of professionals 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 goal to utilize technology in order to provide innovative solutions to our clients, and this module is another way we are delivering better results for them,” said Nilesh Sudrania, Founder & CEO of Formidium, and a licensed CPA himself.
SeamlessTM 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.
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 (SeamlessTM) and for Investor onboarding (CommonSubDocTM). 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.