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Tax Clarity from Tax Clarity (Covisum)

Visualizes marginal tax rates, identifies tax pitfalls, analyzes impacts of income strategies and tax law changes, creates clear client-ready reports, and integrates with leading planning platforms.

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More about Tax Clarity (Covisum)

Product analysis by function

Tax Planning Software for Financial Planning

Applications that help advisors identify tax-efficient investment strategies, tax-loss harvesting opportunities, and integration of investment decisions with clients' overall tax situation.
More Tax Planning Software More Financial Planning ...

Tax-Loss Harvesting
(1 Yes /2 Known /10 Possible features)

Tax-Efficient Investment Strategies
(6 Yes /6 Known /10 Possible features)

Tax Scenario Modeling & Forecasting
(6 Yes /6 Known /10 Possible features)

Integration & Data Management
(2 Yes /2 Known /10 Possible features)

Tax Compliance & Reporting
(6 Yes /6 Known /10 Possible features)

User Interface & Usability
(4 Yes /4 Known /10 Possible features)

Client Communication & Collaboration
(3 Yes /3 Known /10 Possible features)

Security & Compliance
(4 Yes /4 Known /10 Possible features)

Analytics & Reporting
(8 Yes /8 Known /10 Possible features)

Support & Training
(6 Yes /6 Known /10 Possible features)

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Automated Tax-Loss Harvesting Automatically identifies and suggests trades to realize losses for tax benefits.		Not as far as we are aware.* Tax Clarity does not claim to provide automated trade identification or management for tax-loss harvesting.
Frequency of Harvesting How often the software scans and implements tax-loss harvesting opportunities.		No information available
Wash Sale Detection Detects potential wash sales and provides alerts or recommendations.		No information available
Harvesting Threshold Customization Advisors can set minimum loss thresholds for triggering tax-loss harvesting actions.		No information available
Cross-Account Harvesting Ability to identify tax-loss harvesting opportunities across multiple client accounts.		No information available
User Override of Harvesting Suggestions Allows advisors to override or approve tax-loss harvesting recommendations.		No information available
Reporting of Harvested Losses Provides detailed reports of realized losses for compliance and strategy review.		No information available
Real-Time Opportunity Alerts Notifies users immediately when new tax-loss harvesting opportunities arise.		No information available
Integration with Portfolio Management Seamlessly integrates with existing portfolio management tools and workflows.		Tax Clarity integrates with platforms like RightCapital and eMoney for workflow efficiency.
Tax Impact Simulation Simulates the projected tax impact of harvesting specific losses.		No information available

Asset Location Optimization Optimizes asset placement across taxable and tax-advantaged accounts.		No information available
Tax Drag Analysis Quantifies the annual tax impact (drag) of different portfolios.		A major feature of Tax Clarity is quantifying the impact of their strategies as annual 'tax drag' or marginal rates.
Tax-Efficient Withdrawal Sequencing Advises on withdrawal order from different account types to minimize taxes.		Tax Clarity supports sequencing withdrawals from different account types to minimize taxes as part of its tax-focused advice.
Projection of After-Tax Returns Shows expected net returns after incorporating anticipated taxes.		Clear client-facing reports project after-tax income for different strategies.
Roth Conversion Analysis Models the tax consequences of Roth IRA conversions.		No information available
Capital Gains Minimization Tools Identifies trades and strategies to minimize realized capital gains.		No information available
Automated Rebalancing Tax Analysis Assesses tax costs associated with portfolio rebalancing.		No information available
Short-term vs Long-term Gain Recognition Distinguishes and tracks gains for relevant tax treatment.		Tax Clarity visualizes short-term vs. long-term capital gain recognition in its marginal tax maps and chart outputs.
Customized Strategy Recommendations Provides tailored, client-specific tax strategy advice.		Software provides client-specific strategy recommendations based on their specific income, deduction, and withdrawal scenarios.
Multi-year Tax Projection Projects multi-year tax liabilities under proposed strategies.		Multi-year tax projection capabilities are explicitly described in both the marketing and advisor training materials.

What-if Scenario Analysis Allows users to test tax results under different scenarios and plan changes.		What-if scenario modeling is a key element; users can test the impact of different income, deduction, and withdrawal plans.
Multi-Year Tax Forecasts Provides forecasts of tax liabilities over multiple future years.		Described as providing multi-year tax forecasts and allowing users to visualize future marginal rates and liabilities.
Customizable Tax Rates Supports entry and adjustment of custom federal, state, and local tax rates.		Tax Clarity supports customization of federal and state tax rates based on client situations or state of residence.
Estate & Gift Tax Simulation Models estate and gift tax exposure based on current and hypothetical portfolios.		No information available
Legislation Impact Modeling Analyzes tax impact of proposed or potential legislative changes.		Specifically noted as incorporating tax law changes and projecting their impact, supporting legislation impact analysis.
Monte Carlo Tax Simulations Uses stochastic modeling for tax forecasting under uncertainty.		No information available
Goal-Based Forecasting Integrates tax effects into financial plan goal projections.		Tax Clarity integrates tax outcomes into retirement and income goal-based forecasts.
Collaborative Scenario Sharing Enables sharing modeled tax scenarios with clients or team members.		No information available
Historical Scenario Review Allows comparison of past plan recommendations with current scenarios.		The software allows users to compare prior and proposed plans and visually display historical versus new analysis.
Sensitivity Analysis Assesses how sensitive outcomes are to changes in tax assumptions.		No information available

Account Aggregation Aggregates data from multiple financial accounts (brokerage, retirement, bank, etc.).		No information available
API Integration Offers programmable interfaces for connecting to other software systems.		Tax Clarity publicly advertises integrations with third-party financial planning software via API.
Direct Custodian Connectivity Connects directly to custodians for real-time client data.		No information available
CRM Integration Integrates with advisor CRM systems for seamless workflow.		No information available
File Import/Export Capabilities Supports importing and exporting of client and investment data files.		No information available
Data Refresh Frequency How often external account or position data are refreshed.		No information available
Custom Data Mapping Allows mapping of external data fields to internal software fields.		No information available
Audit Trail of Data Changes Maintains records of data updates for compliance.		No information available
Cloud Data Storage Stores data in the cloud for remote access and backup.		Tax Clarity is a cloud-based application.
Real-Time Syncing Data synchronizes in real time with other platform elements.		No information available

Automated Tax Form Generation Creates electronic or printable versions of required tax forms (e.g., 1099, Schedule D).		No information available
Capital Gains and Income Reporting Summarizes annual capital gains, losses, and income by account or tax lot.		Capital gains, loss, income, and marginal rate summaries are included within client-ready reports.
Compliance Rule Updates Automatically updates for new federal and state tax law changes.		Tax Clarity is specifically marketed as keeping up-to-date with the latest IRS tax rules and law changes.
Error Checking & Reconciliation Provides automated checks for inconsistencies or compliance errors.		No information available
Tax Filing Export Exports data for use with tax filing software or professionals.		Tax Clarity can export tax output and reports for use with tax filing software and professionals.
Document Retention Management Supports secure storage and retention of tax documents per regulations.		No information available
Client Tax Summary Reports Generates summary reports of client tax positions for review.		Transparent summary reports for client review are a key software capability.
State and Local Tax Calculations Supports compliance for all relevant state and local tax rules.		Calculations adjust for both federal and state tax brackets, per documentation.
Amended Returns Support Supports creation of amendments to prior-year tax returns.		No information available
Regulatory Change Alerts Notifies users of significant changes in tax law or filing requirements.		Described as offering alerts when there are notable tax law or software changes relevant to clients.

Dashboard Customization Users can configure dashboards to suit their workflow and preferences.		Tax Clarity dashboards and report views can be configured based on advisor preferences and workflows.
Mobile Access Accessible via mobile devices or dedicated mobile apps.		No information available
Guided Workflows Step-by-step walkthroughs for common tax planning processes.		Guided workflows are mentioned in advisor marketing/training content.
Multi-language Support User interface available in multiple languages.		No information available
Accessibility Features Tools for visually impaired or other accessibility needs.		No information available
Search and Filter Functions Easily search for and filter clients, accounts, or transactions.		The UI is designed for fast search/filtering by client, plan, or output variables.
Customizable Reports Users can build and customize their own reports.		Customizable and white-labelled report generation is a noted benefit for advisors.
Bulk Edit and Batch Actions Ability to apply changes across multiple clients or portfolios at once.		No information available
Real-time Help and Guidance Integrated documentation or chat support for immediate assistance.		No information available
Client Portal Dedicated portal for clients to view their tax planning results and reports.		No information available

Secure Document Sharing Share sensitive files securely between advisor and client.		Documents and reports can be shared securely with clients through the advisor portal.
Commenting and Annotations Leave comments and notes directly on reports or scenarios.		No information available
E-signature Integration Collect required signatures within the platform.		No information available
Meeting Scheduler Built-in tools for scheduling tax review meetings.		No information available
Customizable Email Templates Create templates for standardized client communications.		No information available
Alerts & Notifications Configurable email or in-app tax deadline reminders.		Tax Clarity issues notifications and reminders about key tax deadlines and events.
Interactive Plan Visualizations Tools for interactive presentation of tax planning outcomes.		The platform supports interactive client visuals (e.g. colored marginal rate graphs).
Shared To-do Lists Collaborative task lists between advisor and client		No information available
Document Upload by Clients Clients can upload documents securely to the advisor platform.		No information available
Client Feedback Mechanism Enable clients to provide feedback within the portal.		No information available

Multi-factor Authentication Requires multiple authentication methods for system access.		Multi-factor authentication available as part of Covisum's enterprise security posture.
End-to-End Encryption Encrypts data at rest and in transit across the system.		Covisum (Tax Clarity) advertises data encryption at rest and in transit.
User Access Controls Granular permissions for managing roles and privileges.		Admin settings allow for role-based access and privilege management.
Regular Security Audits Platform is audited for security vulnerabilities on a regular basis.		No information available
SOC 2 or Similar Certifications Holds third-party security and data handling certifications.		No information available
Data Residency/Localization Support for storing data in required jurisdictions.		No information available
Data Retention Settings Customizable retention periods for sensitive client data.		No information available
Automatic Session Timeouts Automatically logs out users after inactivity.		Security page details that user sessions time out after configurable periods of inactivity.
Audit Logging Monitors access and action history for compliance purposes.		No information available
Incident Response Plan Comprehensive documented plan for responding to security incidents.		No information available

Custom Report Builder Allows users to build bespoke reports with selected fields and filters.		Advisor can define custom fields and create bespoke reports for clients.
Scheduled Report Delivery Supports automated generation and delivery of reports on a schedule.		Reports can be scheduled for generation and delivery based on advisor workflow.
Benchmark Comparison Tools Compares client portfolios and tax outcomes to relevant benchmarks.		No information available
Aggregation of Analytics Across Clients View tax metrics and performance in aggregate across client base.		Aggregated analytics across all clients is an option in the advisor dashboard.
Export to PDF/CSV/XLS Export all reports and analytics to common file formats.		Reports can be exported to PDF, CSV, and XLS formats.
Drill-down Analysis View detailed analytics down to transaction or tax lot level.		Information can be drilled down to the individual transaction/income type for analysis.
Historic Reporting Archive Maintains an archive of past analytics and reports.		No information available
Tax-Efficiency Metrics Specific metrics measuring portfolio tax efficiency over time.		Tax-efficiency metrics and analytics are visualized annually in reports and dashboards.
Custom KPI Dashboards Key performance indicators dashboards are configurable per user.		KPIs and dashboards can be customized for individual advisor users.
Visualizations & Charts Suite of charting tools for tax and portfolio analytics.		Charts and graphs featured in all reports and web interfaces.

Onboarding Assistance Personalized onboarding for new users and firms.		Personalized onboarding is available for new users and teams per Covisum support documentation.
Knowledge Base Access Comprehensive online documentation and FAQs.		Comprehensive online resource base and FAQs as noted under the Tax Clarity support portal.
Live Chat Support Immediate in-platform chat for tech and strategic support.		Live chat is available through the main Covisum advisor portal.
Phone and Email Support Multiple support channels including phone and email.		Phone and email support documented as standard.
Webinars and Training Resources Regular online events and resources for training.		Webinars and video training resources are part of Covisum's education content.
Dedicated Customer Success Manager Assigns a point of contact for account success and troubleshooting.		No information available
Community Forums Access to online discussion boards or peer support.		No information available
Feature Request Feedback Loop Clients can request new features and track implementation.		Feature request/feedback is handled via the portal, per Covisum documentation.
Context-Sensitive Help In-software help that adapts to current screen/function.		No information available
Training Certification Programs Offers formal certification for product proficiency.		No information available

Tax Clarity from Tax Clarity (Covisum)

Product analysis by function

Tax Planning Software for Financial Planning

Tax-Loss Harvesting (1 Yes /2 Known /10 Possible features)

Tax-Efficient Investment Strategies (6 Yes /6 Known /10 Possible features)

Tax Scenario Modeling & Forecasting (6 Yes /6 Known /10 Possible features)

Integration & Data Management (2 Yes /2 Known /10 Possible features)

Tax Compliance & Reporting (6 Yes /6 Known /10 Possible features)

User Interface & Usability (4 Yes /4 Known /10 Possible features)

Client Communication & Collaboration (3 Yes /3 Known /10 Possible features)

Security & Compliance (4 Yes /4 Known /10 Possible features)

Analytics & Reporting (8 Yes /8 Known /10 Possible features)

Support & Training (6 Yes /6 Known /10 Possible features)