CHICAGO, Aug. 22, 2023 /PRNewswire/ — On the heels of announcing former IRS Commissioner Chuck Rettig had joined its Board of Directors, K1x, the leading data distribution platform for alternative investments, announced the launch of K-1 Next Gen Reader. New and current customers can expect industry-leading scope and speed improvements for one of the most complex areas of tax compliance.
Unlike other solutions that treat the IRS Schedule K-1 as an afterthought by lazily applying technology developed to read simple, structured half page tax documents like W-2s, K1x has a six year head start applying multiple machine learning techniques and models, each tailored to the unique complexities of K-1 and K-3 reporting. As a practical matter, tax compliance professionals can go from piles of PDF K-1s and K-3s to structured data in a matter of seconds with the K1x next generation K-1 reader — a huge improvement in time saved and quality of work life.
“The tax compliance industry is facing a critical workforce issue. More than 300,000 accountants and auditors left their jobs in the last two years, and only 1% of firms can find sufficient staff. That means unbearable workloads, unacceptable client delays and dispiriting frustration,” said K1x CEO John LaMancuso. “The answer is digitization and automation. Technology like K-1 Next Gen Reader helps teams achieve more with less, and the Digital K-1 is a crucial step in helping the IRS achieve its Paperless Process Initiatives.”
One early-adopting company at a top 10 accounting firm described K-1 Next Gen Reader as having “a huge impact on our tax transformation [efforts].” The updates will ensure significant positive changes in tax processing operations, including:
Scale. K-1 filings already included hundreds of fields that previously required tedious, manual inputs. Now that the IRS has added 1000 new fields with its K-3 requirement, K-1 Next Gen Reader processes six times more data–the only reader on the market to read the K-3.
Speed. Even with the 6x jump in the number of fields to read, K-1 Next Gen Reader increases raw processing speeds by 33% over the previous version–now 7.5x faster than manual methods. The result? Tax compliance teams spend less time processing forms and more time on strategic work and client relationships.
K-1 Next Gen Reader is part of K-1 Analyzer and is available now. Try it yourself by taking 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.
Media Contacts
Scott Turner
SVP, Marketing
Scott.Turner@k1x.io
Raven Carpenter
BLASTmedia for K1x
k1x@BLASTmedia.com
317.806.1900 ext. 171
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SOURCE K1x