Product Updates
K1x Announces New Patent, New Product Names
BY Scott Turner
May 20
We have exciting news!
But first…a reminder of what we are all about
The K1x team is on a quest to solve one of the most difficult problems facing investors and their advisors—the data chaos and complexity of tax compliance for their alternative investments. So, we created ground-breaking tax technology that gives you the freedom to take back your time, unleash your talent, and unburden investors from inaccuracies, late information, and hidden costs.
Great progress. But we’re not done.
And we’ve made great strides. If you have been with us for a while, you have seen us
- Launch new products that automate the production and receiving of Schedules K-1 and the streamlining of 990 filings
- Add new capabilities (extracting data from ALL 1200 fields of the K-3)
- Increase the speed (now averaging just 11.18 seconds per K-1), and accuracy (~100% reading accuracy) of our products
- Expand our coverage (new state forms, new foreign filings, improved extraction of footnote data)
You’ve also seen us build K1x Communities so you can benefit from peer to peer sharing and for influencing our product roadmap.
As we build on those previous successes, here’s what’s new:
We’re Patented!
No more “patent-pending”! The team at K1x received a patent for their “machine learning system for summarizing tax documents with non-structured portions”. This is an outstanding confirmation of our leadership in tax technology. If you are using K1x software to extract and aggregate K-1 data, you are already feeling the benefits of this remarkable technology. More on that below.
Announcing new product names!
It’s now time again for our brand to catch up to our leading technology. So, we are renaming our products to better reflect the value they deliver to you.
- K-1 Analyzer is becoming K1 Aggregator TM .K1 Aggregator is still the premier solution to extract and aggregate Schedule K-1 packet (including the K-3) data and further report federal, state and international filing responsibilities to the taxing jurisdictions.
- K-1 Navigator is now K1 Creator TM.K1 Creator TM is still the first and only solution to seamlessly build a traditional K-1 package (PDF) and a completely digital K-1 (.k1x) transmission.
- C-TRAC is now 990 Tracker TM.990 Tracker TM is still the industry-standard software for streamlined 990 workflows including data collection, analysis, exempt reporting, integration, and e-filing.
(Re)introducing K1 Exchange as K1xChange.
We are also (re)introducing K1 Exchange as K1xChange. Not familiar? K1xChange is the revolutionary platform for digitally connecting investors, advisors, tax software, portals, accounting firms, IRS and state taxing authorities.
K1xChange seamlessly transfers K-1 data via special .k1x files. As you may recall, last month we introduced the .k1x file but it bears repeating a bit. Our patent-pending .k1x file facilitates K-1 data sharing. It encapsulates the detailed schema of 10,000 K-1 tax data elements, along with robust security credentials that provide simple, safe sharing of K-1 data. The .k1x file is a key enabler towards providing you the industry’s only true Digital K-1 TM .
Easy transition for you
These are a lot changes. You might wonder if you need to do anything as a result of these changes. The answer is—not much. Your existing product links will still work (though we would like you to bookmark our shiny new links for best performance).
About K1x, Inc.
K1x is the leading data distribution platform for alternative investments. The fintech company’s patented, 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 battle-tested by the best, and trusted by more than 8000 organizations including 44 of 100 largest institutional investors in the US, 15 of the top 25 accounting firms, 11 of the top 100 private foundations, 36 of the top 100 university endowments, and 8 of the top 40 health systems. Visit us at K1x.io and follow us on LinkedIn.