Tax Technology for Family Offices

Unsustainable family office K-1 volume, complexity, & manual data processing?

AI automation from K1x works with your tax software, frees staff for high value work, reduces outsourcing costs & risks. Early warning for tax liability, end-to-end income tax compliance, and e-filing for exempt family office entities.

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Data on-demand

Data connectivity to other systems & processes

Auto allocations & taxable income through tiers

Ownership of work

Deep reporting & analysis for family offices

After-tax ROI analysis

Cloud-based, AI tax technology for family offices facing higher alternative investment volumes

Family Offices Love K1x Tax Technology

“The countless hours saved combined with the very high accuracy gave us more time to analyze the numbers on the page, rather than just enter them. We have more time to think since we are less ‘number numb’. This is tremendous technology at a price point that smaller family offices can afford. A game changer.”

RYAN REDMOND

CPA Tax Manager at DraftCo & Associates Inc.

Challenge

Single-family office with 6 full-time staff serving 15 household groups investing in private equity for multiple trusts and partnerships.
High volume of K-1s with complex requirements including QBI, 199A, K-3, and multi-state info.
The administrative burden of additional K1s had to be considered when making new investments.
“How many of our entities should we include in this new investment? Will the additional K-1s overwhelm our tax team?” • Manual Processes: Hand keyed K-1 information into spreadsheets and then into accounting software.
Each K-1 was touched 6-7 times with 3 people involved.
Antiquated Technology Options: Tools that just read the face page provided only one-quarter of the solution.

Solution

Search For Solutions: Google search for K-1 automation led to K1 Aggregator®. Initial disbelief.
“Is this too good to be true ? This can’t be real.”
Implementation, Onboarding & Training: “We’ve ha d multiple sessions and I feel like K1x has been approachable, and they’ve given more than enough training for us.
Internal champion’s embrace of the technology and curiosity was crucial to achieve breakthrough productivity gains.

Outcome

Reallocated Time: With manual data entry time eliminated, tax team was free to devote mental effort towards review and analysis beyond mere compliance. Accounting staff previously involved in the manual processes were able to take back offshored work.
Unburdened Investment Selection: Team free to focus on the merits of investments with less time needed for K-1 tax compliance burdens.

“K1x was a huge help pulling in information because it took data entry off us. We love its ability to move data from one K-1 line item to another — this eliminates the hassles with reclassification and eliminated data entry work.

Now we have drag and drop
and integration with important third-party software.

I think everybody should use this!”