Canopy plans cloud-based tax prep software

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Canopy, a cloud-based practice management system for tax and accounting professionals, said Monday it intends to release its first tax preparation product next summer.

Canopy’s cloud-based Tax Prep software will integrate with the company’s Practice Management, Tax Resolution, Notices and Transcripts products to streamline data collection and document delivery and provide electronic filing with the Internal Revenue Service.

“Taxes are complicated, not only for the taxpayer but for accounting professionals too,” said Canopy CEO Kurt Avarell in a statement. “Our goal is to provide our customers with an all-in-one, intuitive, and easy-to-navigate solution so they can focus on preparing returns with ease and confidence while saving hours per filing. Despite the enormous opportunity, software providers haven’t evolved much in the last decade. Most current products are still desktop-based, burdensome and unintuitive.”

The product is scheduled to be released in the summer of 2019, after tax season. Canopy’s plans are for the software to allow tax professionals and their clients to collaborate through a client portal, send returns to customers electronically, gather electronic signatures for common forms, e-file directly with the IRS, and notify clients when returns are accepted.

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Tax prep software Cloud computing E-filing