Canopy releases tool to manage IRS notices
Canopy, the provider of a cloud-based practice management platform, has released its Notices solution, a tool for managing and resolving IRS and state notices for clients.
With IRS funding having declined $2.4 billion since 2010, Canopy believes the budget cuts will lead to more focus by the IRS on cheaper, automated collections in the coming years, along with more IRS notices for taxpayers.
Canopy’s Notices product enables tax and accounting professionals to identify the types of IRS notices their clients have received, and then provides the steps and best practices to resolve the issue.
Supporting features include:
- Notice Library - Professionals can assess and understand time-sensitive notices with search capabilities via Canopy’s Notices library, allowing for on-the-spot client advice and consultation.
- Resolution and Letter Templates to Take Action - Accountants can resolve each notice with step-by-step instructions and tools developed by tax professionals and former IRS employees.
- Management Dashboard and Status Tracking - Canopy lets users assign tasks, track their progress based on official deadlines, and see engagement statuses within one dashboard to view firm-wide activities.
“The IRS can cover more ground sending millions of notices than they can by doing traditional audits,” said Nate Barrett, vice president of product and design at Canopy. “Now, the average accounting firm is dealing with upwards of 100 notices per year. IRS notices are a huge source of frustration for many firms, as it can take the average practitioner more than three hours to research and respond to a single notice. And this all comes with a sense of anxiety due to the almost certain panic and stress the clients are feeling.”