We all know how critical security has become. It’s super important to our clients and just as important to the health of our firms. Nothing can be more devastating than finding out your clients’ private information was somehow leaked or hacked. Several years ago, the IRS recognized that they needed to update and modernize their IT systems to improve security as well as make everything more user friendly. Now, as part of that multi-year plan, the IRS has developed its first API for transcript retrieval.
Canopy was selected as one of just a handful of companies to be an official IRS partner in their new API transcript process. In conjunction with this development, Canopy has released a new Transcripts Tool. This tool allows you to instantly pull transcripts in a clean, easy-to-read format, complete with actionable recommendations.
“Canopy has been closely collaborating with the IRS for years through feedback sessions, testing, and more to help improve their systems and provide a better experience in the tax ecosystem,” said Larry Furr, Chief Product Officer, Canopy. “We are honored to have been involved in this update and are thrilled to be able to provide our clients with the most up to date technology available for accountants. Canopy’s new Transcript Tool will continue to work seamlessly through this IRS transition period.”
For more information on this integration, make sure to register for the Insightful Accountant webinar, "Build The Ultimate ROI Machine for Your Accounting Firm with a Connected Practice Management Tech Stack" on July 14. You can register here.
Canopy’s new Transcript Tool means pulling transcripts has never been easier or more secure.
There’s snail mail, the IRS website, and then there’s Canopy. Once you have established access to client records via a Form 8821 or Power of Attorney, you can handle transcripts entirely electronically with Canopy, from pulling transcripts to submission with Canopy's e-sign capabilities.
Whether you want to use transcripts as a tool to vet potential clients, or to provide first-class service when clients receive notices, Canopy eliminates the pain point of pulling transcripts. While other third-party electronic transcript tools have previously been available, going forward only tools approved to access a new IRS API will be able to pull transcripts online via a third-party platform.
Perhaps the way you are used to pulling transcripts is no longer working. Or maybe you just want to make the whole process better. Either way, it's time to take a look at Canopy. Plus...spoiler alert!...our team is deep into additional developments to make this tool even better. Stay tuned for info on those upgrades.
The benefits of our new Transcripts Tool include:
- Highest possible security
- Improved reliability of data
- Increased tool stability
- Access to entire transcripts plus a summarized version that is easily digestible and actionable
For more information on this integration, make sure to register for the Insightful Accountant webinar, "Build The Ultimate ROI Machine for Your Accounting Firm with a Connected Practice Management Tech Stack" on July 14. You can register here.
View this article on the Canopy blog.