How does Canopy securely pull transcripts in less than 2 minutes? Is Canopy IRS compliant? Your questions answered here.
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Yes, Canopy complies with all published requirements by the IRS. The IRS has several requirements for tax software solutions to ensure compliance, which were top-of-mind when we designed Canopy. Canopy uses the same authorization procedures and security that the IRS uses to pull transcripts. Your e-Services credentials are not retained in Canopy and all passwords are encrypted.
Canopy is intended for use only by authorized tax professionals and requires a valid CAF number and an e-Services login.
Yes, Canopy allows you to pull multiple years of transcripts quickly and easily.
Yes. In order to pull client transcripts through Canopy, a tax professional needs a valid CAF number and a signed Power of Attorney or Form 8821.
Learn the best ways to use IRS Transcripts in your practice:
Transcripts are free through e-Services, but your time is not! The process of requesting transcripts from the IRS is cumbersome and time-consuming. Canopy streamlines the process and allows you to pull multiple years of individual and business transcripts in as little as 2 minutes. In addition, Canopy provides easy-to-read, downloadable transcript reports that allow you to quickly compare data year-over-year, view CSED calculations, and more.
Canopy uses the same service and credentials as the IRS to pull transcripts; however, Canopy bypasses the inefficiencies of the IRS website to pull transcripts more quickly and then delivers them electronically, as opposed to faxing them.
In order to pull transcripts for an individual, a tax practitioner needs to have authority to do so. That authority is granted by submitting a valid Power of Attorney or Form 8821 to the IRS. The IRS has several safeguards in place to ensure only authorized practitioners can access transcript records. In addition, Canopy’s platform and servers are encrypted, so all of your (and your clients’) information stays secure.
Try Canopy's Transcripts tool here.
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Lauren Miller is a content writer for Canopy.
Canopy takes the headaches out of client management by offering a way to keep client info organized.
I love how easy it is to setup a new client in this software. Once set up, it's one click to get IRS transcripts downloaded for my review. This saves me at least an hour each week in comparison to the software I used to use.
This makes workflow for tax resolution manageable. This business is a bunch of hurry up and wait. This system helps to refresh my memory while transitioning to different clients.
The ability to securely share documents with clients as well as complete POAs from client contact data already in Canopy. The ability to route workflow between team members with color coded statuses allows us to work efficiently.
Cool features, outstanding customer service, constantly updating to make it better. I love that I can upload files easily to a secure client portal and we don't have to email files anymore. Absolutely can't imagine not having this software.
It's safe and secure. Clients are able to upload documents and the documents are saved their portal which as a result, keeps us better organized. The task feature keeps us organized and we know exactly the status of each client.
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