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5 Ways Businesses Can Maximize Cash Flow Under the CARES Act

Amend your prior tax returns for expanded net operating loss provisions The CARES Act allows for a five-year carryback of net operating losses arising in 2018, 2019, and 2020. It...

Video: Tips for Filling Out IRS Form 656, Offer in Compromise

IRS Form 656 can be one of the more intimidating IRS forms out there, but it doesn't have to be. Check out our tips for filling out Form 656 out right the first time and get your...

What is an Offer in Compromise, and is it right for your client?

Forty-one percent. That’s the percent of offers in compromise the IRS accepted in 2018. As a former Senior Revenue Officer I can tell you that those acceptances weren’t based on...

What You Need To Know About Common Tax Penalties

Penalties are undesirable consequences of failing to do something right or timely. Whether they are associated with a sporting event, school grades, or when paying taxes,...

Why Millennials Are a Tax Resolution Gold Mine

Traditionally, younger generations are not the target market for most tax firms. Because their tax situations are generally not as complex, taxpayers under the age of 35 are...

Give Client Service That Shines: 5 Best Practices

Tax professionals know that good customer service is essential to their firm’s success. However, it can be surprisingly difficult to define what actions and responses create good...

Tax Season Product Update

The first month of 2020 has come and gone, and you and your firm are likely already on high alert for the imminent tax season. And with our new suite of updates this month, Canopy...

How to Get Your Tax Clients to Pay on Time

Tax practices are like most other small businesses when it comes to managing cash flow. If your clients aren’t paying what they owe you on time, you may have difficulties in...

7 New Year's Resolutions for Tax and Accounting Professionals

It’s officially 2020, and everyone is buzzing with renewed energy for self-improvement. Maybe you’ve even started working on your own resolutions (anyone else attempting to cut...

New Feature: Canopy Desktop Assistant

Canopy is starting out 2020 in a big way with the announcement of the new desktop assistant! Desktop assistant will enable you to select files from your computer and send them to...

3 Things to Know for Tax Year 2019

2019 was the second tax year affected by the Tax Cuts and Jobs Act. Most regulations stayed the same as in 2018, but there are a few changes and adjustments to be aware of when...

4 Benefits of Teaming Up with a Tax Attorney | Canopy

Tax controversy is an area that is becoming increasingly hostile and complex. If your client is involved in a tax dispute, they need the best possible team representing them. That...

New Feature: Client Organizer

It’s only been a few weeks since our last update, but we’re back with yet another new feature to help you provide an unrivaled filing experience to your clients this tax season!...

Tax Prep Tipping Point Report

Why Taxpayers Are More Likely to Use DIY Software Than an Accountant

Taxpayers are more than 2x more likely to use DIY software than an accountant to file their taxes, but why? Is it simply a matter of cost? Do taxpayers perceive DIY software to be...