Changes to Be Made to e-Services Summer 2017
2 min read
The IRS recently changed the format of tax transcripts for individuals to a redacted transcript. Here's what you need to know to help your clients!
1 min read
The IRS recently changed the format of tax transcripts for individuals to a redacted transcript. In an effort to safeguard taxpayer information from cybercriminals, all personally identifiable information (including social security numbers, account numbers, addresses, etc.) is now masked.
The new transcripts show the following:
You can check out an example of a redacted transcript here.
With these changes to transcripts, the IRS has also updated Form 4506-T and Form 4506T-EZ, Request for Transcript of Tax Return. Line 5b now asks for an optional Customer File Number that will be visible on a taxpayer’s transcript since full social security numbers are no longer visible. A Customer File Number is a 10-digit number created by the taxpayer or third party that allows the third party to match a transcript to the taxpayer. Customer File Numbers are primarily intended for third parties that request a high volume of transcripts.
If you need an unmasked Wage & Income transcript to prepare a client’s return, you may call the IRS and request one. The IRS will mail the transcript to your client.
Your experience with Canopy’s Transcripts Tool will stay the same other than that the transcripts pulled within Canopy will now also be redacted, as our tool works via e-Services and is IRS compliant.
Adjusting to e-Services changes can be a hassle, but Canopy’s Transcripts Tool is still a breeze to use. Named 2018 Top New Tax Product by Accounting Today, our tool pulls every transcript related to your client in minutes and provides hundreds of calculations. Plus, you can try the trial for free. You can try it out for yourself here.
Explore more of our recent Articles, User Stories, and Ebooks.
2 min read
1 min read
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.
Submit this form, and we will be in touch soon to give you a custom demo.
Set a time for one of our product specialists to give you a guided tour practice.
Leave a comment!