Corvee, the makers of one of the most advanced tax planning and strategy platforms in the U.S., has announced it will soon launch a new professional tax preparation system. It will support preparation and efiling of forms 1040, 1041, 1120, 1120S, 1065, and related extensions and underlying forms. These are the most common annual tax returns, representing individuals, trusts, corporations, and partnerships.
Andrew Argue, a CPA and the founder and CEO of Corvee, announced that the tax preparation functions will be available as a natural addition to the company’s advanced tax planning system, Instead.
The system has been approved by the Internal Revenue Service to offer e-filing tax preparation software for each of the entities above, and has nearly achieved authorization for all states, cities and other jurisdictions with income tax reporting requirements. The tax system will be offered under Corvee’s Instead product brand.
The Instead tax preparation system includes integrated AI capabilities that the company says can automate preparation processes by 70-90 percent, “freeing up tax professionals to finally make the shift from preparation to planning and advisory.”
Argue says this will result in saving valuable time for firms, and saving taxpayers more than $100 billion each year in taxes owed, due to greater optimization of planning and use of effective tax strategies.
Beta testing of the tax preparation component will start after the TY 2024 tax season (spring 2025), with users able to test and file extended and amended TY 2024 returns. The tax filing functions will be fully available for the TY 2025 season.
Where most professional tax systems offer only tax preparation, or may offer a separate module for limited planning, Argue says preparation is a natural culmination of the Instead suite, making it the first truly end-to-end professional tax solution.
The company will assist firms in transferring existing client data into the program, allowing them to take full advantage of the extensive planning and strategy components, as well as filing.
“While legacy tax preparation vendors have updated their systems or added online versions of their programs over the years, there hasn’t been a truly new tax prep product that can handle business and individual returns” in almost 30 years, Argue said. “Taxpayers and professionals have been shackled by these ancient and fragmented systems. If you’re a visionary tax pro and see the future opportunity for AI to revolutionize the collaboration between you and your clients — we’d love to have you join our mission.”
For almost a decade, Corvee (www.corvee.com) has provided planning systems that enable tax, accounting and financial advising firms to make optimize tax strategies for their clients while growing and optimizing their firms. Its Instead line of technologies include artificial intelligence capabilities to provide an more advanced functions, enabling businesses and tax advisors to easily manage and optimize research and development tax credits, while simplifying complex tax processes and fosters proactive, strategic planning.
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Tags: Income Tax, Taxes
