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To say that tax year 2020 brought with it substantial changes to the tax code is a definite understatement. From The CARES Act, PPP loans, EIDLs, and now The HEALS Act, there are a multitude of tax changes for your firm to keep tabs on. Adding to this is the need to educate your clients on how these new laws—and the other changes the IRS has made this year—will impact them.
To help your firm educate your clients and keep your own team abreast of these changes, we’ve developed a comprehensive eBook: What You Need to Know for Tax Season 2021. In it you’ll find key changes you and your clients should be aware of to keep everyone on the same page this tax season including:
- Tax rates and brackets
- Adjusted standard deduction
- Recovery Rebate Credit
- PPP loan forgiveness and interest payments
- Changes to tax credits and deductions
- Retirement plan changes
- Kiddie Tax Updates
- IRS Spanish forms
In addition to these tax changes, this tax season is also requiring a shift in the way firms work together and with their clients. Remote work is becoming the norm and clients need to be served remotely as well due to COVID-19. This makes having the right practice management approach even more important.
This is an unprecedented tax season—requiring a new approach to practice management.
Canopy Practice Management can help your team stay organized this tax season no matter where you work and create a connected experience for your clients—starting with Canopy mobile apps which your team and your clients can use when they’re on the go as well as cloud-based, secure file exchange.
With tools such as a custom-branded client portal where clients can access everything they need to share their tax documentation with you and receive their returns from your firm, the Canopy Practice Management platform makes it easy to offer a higher level of secure service to your clients.
Making sure you can navigate your client’s information easily, is key when it comes to being efficient during tax season. You can use Canopy’s folder templates to make sure each client’s file storage is uniform and easily navigable for you and your team. Canopy’s drag and drop file upload process makes it easy to keep all client files organized, plus you can use the E-sign feature for securing client signatures without the need for scheduling in-person meetings (a timesaver and pandemic health precaution).
To help your firm’s workflow run smoothly, despite all of the tax changes, Canopy Practice Management offers project management features for assigning tasks and time budgets to team members. Assign a task to yourself or any of your colleagues and add notes and reminders to each task. In addition, you can save and implement task templates within Canopy and customize them at any time.
Prepare your firm for tax season success with the right tools
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These are just a few of the ways an accounting practice management software like Canopy can help you save time and keep organized as you navigate this unprecedented tax season. Putting practice management tools in place, along with sharing the eBook we mentioned above with your staff and your clients, will ensure that you have the knowledge, resources and time necessary to make this tax season a successful one for your firm—no matter how many additional changes to the tax code come our way!