Read About Corvee's Advanced Tax Planning & Automation

Corvee: An Innovative Tax Planning Software

Tax professionals and accounting firms are constantly seeking solutions that streamline tax planning and enhance advisory services. Corvee is a cutting-edge tax planning software designed to empower tax professionals with automation, strategic tax insights, and advanced planning tools. It simplifies complex tax scenarios, helping firms identify potential tax savings efficiently.

This review explores Corvee’s offerings, features, pricing, and ideal user base to provide a comprehensive understanding of its value.

Company Overview

Founded in 2016, Corvee has established itself as a leading tax planning platform headquartered in Fort Lauderdale, Florida. The company is committed to empowering tax professionals with technology that enables them to transition from compliance-focused tasks to proactive tax advisory roles. Corvee serves various stakeholders, including tax professionals, businesses, individuals, government agencies, and charitable organizations, by offering tools that optimize tax strategies and maximize savings. The company has been recognized for its growth, earning a spot on the Inc. 5000 list of fastest-growing private companies.

Product Offerings

Corvee’s suite of products is thoughtfully designed to address various facets of tax planning and compliance. Each product builds on the core objective of streamlining complex tax scenarios and providing professionals with powerful tools to achieve maximum tax savings.

Tax Planning Software

Corvee’s flagship product is an all-in-one tax planning software that centralizes a wide array of analytical tools within one platform. It offers a comprehensive suite that enables users to delve deep into tax scenarios and develop tailored tax-saving plans.

With access to more than 1,400 federal and state tax strategies, the software provides a flexible environment where professionals can generate accurate tax projections and simulate multiple scenarios.

This detailed approach ensures that the tax strategies developed are customized to meet the specific needs of each client while remaining compliant with regulatory standards. The system’s design supports clear presentation and documentation of strategies, making it easier for tax professionals to communicate potential savings and detailed analysis to their clients.

Professional Tax Preparation System (Instead)

Under the Instead brand, Corvee is set to introduce an advanced professional tax preparation system. This system is crafted to significantly reduce the manual workload associated with tax filing processes, automating between 70-90% of the tasks involved. It supports a wide range of tax forms, including:

• 1040 (Individual Income Tax Returns)
• 1041 (Estates and Trusts Tax Returns)
• 1120, 1120S (Corporate Tax Returns)
• 1065 (Partnership Tax Returns)
• Extensions and additional underlying forms

By integrating AI-driven automation, the Instead system not only accelerates the preparation process but also enhances the accuracy of tax filings.

This results in fewer errors and a more efficient workflow for tax professionals, allowing them to allocate more time to strategic planning rather than routine data entry and verification tasks.

Multi-Entity Tax Planning

For professionals managing complex corporate structures, Corvee offers a dedicated Multi-Entity Tax Planning feature.

This functionality is essential for firms overseeing multiple business entities, as it facilitates the analysis of tax implications across diverse operational units. The feature provides:

• Consolidated tax calculations: Bringing together data from various entities to offer a unified view of the overall tax burden.
• Scenario modeling: Allowing professionals to explore the impact of different entity structures and compensation changes, thereby identifying the most tax-efficient configurations.
• Tax optimization tools: Assisting in determining strategies that align with the unique operational and financial dynamics of each business unit.

This integrated approach enables tax professionals to navigate complex tax environments more efficiently and devise strategies that optimize the tax positions of all involved entities.

Federal and State Tax Planning

Corvee’s platform includes robust tools for Federal and State Tax Planning, ensuring that tax strategies are both comprehensive and jurisdiction-specific. With these tools, professionals can:

• Calculate and compare the tax liabilities at both federal and state levels, providing a clear picture of the overall tax impact.
• Identify tax incentives, credits, and deductions that are tied to specific locations, which is critical for businesses operating in multiple regions.
• Generate detailed, tailored tax-saving reports that align with the particular requirements of each jurisdiction.

This focus on both federal and state dimensions allows tax professionals to create highly precise tax strategies that consider the nuances of different regulatory environments.

Key Features

Corvee’s platform is equipped with a rich set of features designed to simplify and enhance the tax planning process. Each feature works in concert to support tax professionals in achieving accurate, efficient, and transparent tax planning.

Tax Calculation

The Tax Calculation engine within Corvee is engineered to provide precise estimates of tax liabilities and potential savings over multiple timeframes. This feature supports:

• Federal, state, and local tax calculations: Enabling comprehensive assessments that cover all relevant tax jurisdictions.
• Multi-year projections: Allowing users to model the impact of current tax strategies on future tax liabilities, facilitating long-term planning.
• Dynamic updates: Automatically reflecting changes in tax law to ensure that all calculations remain current and accurate.

These capabilities ensure that tax professionals can rely on real-time data and accurate forecasting when advising clients on their tax strategies.

Entity & Compensation Optimization

The Entity & Compensation Optimization feature empowers users to simulate and compare various tax scenarios related to business structures and owner compensation. Key aspects include:

• Analysis of pass-through versus corporate tax structures: Helping professionals understand the benefits and drawbacks of different business entity choices.
• Optimization of owner compensation models: Facilitating the evaluation of how different compensation structures can impact overall tax efficiency.
• Detailed scenario comparisons: Providing recommendations based on modeled outcomes to identify the most advantageous tax strategies.

This feature is particularly valuable for businesses looking to maximize tax efficiency by fine-tuning their structural and compensation decisions.

Smart Questionnaires

Corvee’s Smart Questionnaires are designed to automate the initial data collection process, streamlining the workflow by adapting in real time to user inputs. This feature:

• Simplifies data intake: By dynamically adjusting the line of questioning based on previous answers, it minimizes unnecessary queries.
• Enhances accuracy: Through automated tax return scanning, it ensures that the information collected is both relevant and precise.
• Speeds up the planning process: By pre-filling known information and reducing the need for manual data entry, it helps professionals move quickly from data collection to analysis.

The efficiency gained through these smart questionnaires allows tax professionals to focus more on strategic planning and less on administrative tasks.

Tax Strategies Database

A cornerstone of Corvee’s platform is its extensive Tax Strategies Database, which comprises over 1,400 different strategies for achieving tax savings. The database is characterized by:

• Comprehensive coverage of federal and state-level tax savings: Ensuring that users have access to a wide variety of tax planning options.
• Regular updates: Keeping the strategies current with the latest legislative changes and tax code revisions.
• Detailed references and explanations: Offering in-depth descriptions and context for each strategy, which aids professionals in understanding and applying the most relevant options for their clients.

This rich resource enables tax professionals to stay informed about the latest opportunities and craft tax plans that are both innovative and compliant.

Proposals & Plans

The Proposals & Plans feature allows tax professionals to compile their analyses into visually appealing and detailed documents. These proposals:

• Clearly present estimated savings: Offering clients a straightforward breakdown of potential tax benefits.
• Explain strategies in detail: Providing comprehensive explanations and supporting documentation to ensure that clients understand the rationale behind each recommendation.
• Enhance client collaboration: By presenting information in an organized and transparent format, this feature builds trust and facilitates informed decision-making.

By using these detailed proposals and plans, tax professionals can effectively communicate the value of their services and ensure that clients are fully engaged in the tax planning process.

Pricing & Plans

Corvee offers different pricing structures depending on the product and user type. While pricing information is not explicitly stated on their website, available data suggests:

Tax Planning Software

• Pricing reportedly starts at approximately $1,000 per month for tax professionals.
• Some sources mention pricing as high as $16,000 for full software access.
• Another source suggests a $2.90 per month plan, though details on this plan remain unclear.

Instead and Instead Pro

• Businesses can access Instead for $16 per month.
• Accounting firms can use Instead Pro for $9 per month per entity.

Due to variations in reported pricing, it is advisable to contact Corvee directly for the most accurate and up-to-date cost details.

Who is It For?

Corvee is designed for professionals and businesses seeking comprehensive tax planning and preparation solutions. It is ideal for:

• Tax Professionals: Enhances advisory services and shifts focus from compliance to strategic planning.
• Accounting Firms: Helps firms provide proactive tax planning solutions to clients.
• Businesses: Optimizes entity structures and compensation for tax efficiency.
• Individuals: Allows access to tax strategies previously reserved for high-net-worth clients.
• Government Agencies & Charitable Organizations: Supports effective communication of tax incentives and savings.

Conclusion

Corvee stands out as an advanced tax planning solution offering a robust set of features for tax professionals, businesses, and individuals. With its AI-driven automation, extensive tax strategy database, and multi-entity tax planning capabilities, it enables users to maximize tax efficiency while reducing workload. While pricing may be a concern for some, Corvee’s comprehensive solutions justify its investment for firms and professionals looking to enhance their tax planning capabilities.

FAQs

What makes Corvee different from other tax planning software?

Corvee offers an all-in-one tax planning platform with over 1,400 tax-saving strategies, AI-driven automation, and multi-entity tax analysis, making it a unique solution in the market.

How much does Corvee cost?

Pricing varies, with reports suggesting costs from $1,000 per month to $16,000 for full access. Corvee also offers Instead Pro starting at $9 per entity for accounting firms.

Is Corvee suitable for small accounting firms?

Yes, but small firms should assess the software’s pricing and features to determine if it aligns with their needs and budget.

Does Corvee offer a free trial?

Some sources mention a free version or trial, but it is recommended to contact Corvee directly for confirmation.

Can Corvee handle multi-entity tax planning?

Yes, Corvee provides tools to analyze tax implications across multiple entities, ensuring tax efficiency and compliance.