TruePrep
AI-powered tax data extraction from W-2s, 1099s, and K-1s
About TruePrep
TruePrep focuses on automating the tax preparation workpaper process, using AI to extract data from source documents and populate tax workpapers that feed directly into preparation software. For tax practices where the workpaper preparation stage consumes 40-60 percent of total engagement time, TruePrep targets the highest-leverage automation opportunity. The platform reads K-1s, brokerage statements, W-2s, 1099s, and other source documents, extracts the relevant data, and maps it to the appropriate workpaper fields and tax return lines. This extraction-and-mapping step is where most preparation time is spent, and automating it frees preparers to focus on review, planning, and client advisory. TruePrep integrates with major tax preparation software, ensuring that extracted data flows into the existing workflow rather than requiring platform migration. For firms processing hundreds of returns during filing season, the time savings compound significantly. The AI's accuracy depends on document quality — clean, standard-format documents achieve high extraction rates, while handwritten or non-standard documents require more manual intervention. Firms with primarily high-complexity returns requiring extensive custom workpapers may find the automation less applicable.
Best for
Tax firms wanting to automate data extraction and cut prep time by 80%
Pros & Cons
Pros
- Automates the most time-consuming phase of tax preparation.
- AI extracts data from K-1s, brokerage statements, and other source documents.
- Integrates with existing tax preparation software workflows.
- Significant time savings compound during high-volume filing season.
Cons
- Accuracy depends heavily on source document quality and format.
- Less applicable for highly complex returns requiring custom workpapers.
- Newer platform still refining extraction models for edge cases.
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