What is the federal K-1 form?
Many businesses need to process a document called a K-1 form when filing their taxes. A partnership of S corporation may need to use the K-1 form in order to report the distributed income share of a partner or shareholder. Accurate tax processing requires businesses that are included in this category to fill out the form accurately and with careful attention to detail.
Is it possible to process the K-1 form more quickly?
Many people ask whether it is possible to automate K-1 processing in the same way that other documents can be automated. Fortunately, the answer is yes. The K-1 and other tax documents can be processed more easily with the help of a forms processing program like Trapeze from SoftWorks AI, which uses data fields to locate information, eliminating many of the manual components of forms processing.
How forms processing software works
In general, forms processing tools rely on OCR to recognize scanned text on a page. Unlike basic OCR software, forms processing tools can handle fairly complex documents by using data fields to separate different pieces of information, taking the additional step of organizing data from scanned documents. Trapeze is a forms processing tool that can identify information with a level of reliability that surpasses other programs. If you would like to begin automating K-1 forms with Trapeze, contact SoftWorks AI.