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Tax Prep Biz Gets $60M Funding

Black Ore, which makes tax preparation software utilizing artificial intelligence, has received $60 million in financing to help develop its cloud-based tax preparation system and other financial software products.

The company says its Tax Autopilot software automates preparation of 1040 tax returns for CPA firms and produces returns that are client-ready for filing. It also offers a preliminary review of tax returns and workpapers by CPAs based in the United States. The review price is part of the subscription. It will be ready for tax season and will be general available later.

"We’ll be ready for tax busy season, serving customers who sign up on the Black Ore website," says CEO Eyal Shinar. "And we’ll be onboarding significantly more customers post tax season, under general availability.”  

Tax Autopilot is launching in limited availability and will be generally available  early next year. The company’s website offers visitors the opportunity to join a product wait list for access to the software. It also shows the company positions Autopilot as suitable for firms ranging from solo practitioners to the Top 100 accounting firms.

Black Ore plans to launch applications in the areas of wealth management, financial advisory and planning, and insurance service.

The company says it will utilize the funding to onboard new customers, hire employees and accelerate the development of additional AI-products. The funding round was led by Oak HC/FT and a16z.

Bob Scott
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards.  Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He  has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that.  A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind
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