Tax Preparers + Workers' Compensation: The Challenge
As tax preparer, preparing bank statements for workers' compensation is a common but time-consuming task. Workers' compensation claims require bank statement analysis to verify pre-injury wages, track benefit payments, and identify return-to-work income for claim management.
How BankScan AI Helps Tax Preparers with Workers' Compensation
Convert client bank statements to organized Excel spreadsheets in seconds — verify W-2 income, find deductible expenses, and prepare returns faster during tax season. For workers' compensation specifically, BankScan AI extracts Pre-injury payroll deposits to calculate AWW, overtime and bonus income, side em automatically.
How Tax Preparers Handle Workers' Compensation
When preparing bank statements for workers' compensation, tax preparers need to Tax preparers collect bank statements alongside W-2s, 1099s, and expense receipts during client intake. They review statements to verify reported inco. BankScan AI automates the data extraction step.
Key terms you'll encounter: W-2 matching, 1099 reconciliation, Schedule C, itemized deductions.
How It Works
Upload bank statement PDFs
Supports all major banks. Upload 12 months pre-injury for Average Weekly Wage (AWW) calculation; ongoing statements during the benefit period to detect unreported return-to-work income of statements for workers' compensation.
AI extracts what you need
Our AI extracts Pre-injury payroll deposits to calculate AWW, overtime and b — formatted for tax preparers workflows.
Complete your workers' compensation work
Download Excel files ready for workers' compensation. Pay deposits isolated from other income, weekly or biweekly pay periods mapped, pre-injury versus post-injury comparison, secondary employment income flagged separately
Supported Banks
BankScan AI works with all major UK and US banks, including:
Features for Tax Preparers — Workers' Compensation
- Built for Tax Preparers — Saves 15-20 minutes per return on income verification and expense identification, adding up to 8-12 hours per week during peak tax season
- Software compatible — Output works directly with TurboTax Pro, Drake Tax, TaxSlayer Pro
- Built for Workers' Compensation — Convert bank statements to Excel for wage verification, benefit payment tracking, and income analysis supporting workers' compensation claims and disputes.
- Key data extracted — Pre-injury payroll deposits to calculate AWW, overtime and bonus income, side employment income, post-injury deposits indicating undisclosed work activity
Compliance: Tax Preparers + Workers' Compensation
When tax preparers prepare bank statements for workers' compensation, specific compliance requirements apply.
- Tax preparers must obtain a PTIN from the IRS and comply with due diligence requirements under IRC Section 6695. Paid preparers must sign returns and include their PTIN. State-level requirements vary, with some states requiring registration, testing, or continuing education. IRS e-file mandates apply to preparers filing more than 10 returns.
- Legal basis: State-specific workers' compensation statutes (e.g., California Labor Code Division 4; New York Workers' Compensation Law); each state has its own AWW calculation methodology
Workers' Compensation — Built for Tax Preparers
Initial claims must be filed within state-specific deadlines (30-90 days from injury in most states); wage verification documents needed before temporary disability benefits are calculated
Try Free — Tax Preparers + Workers' Compensation