Drake Software launches beta for AI-powered document extraction tool
Drake Software has released a beta version of Drake SmartExtract™, an AI-powered solution designed to automate data extraction from tax documents. The tool aims to reduce manual entry and speed up tax return preparation for tax professionals.
FRANKLIN, N.C., July 14, 2026 – Drake Software has announced the beta launch of Drake SmartExtract™, an artificial intelligence-powered solution for its Drake Tax Online platform. The tool is designed to automatically extract and organize data from common tax documents, such as W-2s, 1099s, and K-1s, directly populating tax returns.
The primary goal of Drake SmartExtract is to minimize manual data entry errors and streamline the tax preparation workflow for tax professionals. According to Noha Ghazouani, Vice President of Product Management at Drake Software, the company is focused on using AI to deliver practical innovations that save professionals time and allow them to concentrate more on client service. This launch is a significant step in that direction, with further AI-driven enhancements planned.
Eligible Drake Tax Online users from the 2025 tax season can access the Drake SmartExtract beta at no additional cost. Feedback from these users will be crucial in shaping the product before its general release. Drake Software also plans to roll out support for its desktop tax software in the coming months, broadening access for its customer base ahead of the 2026 tax season.
Drake SmartExtract integrates with other Drake Software solutions, including Drake Portals and Drake Documents, to create a more connected ecosystem. This integration is intended to reduce administrative burdens, allowing tax professionals to dedicate more time to advising clients and growing their practices.