Thomson Reuters folds AI into its professional tax and audit software

Thomson Reuters has unveiled an upgraded version of its CoCounsel Tax, Audit & Accounting platform that integrates artificial intelligence to go beyond answering questions and instead handle complex tasks such as creating amortization schedules, generating spreadsheets, and drafting memos. According to David Wong, Chief Product Officer, the new platform is designed to meet the high expectations of tax professionals who demand near-perfect results from any tool they employ.

Unlike its predecessor, the rebuilt system can tackle multi-step requests by breaking them down into actionable steps and identifying the appropriate tools and information required to complete them. The system relies on Thomson Reuters' extensive research database, Checkpoint, which houses over 12 million primary-source and analytical documents curated by experts.

Users can interact with the AI agents, ask for explanations of calculations, and review citations and assumptions to verify the AI's conclusions before approving the work. The platform supports multiple AI models and was demonstrated by David Ragones, Head of Product for Direct Tax and Audit, who showed how CoCounsel could generate an amortization schedule for a $5 million loan by utilizing a commercial loan agreement and a spreadsheet template.

The system also employs Python routines to cross-check the spreadsheet's accuracy. Security measures restrict AI agents to files accessible by the user and relevant workspace, with internet access limited to authorized government websites and Checkpoint. The newly integrated system is designed to alleviate staffing shortages and streamline workflows, allowing professionals to focus on advisory work rather than repetitive tasks.