Stop Being a Hero: Build Systems That Scale Your Tax Practice
Tax firms are urged to replace heroic, 80‑hour workweeks with scalable systems that protect against burnout and liability. A Thomson Reuters survey shows 85% of firms grew advisory services 13% last year, yet many remain reactive. AI‑driven tax advisory tools, such as CoCounsel, can shrink document‑review times from an hour to five minutes and accelerate research 12‑30×. Implementing disciplined communication, clear expectations, and AI automation creates sustainable growth and higher‑value advisory work.
Why Choose ONESOURCE for Your Direct Tax Software?
Thomson Reuters ONESOURCE Direct Tax consolidates federal, state, local and international tax compliance into a single cloud‑native platform. The solution claims a 148% return on investment, halving tax‑preparation time and averting roughly $275,000 in annual compliance penalties. Automatic regulatory updates, including...
The CAPE Tariff Refund System Is Here. Is Your Global Trade Team Ready?
The U.S. Customs and Border Protection launched the Consolidated Administration and Processing of Entries (CAPE) system on April 20 to electronically refund $166 billion in tariffs struck down by the Supreme Court. The platform will serve more than 330,000 importers and...
How to Create an Effective AI Prompt for Tax and Accounting Professionals
Thomson Reuters introduced the CREATE framework, a six‑element guide—Character, Request, Examples, Adjustments, Type of output, Extras—to help tax and accounting professionals craft precise AI prompts. By defining the AI’s role, specifying detailed requests, and outlining format and constraints, the method...
Point Solution Vs. End-to-End Agentic AI: A Tax Firm Buyer’s Guide
Tax firms must decide between piecemeal AI point solutions and comprehensive end‑to‑end agentic platforms. While point tools promise low upfront costs and quick pilots, they generate data silos, duplicate licensing and security headaches as the stack expands. Integrated platforms such...
From Paper Trails to Digital Defense: Building an AS 2310 Compliant Audit Confirmation Workflow
The PCAOB’s new AS 2310 standard forces audit firms to replace paper‑based confirmations with digitally authenticated, fully documented workflows. A three‑pillar framework—authentication, documentation, and built‑in compliance—provides a roadmap for creating audit‑proof confirmation processes. Structured electronic confirmations can slash related workload...
How AI Can Rescue Product Classification for Indirect Tax Teams
Indirect tax teams face a labor‑intensive bottleneck when manually assigning commodity codes to thousands of SKUs, risking errors that can affect millions of invoices. Thomson Reuters’ AI engine CoCounsel, embedded in ONESOURCE Determination, automates classification by delivering up to three...
Simplifying the Client Portal for Tax Firms: A Q&A on Smarter Client Collaboration
Thomson Reuters’ SafeSend client portal aims to streamline tax season by consolidating document exchange, e‑signatures, and workflow management into a single, easy‑to‑use platform. Director of Product Management Andrew VanVladricken highlighted how the solution tackles common pain points such as client...