Adrian Johnson
TLDR:
- Thomson Reuters has added generative AI tax research capabilities to Checkpoint Edge using CoCounsel.
- This AI solution, built with Amazon Bedrock, aims to transform tax research by providing fast and accurate answers to professionals.
Thomson Reuters adds generative AI tax research to Checkpoint Edge
Thomson Reuters recently announced the integration of generative AI solution CoCounsel into Checkpoint Edge. This AI tool is specially designed to assist tax professionals in their research endeavors. Developed using Amazon Bedrock, CoCounsel offers a selection of foundation models from leading AI companies through a single API, making it easier for users to build generative AI applications. One of the key advantages of this technology is the accelerated deployment time, allowing Thomson Reuters’ engineering team to deploy AI models in a matter of hours rather than days. Users can interact with the generative AI assistant in plain language, making it easier to ask complex tax-related questions and receive synthesized answers quickly.
The solution not only provides plain language responses but also offers curated links to vetted and up-to-date Checkpoint Edge editorial content and source materials, ensuring users have access to reliable information. Furthermore, the CoCounsel solution is built on Thomson Reuters-verified databases, ensuring the privacy and security of customer data.
Nancy Hawkins, vice president of product management for research at Thomson Reuters, emphasized the transformative potential of gen AI in the accounting profession. She highlighted the time-consuming nature of tax research and the challenges accountants face in interpreting legislation. With CoCounsel, accountants can access accurate information rapidly, allowing them to make informed decisions confidently.
The CoCounsel solution is now available for purchase as part of an early adopter program and is expected to launch in the United States starting in summer 2024. This announcement aligns with Thomson Reuters’ commitment to investing in AI technology, as evidenced by its previous $100 million annual investment in AI, particularly within its tax software products. The company’s recent brand refresh also underscores its dedication to leveraging generative AI to enhance customer experiences and provide clarity in navigating complex tax situations.
In conclusion, the integration of CoCounsel into Checkpoint Edge represents a significant step in leveraging AI technology to streamline tax research and provide professionals with access to accurate and timely information.
