Thomson Reuters adds generative AI tax research to Checkpoint Edge

Thomson Reuters announced that users of Checkpoint Edge will now have access to its generative AI solution called CoCounsel which, among other things, can assist professionals with tax research.

The solution was built using Amazon Bedrock, which offers a choice of foundation models from leading AI companies via a single API, along with a broad set of capabilities for building generative AI applications. Through this service, Thomson Reuters said its engineering team was able to accelerate AI model deployment time from days to hours.

Tax professionals can interact with the generative AI assistant using everyday language, asking it questions on things like tax policies and strategies to better form and defend positions with confidence. The solution will deliver synthesized, plain language answers along with supporting links to curated, vetted, and up-to-date Checkpoint Edge editorial content and source materials. The solution is rooted in Thomson Reuters-verified databases to keep customer data private and secure.

“Research is essential for tax professionals and getting it right can take hours; it is hard and time-consuming,” said Nancy Hawkins, vice president of product management for research at Thomson Reuters. “Yet accountants are not lawyers trained in interpreting legislation, and the workforce is shrinking. That is why a gen AI-powered solution has the power to transform the profession. Gen AI enables accountants to get it right, fast.”

Available for purchase now as part of an early adopter program, Checkpoint Edge with CoCounsel is expected to debut initially in the United States, starting from summer 2024.

The announcement is part of a wider push by Thomson Reuters to capitalize on AI’s meteoric rise. Last July the company said it would invest $100 million per year on AI, including in its tax software products. This stance was further strengthened by an announcement in March that the company would undergo its first brand refresh in 16 years to emphasize its commitment to investing in products and technology that leverage generative AI.

Through customer conversations and research, Thomson Reuters saw recurring themes which included the demand for clarity and guidance in navigating complex situations, particularly in the era of generative AI. This led to the inception of a new brand promise, To Clarify the Complex, reflecting the company’s history of providing content, technology and analysis. The rebranding — with a new promise and messaging, evolved tone of voice, a new color palette, a simplified logo, and modernized fonts — is meant to position the company squarely as a technology company.