Global content and technology company Thomson Reuters has launched the latest version of CoCounsel Tax, Audit & Accounting, a fully agentic AI platform built for practitioners that was originally released last year.
David Wong, chief product officer at Thomson Reuters, said the newest version of CoCounsel Tax, Audit & Accounting is a significant step forward for the platform.
“Our next generation of CoCounsel is a fully agentic platform that plans the work and uses the right tools for the job,” he wrote in a blog post on Oct. 22. “It writes and runs code to complete calculations, works directly with spreadsheet data, creates multi-tab workbooks with formulas, analyzes long and complex documents, and turns the work into a finished deliverable you can review and refine. We built it to run on any frontier model, so the platform keeps improving no matter who is ahead in the model race.”
“The aim is to carry more of the task through to work product, rather than leave the professional to reconstruct pieces of the answer across a disparate set of tools,” Joel Hron, chief technology officer at Thomson Reuters, wrote in a separate blog post.
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Because tax and audit work is full of judgment calls—which rule applies, how a client’s specific facts should be interpreted, what authority governs a given period—the latest version of CoCounsel Tax, Audit & Accounting is built to get that judgment right, Thomson Reuters says, grounding every calculation in the correct authority and carrying that reasoning through to a finished result, with enough visibility into how it got there that a professional can validate the work with certainty.
“For tax, audit, and accounting professionals, that means faster execution without sacrificing the quality of the result,” the company said. “By reducing manual effort and standardizing how work gets done, CoCounsel frees tax, audit, and accounting teams to increase capacity, take on more complex, higher-value work, and focus on the strategic work that used to get crowded out by manual execution.”
CoCounsel Tax, Audit & Accounting is built on the CoCounsel platform, alongside other tax applications from Thomson Reuters, including Ready to Review, a cloud-based advanced agentic AI tax workflow application, and Ready to Advise, an AI-powered tax planning advisory solution. New capabilities and features will be added to CoCounsel Tax, Audit & Accounting over time, connecting directly with the tools tax, audit, and accounting teams already use so each addition arrives inside existing workflows, Thomson Reuters says.
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“It’s built on a multi-model strategy, so customers are always working with the optimal model for the task, no matter how the technology changes,” the company adds. “As it evolves, it will remain grounded in authoritative sources, including the Thomson Reuters accounting research engine, Checkpoint, which holds more than 12 million primary source and proprietary analytical documents that are expertly maintained and kept current by hundreds of experts, including CPAs and tax attorneys. It will also always meet the Thomson Reuters Fiduciary-Grade AI standard, giving tax, audit, and accounting professionals the transparency and confidence the work demands.”
Key capabilities of the latest version of CoCounsel Tax, Audit & Accounting include:
- Code execution and verified calculations: CoCounsel writes and runs code to perform calculations, including depreciation, amortization, required minimum distributions, qualified business income, threshold checks, and multi-scenario comparisons. Customers can replace estimates and eliminate guesswork with computations that are more precise and reproducible.
- Client and firm context: No more time spent retracing work that has already been completed. A single destination brings together client information, engagement activity, and workflow context so every member of the team has the full picture of a client relationship.
- Spreadsheets and deliverables: CoCounsel turns analysis into finished work product. It builds multi-tab Excel workbooks with live formulas and a documented assumptions tab, drafts memos and other deliverables in Word and PDF, and updates the spreadsheets and documents professionals upload, following the structure of a firm’s own workpaper templates.
- MCP support: CoCounsel Tax, Audit & Accounting is built to natively support Model Context Protocol connectivity. This makes it possible for CoCounsel to operate within a range of other applications and systems, and to incorporate other systems into its own context, Thomson Reuters says.
- Connected systems: Expanded integrations help firms connect CoCounsel with the tools and platforms they rely on to run their practice. Integrations with other Thomson Reuters offerings, such as UltraTax, Engagement Manager, and Guided Assurance, help reduce context switching and streamline work within a unified experience.
“We didn’t just build a tool that does math. We built one that knows why the math is right,” Hron said. “The code execution piece is table stakes now; every company in this space has it. What’s hard is making sure the system is reasoning from the right facts and the right authority before it ever runs a calculation. We built that judgment in, grounded in content that’s kept current and tested by the people who actually do this work so a professional can check it themselves rather than take our word for it.”
The latest version of the CoCounsel Tax, Audit & Accounting platform is available now for all customers in the U.S., with additional features and capabilities to come.
Photo credit: Thomson Reuters/Facebook
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