How RAG helps refine tax research, reasons to invest in AI, and more.
Professional tax research typically involves multiple searches, meticulous review of relevant materials, and the creation of outputs for colleagues and clients that are straightforward, understandable, and validated. This process can take hours, even for experienced tax researchers. Given that many tax and accounting professionals are already strained for time and resources, with junior colleagues typically not trained in tax research skills, this can lead to significant time pressure.
However, there is a better way. An AI-enabled tax research assistant like Thomson Reuters CoCounsel Tax can automatically provide professionally summarized answers, complete with links to relevant editorial content and source materials.
CoCounsel Tax leverages a Retrieval Augmented Generation (RAG) approach from Checkpoint, which combines the strengths of a retriever and a generator model. This approach significantly reduces the risk of misinterpretation and leads to more accurate and relevant search results, simplifying the process and potentially reducing processing time.
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| How the RAG model improves tax research |
| 4 compelling reasons to invest in an AI-powered tax research solution |
| Discover how AI is revolutionizing tax research and compliance |
How the RAG model improves tax research
- Improves input data quality: By conducting searches within Checkpoint’s proprietary database, the RAG model identifies the most relevant documents and passages for answering the query.
- Ensures content control: By using the RAG approach, tax-specialized systems like CoCounsel Tax can ensure that the model only uses specific, relevant, and up-to-date content from their databases. This contrasts with general-purpose AI systems that might rely on broader, less controlled sources.
- Mitigates risk and streamlines validation: CoCounsel Tax uses a comprehensive set of behind-the-scenes prompts, designed by experts in both artificial intelligence and tax, to ensure that user requests are interpreted as accurately as possible by the AI, and responses are delivered with helpful citations to both primary law and relevant Checkpoint content.
4 compelling reasons to invest in an AI-powered tax research solution
If you’re still on the fence about paying for an AI-powered tax research solution, here are four reasons it’s worth it.
1. Upskill junior staff
With a shrinking workforce and the struggle to do more in less time, even the most dedicated senior colleagues may struggle to find the time to offer guidance to junior staff. But CoCounsel Tax can serve as a virtual mentor, available 24/7 to answer questions, provide instant insights, and guide even entry-level staff through complex scenarios. Just ask a question in everyday language and receive a professionally summarized answer with defensible citations that can easily be forwarded to a colleague or client. This interaction helps junior staff gain practical knowledge and refine their understanding of tax principles. A simple process, but one that eliminates the need to interrupt senior colleagues or wait for their availability.
2. Manage inquiries with confidence
By eliminating the need to scroll through search results and combine multiple perspectives, CoCounsel Tax delivers one comprehensive answer with citations from authoritative Checkpoint sources, so you can simply copy and paste a vetted and defensible response to questions from clients or colleagues, no matter how complex. It’s important to always check AI-generated output, which is why each summarized response is backed by links to relevant editorial content and source materials from an industry-leading editorial team with over 5,000 combined years of editorial expertise so you can capitalize on time management and shift your attention to more high-priority matters.
3. Streamline workflow processes
Access to robust resources can save time without sacrificing quality and accuracy. CoCounsel Tax offers an easy-to-use interface that allows users to quickly navigate and access the information they need.
4. Boost transparency
With the tax and accounting sector under pressure to report more frequently and in greater detail, you need a way to meet tightening regulations and reduce risk. CoCounsel Tax helps create well-documented research trails with increasingly powerful options for sharing and storing.
Discover how AI is revolutionizing tax research and compliance
With benefits like these, there is no doubt that AI is optimizing the tax research process and transforming the way tax and accounting professionals work. With tax regulations becoming more complex and demanding, harnessing the power of AI to save time and streamline processes can increase accuracy, ensure compliance, and deliver deeper insights.
To experience the transformative impact of CoCounsel Tax, schedule a demo or test out the ROI calculator and see first-hand how this advanced tool can revolutionize your practice and keep you one step ahead.
