Checkpoint Edge with CoCounsel

Behind the scenes: How it all works

To ground our AI-generated responses in supporting Checkpoint content, we use an approach called retrieval-augmented generation (RAG). The discovery phase of our RAG initiates when you enter a query. The goal of the discovery phase is to identify the Checkpoint content for the large-language model (LLM) to use as the basis for its response. Discovery involves running a set of searches against a defined corpus of Checkpoint content — from which we identify the best documents for addressing your query — followed by the specific passages within those documents best suited to address it.

After identifying the most relevant passages, we rank them, filter out problematic content like prior or expired law, and then send instructions on how we would like the LLM to formulate its response. The process reduces the risk of hallucinations — also known as confabulation — which can occur when an LLM perceives patterns or objects that aren't there, thus producing inaccurate, nonsensical, or illogical outputs. 

The LLM response from Checkpoint Edge with CoCounsel includes citations indicating which Checkpoint content was used as the basis for various statements in the response, so you can easily validate that the response you receive is thoroughly reliable. 

Research problems solved 

The most time-consuming part of tax research today — where people often spin their wheels the most — is in the research initiation stage. This stage involves getting started, figuring out which code sections or other controlling primary law authorities apply, and building foundational knowledge of a topic to formulate an effective answer or strategy for a client or organization. 

Junior professionals, in particular, are often not trained on how to conduct tax research properly and they frequently struggle to come up with well-formed searches. Search on its own may not be enough in the time they have available due to how fast and often tax policy is changing.

With time and resources often strained for many tax and accounting professionals, failing to properly substantiate tax positions, respond to questions promptly, or proactively advise clients could result in reputational damage, fines, and penalties. 

To address these challenges, Checkpoint Edge with CoCounsel uses a customized form of natural-language processing (NLP) that extrapolates the correct area of inquiry from surprisingly little information. It doesn’t matter how you ask a question; use whichever words make sense to you and the assistive intelligence will deduce the answer. 

This AI assistant also continually learns and adapts. We periodically evaluate usage data to identify and implement improvements to our algorithms, thus improving the precision and quality of each subsequent search.

Fast, easy, and smart

Ultimately, AI is only as good as the intelligence behind it. Fortunately, that’s where Checkpoint Edge with CoCounsel truly excels. It not only distills the knowledge of hundreds of Thomson Reuters editors and engineers into a powerful and easy-to-use research tool, but it also marries that expertise with the industry's most complete tax and legal databases. This combination — along with simultaneous access to sites by the IRS, AICPA, FASB, individual states, and other reputable public sources — ensures that the platform offers information from the most trustworthy and current information available.

A more intuitive, helpful AI 

Checkpoint Edge with CoCounsel represents a significant advancement in the field of tax research, offering a revolutionary tool that marries the reliability of thorough tax resources with the efficiency of assistive intelligence. By integrating a conversational interface, this platform not only demystifies complex tax inquiries but also enhances the productivity of tax professionals by providing quick and accurate answers.

As we move forward, embracing such innovative solutions will be crucial in transforming tax practices, ensuring that professionals can focus more on strategic aspects of tax planning and less on the intricacies of research. 

Leverage the capabilities of Checkpoint Edge with CoCounsel to not only keep up with the industry but also set the pace, redefining what it means to be a valuable advisor to your clients.