Navigate provision to filing with complete confidence
Bring reporting and compliance processes together with greater accuracy, control, and precision
Tax and finance teams rely on accurate data and efficient workflows to close on time — disconnected systems, manual reconciliation, and re-entering data at every handoff slow them down
Greater speed, greater accuracy
Provision, reporting, and compliance span large volumes of data and multiple systems. ONESOURCE simplifies workflows, reduces manual handoffs, and gives teams the control they need to deliver accurately and on time.
Analyze data, not spreadsheets
Manual data gathering, reconciliation, and rebuilding consume expertise that should be spent on analysis. ONESOURCE automates routine handoffs, so your team gets that time back for strategic work.
Stand behind every position
Tax and finance positions need to be backed by authoritative sources and documented with a complete audit trail. ONESOURCE helps strengthen defensibility with authoritative content, documented workflows, and the traceability teams need for audit and regulatory review.
See the difference the right solution makes
51%
of professionals say their main resourcing strategy involves introducing more technology and automation
2/3
of tax professionals prefer to spend their time on strategic and proactive analysis
2025 State of the Corporate Tax Report
End-to-end support across your periodic close workflow
Streamline data collection and preparation
Collect accurate financial data from multiple source systems across all your entities.
What you can do with ONESOURCE Data Flow:
- Collect structured and unstructured data from multiple source systems into a single, centralized environment.
- Standardize and automate data collection.
- Push and pull data to and from Excel workpapers.
- Centralize data collection files to reduce version control risk and eliminate email-based data gathering.
Calculate your global tax provision
Produce an accurate, defensible provision estimate across every entity and jurisdiction.
What you can do with ONESOURCE Tax Provision:
- Calculate ASC 740 and IAS 12 provisions across entities and jurisdictions.
- Drill down from consolidated amounts to supporting detail in just two clicks.
- Integrate with Excel workpapers and other applications to simplify the flow of provision data.
- Configure journal entries across jurisdictional levels and enterprise resource planning (ERP) systems.
- Reduce manual effort for key tax attributes and related calculations.
- Manage monthly and quarterly provisions with comprehensive interim reporting.
Meet local statutory reporting requirements
Convert group financials prepared under generally accepted accounting principles (GAAP) into local statutory reports compliant with local GAAP across more than 45 jurisdictions.
What you can do with ONESOURCE Statutory Reporting:
- Access country-specific reporting templates in local languages across more than 45 jurisdictions, produced in-house and by the Big Four firms.
- Enter data once and see it flow automatically to all relevant reports — no duplicate entry.
- Automate rounding, numbering, referencing, and roll-forward processes, minimizing the need for manual formatting.
- Generate standard workpapers that substantiate your reports and provide a full audit trail.
- Collaborate across teams with multi-user editing, and review comments and approvals — all in one place.
- Connect systems via APIs, feeding both trial and non-trial balance data directly into statutory templates.
Prepare and file income tax returns
Complete federal, state, local, and international tax returns from the same data foundation as your provision.
What you can do with ONESOURCE Income Tax:
- Prepare federal, state, local, and international returns in one system.
- Flow federal data automatically to state returns — no duplicate entry.
- Access more than 2,500 federal, state, and local forms.
- File electronically with integrated e-filing and status tracking across all jurisdictions.
- Trace every number from your return to your general ledger with the Working Trial Balance view, ensuring a complete audit trail, always.
- Access built-in tax law content that is continuously maintained.
Analyze, plan, and drive strategic value
Use what was learned and calculated during the close to reduce risk, forecast impacts, and optimize decisions.
What you can do with ONESOURCE Data Query Reporting and CoCounsel Tax:
- Analyze effective tax rate drivers, entity and jurisdiction performance, and structural implications.
- Model changes in laws, business changes, or restructurings.
- Run repeatable queries and management reporting to support planning and stakeholder updates.
- Connect tax data to business intelligence tools, data lakes, and other enterprise platforms via OData APIs.
- Access dashboards for monitoring key performance indicators across the close cycle.
- Create reports customized to your tax department's specific needs.
- Integrate tax research via CoCounsel Tax to support positions and interpret regulatory changes in real time.
Use our tax solutions to get to the answer faster
ONESOURCE Tax Provision
Streamline tax provision with automated ASC 740 and IAS 12 calculations across all entities and jurisdictions. Get instant visibility with two-click drill-down from consolidated reports to entity-level detail. Work seamlessly with Excel Workpapers integration and configure journal entries for any ERP system to eliminate manual data transfer and reduce errors.
ONESOURCE Statutory Reporting
Meet statutory reporting requirements across more than 45 jurisdictions. Access country-specific templates in local languages that automate the heavy lifting — including formatting, roll-forward calculations, and filing. Built-in multi-user editing, review comments, and approval workflows keep your team aligned and compliant, no matter how complex your global footprint.
ONESOURCE Income Tax
Streamline return preparation for U.S. compliance — federal, state, local, and international. With over 2,500 forms, integrated e-filing, and full audit traceability through the Working Trial Balance, you get everything you need in one place. Direct integration with Tax Provision via Data Hub and APIs ensures data consistency across your entire tax workflow.
ONESOURCE Data Flow
Standardize and centralize data collection from ERPs, spreadsheets, and third-party sources into a single system. Automate data aggregation to significantly reduce manual Excel work-paper maintenance during critical close periods, freeing your team to focus on analysis rather than data wrangling.
ONESOURCE Data Query Reporting
Build repeatable queries and management dashboards that deliver insights when you need them, and connect tax data to business intelligence tools, data lakes, and enterprise platforms for organization-wide visibility. Transform what used to be just close outputs into valuable planning inputs that inform strategy and drive business decisions.
CoCounsel Tax
Handle the full research-to-documentation workflow with AI-assisted research across Checkpoint content, document analysis via Workspaces, and workflow standardization via Templates. CoCounsel Tax is built on Checkpoint's authoritative content, maintained by over 135 in-house editors and more than 500 subject-matter experts.
Have questions?
See firsthand why customers are choosing Thomson Reuters for their periodic financial close
“The more we automate, the more time our teams can spend on review and analysis. So instead of piecing things together, our teams can spend more time applying their expertise where it really matters.”
Richard Backhouse
Statutory Reporting Lead, GE HealthCare
“The need for high-quality tax data is increasing exponentially. Tax departments are one of the largest consumers of data across the company, yet departments often struggle with data gathering and sensitization. Transitioning to an in-house Thomson Reuters suite of products allowed us to tackle this head on.”
Ashley Bristow
Sr. Tax Director, Pyxus International
Explore our expert insights and resources
Special report
2025 State of the Corporate Tax Report
The Thomson Reuters latest report, 2025 State of the Corporate Tax Department, reveals the key findings from a survey of senior decision-makers and influencers in corporate tax departments across the globe. The report highlights how departments are navigating unprecedented challenges while struggling to transform from reactive compliance functions into strategic business partners.
Special report
The Total Economic Impact™ of Thomson Reuters ONESOURCE Direct Tax
Thomson Reuters commissioned Forrester Consulting to conduct a Total Economic Impact™ (TEI) study and examine the potential return on investment (ROI) enterprises may realize by deploying ONESOURCE Direct Tax solutions. The purpose of this study is to provide readers with a framework to evaluate the potential financial impact of ONESOURCE Direct Tax solutions on their organizations.
Special report
2025 State of the Tax Professionals Report
This Thomson Reuters Institute report examines how tax, audit, and accounting firms are using technology to gain efficiencies, spur growth, and improve client service.
Frequently asked questions
This is the challenge most tax departments are facing right now — 58% of tax departments say they are under-resourced and 59% lack confidence they can sufficiently upgrade their tax technology in the next two years. ONESOURCE is designed specifically for this reality. When provision, statutory, and compliance workflows share underlying data, the manual handoffs are minimized.
Instead of relying on country-specific processes and fragmented systems, teams work from a single platform with standardized templates across jurisdictions. Non-native speakers can navigate filings seamlessly thanks to built-in translation tools, and templates are standardized across jurisdictions to create a unified approach.
That is exactly what ONESOURCE is designed to do. Tax professionals report spending more than half their time on reactive work, mostly around compliance. They would prefer to spend about two-thirds of their work time on strategic and proactive analysis. When routine data gathering, reconciliation, and manual handoffs are automated, your team gets that time back.
Yes. ONESOURCE Income Tax provides extensive features to collect, calculate, and summarize state apportionment factors. It gives you more than 2,500 federal, state, and local forms, including Forms 1120, 1120-F, 1120-L, 1120-PC, 1120-C, 1120-REIT, 1120-RIC, 1120S, 1065, 5471, 8858, and 8865.
Adding ONESOURCE Income Tax means that data flows from provision to returns. With ONESOURCE Tax Provision, Income Tax, and State Apportionment, teams eliminate redundant steps and reduce risk. Federal data also flows automatically to state returns, eliminating duplicate entry.
ONESOURCE Tax Provision is a simple and intuitive application that speeds up the financial close, allowing users to process accurate estimates and easily transition data to other applications.
There is an international income tax compliance option that simplifies U.S. tax computations derived from international operations.
Yes. ONESOURCE Tax Provision supports both ASC 740 (U.S. GAAP) and IAS 12 (IFRS) provision calculations. For multinational enterprises reporting under IFRS, the full provision workflow includes current and deferred tax calculations, uncertain tax positions, rate reconciliation analysis, and disclosure support. This makes ONESOURCE Tax Provision equally suited to U.S.-listed companies reporting under ASC 740, non-U.S. multinationals reporting under IAS 12, and companies that need to manage both standards across different entities within the same group.
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