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4 things tax and audit professionals to know about agentic AI

ThomsonReuters

Predictive AI can: Analyze historical data to make forecasts Identify patterns and trends in financial information Estimate future tax liabilities based on past performance Assumes potential audit risk using historical data Generative AI Generative AI creates human-like content based on prompts. Read full press release 3.

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4 things tax and audit professionals need to know about agentic AI

ThomsonReuters

Predictive AI can: Analyze historical data to make forecasts Identify patterns and trends in financial information Estimate future tax liabilities based on past performance Assumes potential audit risk using historical data Generative AI Generative AI creates human-like content based on prompts. Read full press release 3.

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How do you audit crypto? It starts with understanding how to report on it.  

ThomsonReuters

Blog home With the introduction of Accounting Standards Update 2023-08, Subtopic 350-60, the landscape for accounting, audit, and assurance of cryptocurrency is evolving. Unique audit risks related to cryptocurrency What is an auditors responsibility in crypto audits? What can accountants do to prepare for crypto audits?

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Spotlighting Women in Advisory Practice: “Building an advisory firm around flexibility is key,” says Sandy Heit of ModernCPAs

ThomsonReuters

Upon graduating, she worked at Deloitte for four years, mostly in tax, which included a six-month rotation in auditing. Her goal was to focus on strategic tax planning and compliance for small business owners, as well as providing a workplace where women could have the work-life balance she lacked at other accounting firms.

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Transforming together: The importance of building a strategic partnership between IT and indirect tax

ThomsonReuters

Frees up staff time that can be better spent on tasks that add value and support strategic decision-making, such as advanced tax planning, scenario modelling, more thorough risk assessments, and analyzing data to identify opportunities for tax savings.

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How to efficiently file individual income tax returns: A workflow guide for accounting firms

ThomsonReuters

Automated compliance checks in UltraTax CS can help ensure that the tax return adheres to both federal and state tax laws, minimizing the risk of audit. White paper Explore key strategies to help you simplify your tax workflow with confidence and precision in today’s complex tax environment.

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The tortured journey of data: How tax technology speeds up tax compliance, provision, and reporting

ThomsonReuters

More specifically, tax departments can, for instance: Get a comprehensive view of their organization’s tax data; Monitor and review key metrics in real-time; Find valuable strategic insights on tax matters; Compare year-over-year tax trends; Identify anomalies; and Share intuitive graphs and charts with non-financial colleagues.