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Thomson Reuters Tax & Accounting

Tax, accounting, and audit software for firms and corporations with AI-powered research and compliance tools like CoCounsel Tax, UltraTax CS, and ONESOURCE.

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What is Thomson Reuters Tax & Accounting?

Thomson Reuters provides cloud-based and desktop software for tax preparation, accounting, and audit workflows, used by accounting firms, corporations, and tax professionals. Its suite includes UltraTax CS for return preparation, the ONESOURCE platform for corporate tax determination and compliance, and SafeSend for secure client deliverables. AI capabilities are delivered through CoCounsel Tax and CoCounsel Audit, offering citation-backed research, automated 1040 preparation, and AI-assisted review. Pricing is quote-based through a sales team rather than public self-serve tiers.

Key features

CoCounsel Tax and CoCounsel Audit AI assistants with citation-backed answers

UltraTax CS for automated 1040 and business return preparation

ONESOURCE suite for corporate tax determination, income tax, and indirect compliance

Automated tax research and compliance workflows

SafeSend for secure client deliverables and e-signature

Firm workflow tools including Ready to Advise and Ready to Review

Pros & cons

Advantages

  • Established, trusted vendor with a broad, integrated tax, accounting, and audit product suite
  • AI features (CoCounsel) provide citation-backed research and workflow automation
  • Scales from small accounting firms to large corporations and government agencies

Limitations

  • No public self-serve pricing; a sales quote is required to buy
  • Enterprise-oriented, with complexity and cost that may not suit individuals or very small firms
  • AI capabilities are spread across several separately-licensed products rather than one unified tool

Use cases

Tax return preparation for accounting firms

Corporate tax determination and indirect/sales tax compliance

Audit engagement and assurance workflows

AI-assisted tax research and client advisory

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