Thomson Reuters launches multi-step tax and audit tools

Thomson Reuters says its rebuilt CoCounsel Tax, Audit & Accounting platform can plan assignments, perform calculations and produce documents for professionals to review. SiliconANGLE reported the launch on October 22, 2026, saying the company had made the platform available to all US customers.

The previous version focused on individual tasks. Chief product officer David Wong said the rebuilt system can instead divide complex requests into steps and select the tools and information needed to carry them out. That shifts the intended use from handling separate requests to preparing work that professionals can check and approve.

A loan calculation with formulas users can inspect

In a company demonstration, David Ragones, head of product for direct tax and audit, used a commercial loan agreement and a firm’s spreadsheet template to produce an amortization schedule—a breakdown of loan repayments—for a $5 million loan. The example included changing interest rates, a lump-sum payment and a balloon payment, a large payment due when the loan ends.

The resulting workbook contained live formulas that calculate cell values, supporting assumptions and references. Users can select a cell and ask CoCounsel to explain its calculation and sources. The demonstration also showed programs written in Python recalculating spreadsheet results as an accuracy check.

Those results came from a company demonstration, not an independent performance test. Rechecking arithmetic does not remove the need for professional judgment: a mathematically correct result can still apply the wrong tax rule or overlook a client’s circumstances.

Limits on files and internet access

Thomson Reuters describes access controls that restrict the software’s agents—components that select tools and carry out steps—to files allowed by the user’s permissions and the relevant workspace. Engineering vice president Lucas Adams said those restrictions also apply within the underlying infrastructure.

Internet access is limited to approved government websites alongside Checkpoint, Thomson Reuters’ research database of more than 12 million primary-source and analytical documents. The company also says uploaded client documents and completed work remain available across conversations, reducing the need to supply the same background repeatedly.

Professionals still approve the work

Professionals must review and verify results before approving them. The platform supplies citations, assumptions and calculations to support that review. Company executives acknowledged that its practical value depends on whether checking the output takes less effort than doing the work manually.

If it takes just as much time to verify the work than it takes to do the work, AI is not really helpful.