Thomson Reuters Updates Tax Professional Platform
The new software update automates complex tax calculations and document generation for professional tax preparers.
Updated on Oct. 23, 2026 in Taxes
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Thomson Reuters has updated its CoCounsel platform for U.S. tax professionals with new capabilities for complex calculations and automated document generation. This technology aims to streamline the workflow for tax preparers by integrating specialized analysis directly into document creation processes.
Why it matters
The platform update is designed to align assignment planning with the preparation of materials for professional review. By automating intricate calculations and document drafting, it seeks to reduce the manual labor typically required for tax compliance tasks.
The updated platform includes a research engine housing 12 million documents. It now supports automated code execution for depreciation, amortization, required minimum distributions, and qualified business income calculations.
The players
Thomson Reuters
A global provider of information services and professional software for tax, accounting, and legal practitioners.
The details
The platform update introduces code execution tools that allow tax professionals to process depreciation, amortization, and required minimum distributions directly within the software. By incorporating firm-specific workpaper templates, the system can draft Word and PDF documents while generating Excel workbooks complete with live formulas. It integrates with existing systems like UltraTax and Engagement Manager using the Model Context Protocol to bridge client details and workflow information.
Timeline
Thomson Reuters initially launched CoCounsel in June 2025.
The updated CoCounsel platform launched on October 22, 2026.
Money Landscape
The professional tax software market is currently moving toward higher levels of automation for complex regulatory filings. This update represents an effort to centralize disparate tax planning and documentation tasks into a single, cohesive digital workflow.
Taxpayers who rely on firms using professional software may see shifts in how their advisors handle complex calculations and documentation. If you have questions about how these updates impact your specific tax filings, discuss the technology used by your tax professional with a qualified tax accountant.
The takeaway
This update brings deeper automation to the professional tax preparation process, reducing the need for manual workpaper assembly. Taxpayers should focus on tracking any changes in how their advisor communicates upcoming filing deadlines or document requests this tax season.
Further reading
For broader guidance on managing tax preparation workflows, visit our guide on Taxes.
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Do you trust professional documents produced using AI-driven automated calculation and drafting tools?
