Bloomberg Tax and Accounting have released two new generative AI-driven features to aid in tax audits.
The first is Bloomberg’s tax answer. This allows users to ask tax questions that the bot can answer by supporting key sources and expert analytics, allowing accountants to find, verify and apply information in their workflows. This provides that Bloomberg said it would be a simple and meaningful answer to user searches directly above normal search results without the need to learn new tools. Each generated response contains a quote and link to the Bloomberg tax authorities and a link to the source document used to generate it. This includes some primary and secondary sources, including Internal Revenue Code, federal and state tax authorities documents, state tax laws and regulations, and Bloomberg tax content.
The second is AI Assistant, a chat-based research tool that allows you to ask specific questions from within documents that include the Bloomberg Tax portfolio. It also creates data visualizations that allow you to compare tax information across your jurisdiction. Users can also ask specific questions about the document to quickly identify the information they are looking for.
“The latest AI-powered capabilities of Bloomberg Tax & Accounting showcase our commitment to innovation and complex tax audit challenges,” says Bloomberg Tax Director Evan Kron. “Bloomberg tax responses and AI assistants provide quick and accurate answers to facilitate comparisons between judiciaries. Additionally, users can verify information with direct access to the source documents quoted, making it more reliable and reliable.”
Both solutions were first released late last year for some users of the new Bloomberg Tax Innovation Studio (see previous story). This not only served to provide previous access to features under development, but also as a means of quickly getting user feedback. The Innovation Studio idea was featured in 2023 by the Bloomberg Industry Group, incorporating customer feedback and iteration into the latest product concepts to ensure that new tools meet user demands and fit the workflow.
Bloomberg Tax Responses and AI Assistant are subject to continuous improvement based on customer feedback. AI Assistant will be updated with additional research skills over the next few months. Both Bloomberg Tax Answers and AI Assistants are available within the Bloomberg Tax Platform at no additional charge.
