loader from loading.io

How AI and Machine Learning Can Help With K-1s

Tax & Tech Talks

Release Date: 05/10/2021

The Sophisticated Tax Department– What It Is and How To Get There show art The Sophisticated Tax Department– What It Is and How To Get There

Tax & Tech Talks

In this episode, our own Bianca Kuijper talks to EY America's Shaun Lockhart, and provide insights into how technologies make the most positive impact, create efficiencies, save time, improve data quality, and provide meaningful insights. Turning the time saved and the high-quality data into meaningful insights sets sophisticated or predictive tax departments apart from the rest.

info_outline
How Tech Tools Help Mitigate Supply Chain Disruption show art How Tech Tools Help Mitigate Supply Chain Disruption

Tax & Tech Talks

With supply chain disruption erupting around the world, what strategies and tools can customers use to navigate these cataclysmic changes?

info_outline
How AI and Machine Learning Can Help With K-1s show art How AI and Machine Learning Can Help With K-1s

Tax & Tech Talks

How can AI and machine learning assist already overburdened tax professionals with complicated and time-consuming processes?

info_outline
How Tech Can Help You Navigate the New Tax Rules and Tax Trends show art How Tech Can Help You Navigate the New Tax Rules and Tax Trends

Tax & Tech Talks

The disruptions due to COVID has hastened many industry tax trends simmering on the surface even before the pandemic hit. These new rules and trends can have a lasting effect beyond  2022 and even the next five years. Moreover, with economic stimulus packages rolling out from governments worldwide, it's no secret these governing authorities will be looking for ways to charge indirect taxes to refill their coffers.

info_outline
How Tech Can Help with Brexit Supply Chain Disruptions show art How Tech Can Help with Brexit Supply Chain Disruptions

Tax & Tech Talks

Businesses are having to navigate the confusing and unfamiliar supply chain disruptions caused by Brexit. How can technology ease their Brexit supply chain headaches? Our panel of experts discusses the new United Kingdom-European Union Free Trade Agreement and how technology can mitigate the supply chain disruption Brexit is causing multinational corporations doing business in the UK.

info_outline
Tax Policy under Biden: What to Expect in 2021 and Beyond show art Tax Policy under Biden: What to Expect in 2021 and Beyond

Tax & Tech Talks

What are the dramatic effects of the Biden Administration’s enactment of significant tax proposals under Democratic-Republican (50-50) control? When can we expect new COVID relief? Should corporations make structural changes or change their business operations based on these proposals?  How can taxpayers take proactive steps to advocate for workable tax policies? 

info_outline
Tax Game Changer: Analytic Process Automation show art Tax Game Changer: Analytic Process Automation

Tax & Tech Talks

In this episode, we focus on a game-changing, easy-to-use solution that allows teams to easily share data, automate tedious and complex processes, and turn data into results.

info_outline
All About Operational Transfer Pricing show art All About Operational Transfer Pricing

Tax & Tech Talks

What are the common challenges multinationals (MNEs) are facing today when it comes to Operational Transfer Pricing? What steps do MNEs need to take to automate their Operational Transfer Pricing process? What are the top considerations before embarking on this journey?  

info_outline
How to Optimize Tax & Finance Functions show art How to Optimize Tax & Finance Functions

Tax & Tech Talks

How can tax & and finance withstand mounting resource and cost pressures during this unabating and relentless pace of change? Our guest, EY America’s Jill Schwieterman, and our host Adam Shaffner give tips on how tax and finance can meaningfully optimize their tax teams. They also discuss how the US election, along with the pandemic, brings the further possibility of legislative disruption to tax and finance teams globally. 

info_outline
Welcome to Thomson Reuters Tax & Tech Talks show art Welcome to Thomson Reuters Tax & Tech Talks

Tax & Tech Talks

Welcome to Thomson Reuters Tax & Tech Talks– insightful conversations that tackle the ever-evolving intersection between tax and technology. We chat with industry experts to give you a bite-size take on big ideas in tax and technology. Join our array of esteemed hosts as they sit down with subject matter experts and business leaders to give you unique and insightful perspectives on top-of-mind topics in tax.

info_outline
 
More Episodes

How can AI and machine learning assist already overburdened tax professionals with complicated and time-consuming processes?

Any organization invested in a partnership or flow-through entity like trust or S Corporations by statute must provide information around federal, state, and international activities. Most tax documents are typically in specific formats– except for K-1s.  About 40 million K-1s are created and received, but because there is no standard format, the process is confusing, manual, and time-intensive. Already beleaguered tax professionals take anywhere from fifteen minutes to an hour digging for information to find critical attributes. Any wrong keypunch may result in penalties that can go over hundreds of thousands of dollars.

 

Additional resources:

Justin Bass LinkedIn

Geralyn Hurd LinkedIn

K-1 Aggregation and International Filing Requirements white paper

AI-Enhance Processes and Decision-Making Are Revolutionizing Corporate Tax Departments

How Tech Can Help You Navigate the New Tax Rules and Tax Trends

Tax Software to Help Prepare for the Next Tax Season

Data management software for corporate tax businesses