Thomson Reuters Launches Redesigned ONESOURCE Tax Platform

Thomson Reuters has launched the completely redesigned interface and user experience of its tax technology platform, Thomson Reuters ONESOURCE. ONESOURCE helps multinational corporations achieve global tax compliance through automation at every step of the tax life cycle.

The new tax platform allows customers to access all of the applications in one location, on any device and any browser. They can return to their last activity with one click, view tax industry news and world events, and personalize the look of their interface using Reuters photography. These advancements enable tax professionals to work faster and more efficiently than ever.

“Tax has never been more relevant, more in-flux and more global than it is today. We developed ONESOURCE 2016, the new generation of tax technology, to be beautiful and intuitive,” said Joe Harpaz, managing director for the Corporate segment of the Tax & Accounting business of Thomson Reuters. “Our close collaboration with our customers over the last few years has resulted in a new experience that increases efficiency and accuracy for companies that are facing a dramatic increase in tax compliance and reporting demands globally.”

The company will deploy multiple applications on the new platform throughout the year. Thomson Reuters ONESOURCE Tax Provision is the latest application to be deployed as part of the update.

“Global tax reporting has become increasingly important in the current regulatory landscape. With the release of ONESOURCE Tax Provision version 2016, we now bring front-and-center the power of the market-leading and patented tax reporting and calculation engine. Answers where you need them and one-click drill down into the detail,” said Marc Mehlman, managing director of Direct Tax, for the Tax & Accounting business of Thomson Reuters. “We have taken the best tax provision application on the market and enabled users to generate a complete tax entry through a formal review and approval process. In essence, we have made it even easier to close faster and file earlier.”

ONESOURCE Tax Provision allows customers to analyze data in seconds with drill-down and flexible filtering throughout the application, enabling them to accomplish direct tax obligations – including meeting disclosure requirements on public financial statements – more quickly and confidently than ever before and with minimal adoption time. With a simple and intuitive interface, the application reports the tax entry with accuracy, reliability and flexibility.

ONESOURCE Operational Transfer Pricing has also been deployed with the new user interface, and a multitude of ONESOURCE applications will follow throughout the year in the areas of U.S. compliance, global compliance, statutory reporting, indirect tax and BEPS.

ONESOURCE Operational Transfer Pricing, as well as ONESOURCE BEPS Action Manager, helps companies address the BEPS Action Plan from the OECD, one of the most impactful global tax reporting initiatives. A multitude of countries around the world have enacted regulations to comply with BEPS recommendations. Most recently, the U.S. finalized its rules for country-by-country reporting on June 29, relating to BEPS Action Item 13. Many more countries are expected to follow, resulting in increased global reporting and compliance complexity for multinational corporations.

For more information, visit https://tax.thomsonreuters.com/products/brands/onesource/features.