Bloomberg Tax & Accounting announced March 10 the launch of two new generative AI-powered features that simplify tax research—Bloomberg Tax Answers and AI Assistant—now available within the Bloomberg Tax platform at no additional charge.
Bloomberg Tax Answers replaces hours of tax research with fast and precise answers to tax questions with supporting primary sources and industry-leading expert analysis, enabling tax practitioners to quickly find, validate, and apply information to their workflows, according to a media release. AI Assistant is a chat-based research tool that allows users to ask targeted questions to identify specific information from within a document, including Bloomberg Tax’s Portfolios, and to build a chart comparing tax information across jurisdictions.
Bloomberg Tax Answers leverages generative AI and authoritative content to provide a brief but meaningful answer to a user’s search directly on top of regular search results, with no need to learn a new tool. Each answer generated includes citations and links to the Bloomberg Tax authorities and source documents used to generate it, including select primary and secondary sources, such as the Internal Revenue Code, federal and state tax agency documents, state tax statutes and regulations, and Bloomberg Tax content.
Bloomberg Tax’s AI Assistant supports a number of important research tasks. Currently, the tool allows customers to generate summaries of Bloomberg Tax analysis, saving significant time in their research by providing clear, easy-to-read overviews of documents. Users can also ask the AI Assistant specific questions about the document to quickly identify the information they are looking for, according to Bloomberg Tax & Accounting. Similarly, the assistant allows customers to ask the AI Assistant to create a chart comparing tax information across jurisdictions.
“The latest AI-powered features for Bloomberg Tax & Accounting showcase our dedication to innovation and solving complex tax research challenges,” Evan Croen, head of Bloomberg Tax, said in a statement. “Bloomberg Tax Answers and AI Assistant deliver rapid, accurate answers and facilitate cross-jurisdictional comparisons. Additionally, users can verify information with direct access to cited source documents, enhancing reliability and trustworthiness.”
Bloomberg Tax Answers and AI Assistant will be subject to ongoing refinement based on customer feedback. AI Assistant will be updated with additional research skills in the coming months, Bloomberg Tax & Accounting said.
More information can be found here.
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