Thomson Reuters Updates CoCounsel for Tax Workflow

The upgraded platform now offers automated document creation and complex tax calculation tools for accounting professionals.

Updated on Oct. 23, 2026 in Taxes

Isometric editorial illustration featuring opaque, matte-brass geometric tools on a slate-blue surface, representing systematic tax calculation software. — Thomson Reuters has upgraded its CoCounsel platform to include advanced automated tax calculation tools, streamlining document generation for accounting professionals. AI Illustration. Upload story photo >

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Do you trust professional documents produced using AI-driven automated calculation and drafting tools?

Thomson Reuters released an updated version of its CoCounsel platform designed to streamline tax preparation by automating calculations and document generation. The new tools allow users to handle depreciation, amortization, and other tax calculations within a single, integrated workflow.

Why it matters

By integrating assignment planning and complex financial calculations into one workspace, the platform aims to reduce manual data entry and professional review time. This update allows firms to bridge the gap between initial research and final document production more efficiently.

The updated platform features a research engine containing over 12 million documents and integrates directly with existing software suites like UltraTax. It also utilizes the Model Context Protocol to facilitate secure connections to other internal firm systems.

The players

Thomson Reuters

Thomson Reuters is a global information services company that provides professional software and tools for tax, accounting, legal, and financial sectors.

The details

Users can now leverage the platform to execute code for specific tax needs, including qualified business income and required minimum distribution calculations. The system generates live Excel workbooks and drafts professional documents while incorporating firm-specific workpaper templates.

June 2025 marked the initial launch of the CoCounsel platform.
October 22, 2026, was the official release date for the updated CoCounsel platform.

Market Dynamics

The platform utilizes the Model Context Protocol to integrate disparate accounting systems, mirroring a broader industry shift toward AI-assisted data interoperability. This update positions Thomson Reuters to capture more market share by automating highly technical tasks previously requiring manual intervention.

Accounting professionals and firms can expect improved workflow efficiency through automated document drafting and integrated tax calculations. These tools may reduce the time spent on manual data verification and help standardize workpaper production across multiple engagements.

The takeaway

Firms looking to improve productivity should evaluate how AI-driven tools can replace manual Excel formula management. Automating routine tax calculations allows professional staff to focus on higher-level analytical review rather than repetitive formatting.