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December 18.2024

2 Minutes Read

Embracing ESG: How Ethical Investments Drive Shareholder Value and Sustainability

Attendees engaged in sustainable investment seminar, modern conference.

Understanding ESG: A New Wave of Sustainable Business

Have you ever wondered how businesses can thrive sustainably and responsibly? Enter ESG—Environmental, Social, and Governance—principles, a game-changing framework that not only boosts a company's ecological and social standing but also drives economic success. From minimizing carbon footprints to promoting transparency and worker safety, ESG shows us that doing good is also good for business. An impressive 82% of corporate leaders in 2024 believe ESG will significantly impact performance, highlighting its growing importance.

The Business Case for ESG: Why It Matters

Imagine ESG as not just a checklist, but a strategy that aligns ethical practices with shareholder interests. ESG investments are directly linked to better efficiency and cost savings, which can translate to increased value for shareholders. Companies adopting these principles often find themselves enhanced in resilience, competitiveness, and profitability. This shift is particularly compelling for health-conscious consumers who increasingly align their purchasing decisions with companies committed to sustainable and ethical practices.

Inspiration and Practical Tips

Real stories of change can inspire us. Take, for example, a local business that turned to ESG practices by reducing waste and integrating community wellness activities. Their journey not only improved the environment but deepened their customer relationships, showing tangible value in everyday life. For those considering a more proactive approach to sustainability in their own lives or businesses, starting small—like minimizing waste or supporting businesses that prioritize ESG—can lead to significant positive impacts.

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11.15.2025

Navigating Tax Industry Trends: Insights on Automation and AI for 2026 Success

Update Understanding the Shifting Landscape of Tax Industry Trends for 2026 As we move towards the tax season of 2026, the challenges and dynamics within the tax industry are evolving dramatically. Tax professionals are grappling with staffing shortages and increasing pressures to adopt advanced technologies such as automation and AI. These trends were illuminated during a recent panel discussion with industry experts Bob LeMay, Keestan Willes, and Amanda Wyerick, who shared valuable insights on how firms can prepare for success in an uncertain environment. Automation: The Key to Managing Staffing Shortages One undeniable trend is the rising importance of automation in accounting firms. With fewer candidates entering the accounting profession, firms face a critical staffing shortage. Keestan Willes reported a significant decrease in the availability of seasonal interns, a vital resource during busy tax periods. Instead, firms are increasingly turning to technological solutions to streamline operations and make the most out of existing staff. Automation not only fills the gap left by fewer employees but also frees professionals to focus on higher-value tasks—a shift highlighted by Bob LeMay, who noted that technology allows teams to engage in more fulfilling work rather than mundane manual processes. Preparing Ahead: Strategic Planning for Busy Seasons Timing is everything in tax preparation. Both LeMay and Willes emphasize the importance of planning ahead. As Willes stated, there is a unique opportunity in the slow months of November and December to evaluate software systems and processes. By implementing changes before the busy season hits, firms can avoid the chaos that often complicates late January preparations. Thorough evaluations of current systems lead to more productive tax seasons where firms can concentrate on client service and compliance rather than internal struggles. The Role of AI in Enhancing Productivity The insights shared during the panel also touched on the rapid adoption of AI and its potential for transforming the tax landscape. AI not only streamlines compliance tasks but also enhances decision-making through data-driven insights. A report from Accountancy Age highlighted that over 79% of accountants anticipate growth in strategic advisory services, which AI is poised to support by managing routine tasks effectively, thus allowing professionals to focus on client interaction and quality service. As firms recognize the efficacy of AI, those that invest in these technologies are likely to enjoy competitive advantages in both efficiency and client satisfaction. Staying Ahead of Regulatory Changes Tax laws and regulations are continuously evolving, contributing to the complexities that accountants face. The uncertainty surrounding regulations means clients are increasingly seeking proactive tax guidance. Industry experts predict that tax professionals who can effectively navigate these changes will differentiate themselves through the trust and reliability they provide to their clients. Technology platforms that integrate AI can assist in this endeavor by alerting firms to compliance issues and automating adjustments based on regulatory changes. Conclusion: Embracing Change for Future Success As the tax profession grapples with staffing shortages, technology adoption, and changing regulations, firms that are willing to embrace these challenges will position themselves for success. The insights gained from the Q&A panel reflect a broader narrative within the industry: adapting to an evolving landscape through strategic planning and technological integration is not just beneficial but necessary. For firms looking to thrive in the busy season and beyond, investing in robust software solutions and focusing on innovative strategies will undoubtedly yield positive results. For more in-depth resources to navigate tax preparation and tech advancements, firms should reach out to industry experts who can guide them through these critical transitions.

11.14.2025

Unlocking Year-End Success: How AI Can Help Tax Professionals Avoid Mistakes

Update Transforming Tax Challenges into Strategic Advantages As year-end approaches, tax professionals enter a crucial period marked by rising stress levels and increasing data complexity. The challenge is multifaceted, including a deluge of information, changing regulations, and the ever-looming possibility of human error. Fortunately, solutions like Thomson Reuters' CoCounsel Tax are emerging as game-changers, transforming how firms navigate year-end tax research by utilizing AI technology. The Role of AI in Tackling Common Pitfalls Tax professionals often face common pitfalls during year-end preparations, such as overlooking critical information, inaccuracies in data entry, and inefficient workflows. By integrating AI tools into their processes, firms can systematically address these challenges. With AI assistance, tasks that previously required extensive manual effort can be performed in minutes, improving the speed and accuracy of tax research and ultimately enhancing client service. A Case for Automation: Enhancing Accuracy and Efficiency One significant advantage of AI in tax practices is its ability to enhance accuracy. As noted by experts from Bloomberg Tax, small inaccuracies can lead to large compliance failures. Automated data collection and analysis through AI minimize the potential for human error, ensuring that tax forms are both compliant and precise. This is critical not just for meeting regulatory standards but also for maintaining the trust of clients. Upcoming Trends: The Evolution of AI in Tax Services The future of AI in tax isn't just about efficiency; it's also about predictive analytics and proactive measures. By evaluating historical data, AI tools can forecast changes in client circumstances and regulatory environments, allowing tax professionals to anticipate client needs and prepare accordingly. With generative AI expected to surpass a market value of $1.3 trillion, its integration into taxation and accounting practices is poised to redefine industry standards. A Proactive Approach: The Importance of Staying Updated As tax laws evolve rapidly, staying updated becomes paramount. AI tools like CoCounsel Tax offer real-time alerts on regulatory changes, ensuring tax firms are prepared and compliant. By ensuring that tools are up-to-date, professionals can focus on delivering strategic advisory rather than merely compliant outputs, transforming traditional tax advisory roles. Empowering Tax Firms to Drive Value The core of AI's impact lies in its ability to free up human resources for higher-level advisory tasks. As AI handles tedious data analysis and regulatory compliance, tax professionals can engage more deeply with clients, providing insights and strategies that foster deeper relationships and greater service value. This shift enhances not only the workflow within firms but also creates opportunities for business growth. Conclusion: The Future is AI-Powered In summary, the integration of AI technology into tax research is no longer an option but a necessity for professionals looking to thrive in today's complex environment. By adopting AI tools, businesses can mitigate risks, increase accuracy, and transform year-end chaos into strategic advantage. As we move forward, embracing these technologies will be key for firms aiming to not just survive but thrive in a competitive landscape.

11.13.2025

Unlocking Efficiency: How Agentic AI is Revolutionizing Corporate Tax Departments

Update Understanding the Shift: The Role of Agentic AI in Corporate TaxIn a climate where corporate tax departments wrestle with ever-increasing pressures, the need for innovative solutions has never been more urgent. As organizations grapple with OBBBA provisions, compliance complexities, and resource limitations, many are turning to agentic AI as a game changer in navigating these challenges. This advanced form of artificial intelligence not only promises efficiency but also aims to redefine how tax professionals operate in a rapidly evolving landscape.The Challenges Tax Departments FaceCorporate tax departments are at a crossroads. A staggering 51% report feeling under-resourced, while 61% spend a majority of their time on tactical rather than strategic tasks, according to the 2025 Future of Professionals Report (FoP Report). Coupled with a mounting data overload and an increasingly complex regulatory environment, these factors create a "perfect storm" that compels tax teams to seek smarter solutions. Now, more than ever, is the time for a profound transformation.What is Agentic AI, and Why is it Important?Agentic AI dynamically addresses the intricate challenges facing tax professionals. Defined as AI systems capable of perceiving, reasoning, and acting toward specific goals with minimal human intervention, agentic AI stands apart from traditional automation tools. It adapts to changing rules and multiphasic processes, allowing tax experts to refocus on high-level strategic work rather than spending hours on manual data analyses. Research that once took an entire day can now be completed in a matter of minutes, fundamentally enhancing productivity.Tax professionals hold AI to a high standard—91% expect AI outputs to exceed the accuracy of human work. Thomson Reuters’ agentic AI solution is built on a foundation of authoritative editorial content and expert analysis, elevating the trustworthiness of its outputs compared to conventional AI tools. In essence, agentic AI reorganizes the operational fabric of tax departments and facilitates better decision-making.The Transformation of Tax DepartmentsImplementing agentic AI is not merely about technology adoption; it's a re-imagination of how tax functions operate. By integrating a four-pillar framework—AI literacy, scalable knowledge management, process optimization, and strategic investment in automation—tax departments can enhance their capabilities. This approach leads to faster compliance, greater accuracy, and reduced reliance on external consultants.Looking Forward: Future Predictions and TrendsAs AI continues to evolve, the landscape for corporate tax will dramatically change. In the next five years, about 80% of tax professionals anticipate a transformative impact from AI in their work. However, only 22% of organizations currently possess a visible AI strategy, highlighting a considerable gap that represents both risk and opportunity.Tax leaders must embrace this frontier, fostering a continual evolution from not just compliance roles to becoming strategic partners within their organizations. The future of tax isn’t just about surviving a complex regulatory environment; it’s about leveraging technology like agentic AI to thrive amidst uncertainty.Taking Action: Incorporating Agentic AITo harness the benefits of agentic AI, organizations should initiate this transformative journey by fostering an innovative culture. Tax departments need to engage with technology like agentic AI proactively, ensuring they do not fall behind in an increasingly competitive landscape. The first step is essential: understand what’s possible and align your operational strategies accordingly to make the most of available AI resources.

Embracing ESG: How Ethical Investments Drive Shareholder Value and Sustainability

Understanding ESG: A New Wave of Sustainable Business

The Business Case for ESG: Why It Matters

Inspiration and Practical Tips

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