IBM and the EY organization have announced the introduction of EY.ai for tax, developed in collaboration with IBM watsonx, marking another milestone in their ongoing alliance. EY.ai for tax aims to help businesses overcome significant hurdles in tax departments by harnessing artificial intelligence.
The platform leverages open-source AI models, including IBM Granite, allowing for the automation of tax compliance and improved global data management efficiency. This development seeks to address challenges like limited resources, complexity in regulations, and talent shortages, enhancing productivity through innovative generative AI solutions.
Martin Fiore, EY Americas Deputy Vice Chair – Tax, emphasized the alliance’s impact, stating, “Our professionals are extending beyond world-class tax technical knowledge and combining their experience with emerging technologies that can produce highly effective outcomes for our clients.”
The AI-enabled tax solutions introduced include the Intelligent Tax Data Lake, Detect and Correct with Business Documents, and Withholding Tax Determinations. These solutions are designed to automate previously manual processes within IBM’s Tax Department, promising significant time savings and enhanced data accuracy.
Kanthi Morrissey, IBM Vice President and Chief Tax Officer, noted, “We manage massive volumes of granular data from disparate sources to file thousands of tax returns across hundreds of legal entities worldwide. By combining EY domain expertise in tax and IBM’s AI technology, we were able to transform the way our tax department handles global tax compliance.”
The partnership is geared towards further developing these solutions and expanding their applications to additional tax processes. For more information, interested parties are directed to EY’s website.
