Professional Development & Education - Recent Threads

Investors can prepare now for Opportunity Zone 2.0 launch, expert says

Nageshwaran Gopal — Mon, 31 Aug 2026 19:40:06 GMT

‘Early sunset’ a surprise

The one piece of guidance that “surprised people is this early sunsetting of the 1.0 tracks,” said James Montague, director of PwC’s federal real estate tax practice. Prior to the release of Notice 2026-40, guidance and practitioner expectations pointed toward the original Opportunity Zone (O-Zone) designations expiring at the end of 2028. This would have created a two-year overlap with the new, permanent 2.0 tracts, allowing for a smoother transition.

The new notice eliminates that overlap, effectively ending the ability to acquire new property in original zones on December 31, 2026. After that date, new property generally cannot be acquired in an original 1.0 zone unless that specific zone is redesignated under the 2.0 program. This abrupt change “has caused people to reassess and think a little more forward in terms of what can be done today,” Montague explained.

To dig deeper, visit the original article on the Thomson Reuters blog.

What Can Our Health Plan Do With Its Medical Loss Ratio Rebate?

Nageshwaran Gopal — Mon, 17 Aug 2026 13:40:12 GMT

QUESTION: We recently received a medical loss ratio (MLR) rebate from our insurer for our ERISA group health plan. Under our plan, the employer contributes 50% toward premiums and plan participants pay the remaining 50%. What are we permitted to do with the rebate?

ANSWER: How the MLR rebate can be used depends in part on whether the rebate belongs to the employer or the plan. In general, the portion of the rebate that belongs to the employer can essentially be used for any purpose. But the portion that is a plan asset must be handled in accordance with ERISA’s fiduciary responsibility rules and DOL guidance regarding permissible uses for MLR rebates.

To dig deeper, visit the original article on the Thomson Reuters blog.

From hours to minutes: How AI changes HS product classification and trade research

Nageshwaran Gopal — Tue, 07 Jul 2026 14:09:06 GMT

Highlights

AI-powered tools reduce HS code classification time from hours to minutes with similarity scoring.
Global Trade Research delivers cited regulatory answers in seconds from 100,000+ government sources.
Integrated AI workflow combines code assignment with real-time tariff and compliance context.

To dig deeper, visit the original article on the Thomson Reuters blog.

The ViDA bystander effect: Why U.S. indirect tax leaders need to stay informed

Neil Vicente — Mon, 29 Jun 2026 11:57:36 GMT

Highlights

86% of EU professionals are confident in ViDA compliance, but only 35% understand requirements.
78% of organizations lack centralized ViDA governance, risking fragmented country-by-country preparation.
54% of organizations say invoice rejection and non-payment by customers is a top concern, ranking business disruption and reputation damage above financial penalties

New survey data from the Thomson Reuters Institute reveals that confidence in ViDA compliance is running well ahead of actual preparation levels for EU organizations. For U.S. indirect tax professionals overseeing global operations, that gap is your responsibility too.

To dig deeper, visit the original article on the Thomson Reuters blog.

Your ONESOURCE platform just got smarter

Nageshwaran Gopal — Mon, 22 Jun 2026 16:00:35 GMT

AI that passed the U.S. Customs Broker License Exam is now part of ONESOURCE Global Trade

Highlights

AI-powered trade research tool passed all U.S. Customs Broker exams with 84% average score.
Trade professionals cite tariff volatility as top regulatory challenge, up from 41% to 72%.
Global Trade Research delivers cited answers from vetted sources in under one business day.

To dig deeper, visit the original article on the Thomson Reuters blog.

If Our Employees Complete a Tobacco-Cessation Program Midyear, Are They Entitled to a Retroactive Refund of Tobacco-Use Premium Surcharges Paid Earlier in the Year?

Nageshwaran Gopal — Mon, 08 Jun 2026 14:51:36 GMT

QUESTION: Our company is thinking about implementing a tobacco-use premium surcharge next year. If an employee were to complete a tobacco-cessation program midyear, would the employee be entitled to a retroactive refund of tobacco-use premium surcharges paid earlier in the year?

ANSWER: Although recent court decisions are mixed, cautious group health plan sponsors should assume that participants who complete a cessation-based reasonable alternative standard (RAS) midyear are entitled to the full value of that year’s tobacco-related reward, requiring a retroactive refund or equivalent credit. When a participant completes a compliant, cessation-based RAS during the plan year, agency guidance under HIPAA’s wellness program rules supports providing the participant with the full value of the plan year’s tobacco-use reward, rather than ending the surcharge prospectively. Some courts, however, have upheld prospective-only approaches, particularly if participants had a full-year opportunity to avoid the surcharge and the plan’s notices were otherwise adequate.

To dig deeper, visit the original article on the Thomson Reuters blog.

Can Our Company Condition a Job Offer on the Applicant’s Agreement Not to Enroll a Child With a Known Disability in Our Health Plan?

Nageshwaran Gopal — Mon, 25 May 2026 13:58:01 GMT

QUESTION: We learned in the interview process that a top job candidate’s child has a serious disability. Our major medical plan covers employees and their dependents, and we are concerned that the child’s condition will substantially increase costs under the plan. Is it permissible under the Americans with Disabilities Act (ADA) and other laws to condition a job offer on not enrolling the child in the plan?

ANSWER: The action you describe likely violates the ADA’s association provision. You are probably familiar with the ADA provisions that prohibit an employer from discriminating against a qualified individual with a disability in “job application procedures, the hiring, advancement, or discharge of employees, employee compensation, job training, and other terms, conditions, and privileges of employment.” But the ADA also prohibits discrimination against employees and job applicants because of their relationship or association with another individual who has a disability. In particular, the ADA expressly provides that the prohibition against discrimination encompasses excluding or otherwise denying equal jobs or benefits because of the known disability of an individual with whom the employee or job applicant is known to have a relationship or association. This association provision prohibits employers from denying an employee dependent health coverage because the employee’s dependent has a disability when dependent coverage is generally available to other employees.

To dig deeper, visit the original article on the Thomson Reuters blog.

The power of agentic AI for modern tax and audit firms

Nageshwaran Gopal — Mon, 25 May 2026 13:35:27 GMT

Tax and audit professionals are under more pressure than ever to deliver accurate, defensible work — faster and with fewer resources. Agentic AI is changing what's possible, embedding intelligence directly into your firm's workflow so your team can focus on what matters most: judgment, analysis, and client value.

In this white paper, you’ll learn:

Why agentic AI is fundamentally different from traditional automation and prompt‑based AI
The ways agentic AI helps firms of all sizes scale expertise, reduce rework, and produce consistent, citation-backed deliverables
Where firms see the fastest, most meaningful impact
How agentic AI helps scale expertise without sacrificing judgment or defensibility
Real-world examples of firms using agentic AI to cut document review time, standardize workflows, and strengthen audit quality

To dig deeper, visit the original article on the Thomson Reuters blog.

Building an emotional toolkit for CPAs: Why soft skills are actually technical skills

Nageshwaran Gopal — Mon, 11 May 2026 16:29:23 GMT

When 90% of client financial decisions are driven by emotion, your ability to manage those moments is the difference between losing clients and building lasting advisory relationships.

Highlights

Emotional intelligence is a strategic skill for CPAs to manage client emotions and build trust.
Six practical tools help CPAs navigate difficult tax conversations with calm, clarity, and documentation.
AI technology creates capacity for CPAs to develop emotional skills and advisory growth.

To dig deeper, visit the original article on the Thomson Reuters blog.

The psychology of change: Mastering the art of adaptability

Nageshwaran Gopal — Mon, 11 May 2026 16:24:55 GMT

By the end of this webcast, you should be able to:

Identify the common barriers to change and how to overcome them with proven techniques.
Apply change management principles to your firm's culture, processes, and systems.
Recognize the signs of change resistance and how to address them constructively.
Enhance your communication skills to foster trust and collaboration among your clients and team members.

To dig deeper, visit the original article on the Thomson Reuters blog.

AI-era audit competency framework: Building future-ready auditors

Nageshwaran Gopal — Mon, 11 May 2026 16:06:15 GMT

What you'll learn:

The five-competency framework that transforms auditors from compliance verifiers into AI-enabled strategic advisors who deliver measurable audit quality improvements
Experience-level milestones with specific proficiency indicators for staff, senior, manager, and partner levels so you know exactly what "AI-ready" means at each career stage
Implementation roadmap with four phases spanning assessment, design, launch, and measurement to move from consideration to effective execution without bandwidth constraints
ROI validation showing how systematic competency development reduces deficiency rates, accelerates fieldwork, improves retention, and enhances client value through deeper insights
Self-assessment tool to evaluate your firm's current AI readiness across all five competencies and identify your highest-priority development areas

To dig deeper, visit the original article on the Thomson Reuters blog.

How CPA firms can master an AI-powered growth mindset

Nageshwaran Gopal — Mon, 27 Apr 2026 13:18:52 GMT

CPA firm leaders know the challenge isn't just getting through the work; it's creating the capacity to focus on what drives long-term value. When deadlines, client requests, and compliance demands consume the day, strategic priorities like advisory growth, team development, and process improvement often get pushed aside.

This white paper explores how firms can take a more intentional approach to capacity by combining AI, workflow improvements, and continuous learning to reduce friction and unlock higher-value opportunities.

Key takeaways include how to:

Create more capacity by reducing low-value, repetitive work
Use AI to improve efficiency and support professional judgment
Build a culture of learning, adaptability, and continuous improvement
Reduce technostress and help teams navigate change with confidence
Turn freed-up time into stronger advisory services and deeper client relationships

To dig deeper, visit the original article on the Thomson Reuters blog.

How to create an effective AI prompt for tax and accounting professionals

Nageshwaran Gopal — Mon, 20 Apr 2026 15:22:06 GMT

Master the CREATE framework; a six-step prompting system that transforms vague AI interactions into precise, professional outputs tailored specifically for tax and accounting workflows.

Highlights

The CREATE framework helps tax and accounting professionals craft precise, effective AI prompts for better results.
Each CREATE element—Character, Request, Examples, Adjustments, Type of output, Extras—ensures clarity and tailored outputs.
Common prompting mistakes can be avoided by specifying context, detail, and output format for AI interactions.

To dig deeper, visit the original article on the Thomson Reuters blog.

Point solution vs. end-to-end agentic AI: A tax firm buyer’s guide

Nageshwaran Gopal — Mon, 20 Apr 2026 15:21:14 GMT

Highlights

Tax firms face a critical choice between adopting isolated AI point solutions or investing in integrated end-to-end platforms.
Point solutions offer quick wins but create long-term inefficiencies, while unified platforms streamline workflows and enhance compliance.
Strategic evaluation of firm size, growth, and security needs is essential for maximizing AI ROI in tax practices.

To dig deeper, visit the original article on the Thomson Reuters blog.

XBRL Cuts AI Errors in Reading Company Filings, Study Finds

Nageshwaran Gopal — Mon, 30 Mar 2026 15:09:11 GMT

AI makes far fewer mistakes reading company filings when the information is provided in XBRL — a wonky reporting format that may suddenly look a lot more valuable.

A recent academic study found artificial intelligence is far better at pulling numbers from annual reports when filing data is provided in XBRL, a structured digital format, rather than plain text or HTML — a finding that could give fresh ammunition to supporters of stricter structured-data reporting.

Researchers who reviewed 5,000 annual reports from 2014 through 2023 found AI’s overall error rate fell to 9.19% when it worked from XBRL context, compared with 15.75% for HTML and 18.24% for plain text.

To dig deeper, visit the original article on the Thomson Reuters blog.

A guide to global e-invoicing for ONESOURCE customers

Nageshwaran Gopal — Mon, 30 Mar 2026 14:57:19 GMT

ONESOURCE Pagero integrates directly with your Determination and Indirect Tax Compliance solutions, creating one unified compliance ecosystem without ERP disruption.

Download this guide to discover:

How to achieve 50 to 60% cost reductions versus standalone e-invoicing vendors
Why one vendor managing your tax rules and e-invoicing eliminates dual maintenance
How to create a seamless audit trail from transaction to return filing
Ways to reduce month-end close times from days to hours
How your existing Thomson Reuters relationship future-proofs EU ViDA compliance

Turn compliance into competitive advantage. While others struggle with costly integrations and regulatory changes, you gain operational speed, reduced risk, and budget savings that fuel growth.

To dig deeper, visit the original article on the Thomson Reuters blog.

What Are Our Company’s Obligations to a Former Employee Receiving COBRA Coverage Who Has Been Called to Active Duty in the Uniformed Services?

Nageshwaran Gopal — Tue, 17 Mar 2026 11:34:35 GMT

QUESTION: A former employee who left our company a year ago has been receiving COBRA coverage under our major medical plan. He has been called to active duty in the uniformed services. We understand that USERRA imposes continuation requirements on health plans, and that active-duty members of the uniformed services are automatically covered under the military’s health care program (TRICARE). Does USERRA give our former employee any continuation rights under our plan? And can we terminate his COBRA coverage when he becomes covered under TRICARE?

ANSWER: You are correct that USERRA requires health plans to offer continuation coverage under certain circumstances. Specifically, USERRA gives continuation rights to employees who—

have health plan coverage in connection with their employment; and
are absent from employment for service in the uniformed services.

To dig deeper, visit the original article on the Thomson Reuters blog.

Elevating audit and advisory work with CoCounsel Tax & Audit

Nageshwaran Gopal — Tue, 17 Mar 2026 11:28:00 GMT

Executive summary

The team at Harris, Hardy & Johnstone adopted CoCounsel Tax and Audit from Thomson Reuters to relieve time pressure on its audit and tax teams, increase confidence in answers, and elevate client service. After due diligence and peer references, the firm adopted Thomson Reuters CoCounsel Tax & Audit and tasked auditors and managers to use it for board minutes, leases, contracts, and day‑to‑day research. Early results show meaningful time savings — summarizing lengthy documents in minutes and validating technical answers quickly — alongside higher‑quality workpapers and faster client support. Within six weeks, the team captured new business by using CoCounsel to pinpoint anomalies in a prospect's financials and translate those findings into clear, defensible insights. Going forward, the firm expects continued gains in consistency, confidence, and client satisfaction by embedding CoCounsel across audit and tax workflows.

Key results:

Board minute and contract reviews cut from about an hour to five minutes, enabling auditors to move faster on core procedures
Spot-checks and research validations completed in one minute versus 15 to 30 minutes using prior methods, speeding confident client responses
New client won by analyzing a working trial balance in minutes and surfacing mispostings that demonstrated immediate advisory value

To dig deeper, visit the original article on the Thomson Reuters blog.

Weekly AI workflows: How 86% of tax professionals are integrating AI into daily operations

Nageshwaran Gopal — Tue, 03 Mar 2026 15:51:18 GMT

AI adoption in tax is accelerating—learn what top firms are doing differently and how to apply it to your practice.

Highlights

86% of tax professionals using generative AI now integrate it into weekly workflows, driving sustainable productivity gains.
AI-powered tools are transforming tax research, document summarization, and return preparation across U.S. tax firms.
Early AI adopters gain a competitive edge, with structured integration strategies essential for future-ready tax practices.

To dig deeper, visit the original article on the Thomson Reuters blog.

IDC MarketScape: Thomson Reuters is a Leader

Nageshwaran Gopal — Tue, 03 Mar 2026 15:48:44 GMT

Thomson Reuters is positioned as a Leader in Worldwide Global Trade Management for Retailers and Importers, and Management Applications for Manufacturers and Exporters

Global trade is more complex than ever. Tariffs shift overnight, regulations change by the hour, and supply chain disruptions threaten operational continuity. This independent IDC MarketScape assessment provides insight into today’s evolving landscape, including why Thomson Reuters is positioned as a Leader.

To dig deeper, visit the original article on the Thomson Reuters blog.

How tax determination tools are redefining career paths

Nageshwaran Gopal — Tue, 03 Mar 2026 15:43:29 GMT

Discover how AI-driven tax determination is transforming indirect tax from a back-office burden into a strategic advantage. This special report explores how Thomson Reuters ONESOURCE Determination with CoCounsel automates complex, high-volume calculations so tax professionals can focus on higher-value work and career growth.

Key takeaways:

See how AI reduces manual workload by 40% to 60% and boosts calculation accuracy to more than 99%.
Learn how roles like tax analysts, operations managers, IT specialists, and senior advisors are evolving into more strategic and advisory positions.
Understand the human-AI partnership model — what the AI handles versus where human judgment is essential.
Explore how integrated systems, real-time analytics, and anomaly detection improve compliance, audit readiness, and scalability.
Get guiding questions tax leaders should ask to plan an AI-enabled transformation of their tax function.

To dig deeper, visit the original article on the Thomson Reuters blog.

More than a research tool: How CoCounsel Tax empowers junior colleagues

Nageshwaran Gopal — Tue, 03 Mar 2026 15:07:14 GMT

With tariffs and regulations accelerating, companies are turning to intelligent classification and ESG-aligned supplier data to stay ahead.

Highlights

CoCounsel Tax transforms junior tax staff into independent analysts handling complex scenarios.
Research time reduced from 2 hours to 30 minutes with 75-85% efficiency gains.
Under-resourced departments spend 44% of budgets on external support versus 37% for resourced teams.

To dig deeper, visit the original article on the Thomson Reuters blog.

How to choose the best AI tax research tool

Nageshwaran Gopal — Mon, 16 Feb 2026 14:30:41 GMT

Highlights

AI tax research tools help teams move from questions to defensible conclusions faster with better citations.
Key tool evaluation criteria includes tax content coverage, data security, ease of use, and ROI.
Leading tools like CoCounsel Tax, Blue J, and TaxGPT offer different strengths for firm needs.

To dig deeper, visit the original article on the Thomson Reuters blog.

Demystifying AI for tax: Understanding generative, agentic, and beyond

Nageshwaran Gopal — Mon, 16 Feb 2026 14:23:54 GMT

Download to discover:

The key differences between traditional, generative, and agentic AI, and when to use each
Practical examples of how tax and accounting firms are applying AI today
A simple framework for aligning AI capabilities to your firm’s real workflow challenges
How to evaluate risk, oversight, and accountability in AI driven processes
Five essential considerations to ensure responsible, high-impact AI adoption
Why trust, data readiness, and intentional implementation are critical to long term success

To dig deeper, visit the original article on the Thomson Reuters blog.

Stop budgeting like it’s 2019: The case for putting your accounting firm budget toward technology

Nageshwaran Gopal — Mon, 02 Feb 2026 14:49:43 GMT

New survey data shows why technology investment is becoming the foundation of sustainable firm growth.

Highlights

Accounting firm budgets are shifting toward technology as staffing shortages intensify.
Larger firms are pulling ahead by investing heavily in AI initiatives.
Modern tax automation unlocks the bandwidth for higher‑value advisory services

To dig deeper, visit the original article on the Thomson Reuters blog.