Thomson Reuters Launches Agentic AI For Tax And Accounting Professionals

Thomson Reuters unveiled CoCounsel, an agentic AI that automates tax and accounting work by planning, acting, and adapting within workflows.

Thomson Reuters has announced the introduction of an AI system that functions as a professional assistant, which will not only answer questions but also carry out entire tasks. The first agentic AI product from the company, named CoCounsel, is available for tax, audit, and accounting professionals.

Agentic AI goes beyond current AI assistants that only react to prompts. These advanced systems combine planning capabilities with reasoning functions, and take actions while adapting to changing needs within professional work environments.

The systems utilize data from Westlaw and Checkpoint platforms to review client files, create memos, and conduct compliance checks.

“Agentic AI isn’t a marketing buzzword. It’s a new blueprint for how complex work gets done,” said David Wong, Chief Product Officer at Thomson Reuters. “The AI understands the goal, breaks it into steps, takes action, and knows when to escalate for human input.”

CoCounsel was built in part from Materia, a startup Thomson Reuters acquired last year. According to Kevin Merlini, Vice President of Product, “This isn’t GenAI in a prettier wrapper — it’s a fully integrated, intelligent system built to do the work,” as reported by Thomson Reuters.

OpenAI, which powers parts of CoCounsel, praised the launch as a strong example of agentic AI in action. Users are already seeing results.

“Before CoCounsel, we were manually comparing residency and filing codes across 36 states. Each jurisdiction used to take us half a week to fully review—now it takes under an hour,” said Rich Marlatt, CIO at BLISS 1041, as reported by Thomson Reuters.

Thomson Reuters plans to roll out more agentic tools in legal, risk, and compliance soon. These tools will be able to draft documents, assess risks, and adapt to changes — all with human oversight.

“This is more than a product launch — it’s a clear signal of where the industry is heading,” said Wong, as reported by Thomson Reuters.