Thomson Reuters and Crowe Showcase Strategic Collaboration at SYNERGY

Thomson Reuters and Crowe LLP are showcasing an innovative collaboration to help tax professionals address the burdensome manual work related to Schedule K-1 forms at the 2019 SYNERGY users' conference. The significant increase in the number of alternative investments over the past decade has led to a growing number of K-1s. More than 40 million K-1 forms are produced annually, each one requiring manual data capture and aggregation into partner tax returns, resulting in countless hours of complex manual work for tax professionals. The K1 Analyzer tool uses artificial intelligence and machine learning to read, extract and analyze K-1 data from front to back, including statements and disclosures. This process virtually eliminates the manual data-entry work associated with K-1s and enables recipients to aggregate their stack of K-1s in minutes, rather than days.