KPMG Receives Patent for Automated Tax Tool

KPMG has received a patent for its tax data reader tool, which the New York-based Big 4 firm bills as an automated means of extracting relevant information from tax reporting forms and plugging it directly into tax returns. The firm is promoting the tool as particularly useful and time-efficient for things like the Schedule K-1 (Form 1065), which typically includes a cover page followed by hundreds of pages of footnotes of unstructured data that needs to be sifted through and extracted for entry into a tax return.

“With companies increasingly struggling with how to organize and make sense of their vast amounts of financial data, we’ve created a tool that eradicates their pain points,” says Brad Brown, KPMG partner and U.S. and global tax technology leader. “It’s all about making tax simpler via technology and equipping our clients with a sound data strategy so they can focus instead on running their businesses.”

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