IBM and the EY organization debut artificial intelligence-powered global tax compliance solutions

Core Insights - IBM and EY have announced the launch of EY.ai for tax, utilizing IBM's watsonx AI technology to enhance tax compliance processes [1][2] - The collaboration aims to address challenges such as limited resources, multiple ERP systems, talent shortages, and complex regulations through generative AI solutions [2] - The initial AI-enabled tax solutions are already in use by IBM's Tax Department, expected to save tens of thousands of hours annually and automate 80% of foreign tax compliance [4][5] Company Developments - EY.ai for tax leverages open-source AI models, including IBM Granite, to automate tax compliance and improve global data management [2] - The solutions include Intelligent Tax Data Lake, Detect and Correct with Business Documents, and Withholding Tax Determinations, which streamline data consolidation and automate manual processes [8] - The partnership has transformed the perception of tax from an administrative function to a value creation function for businesses [3][4] Industry Impact - The deployment of AI solutions in tax compliance is expected to enhance productivity and governance while safeguarding sensitive tax data [4][5] - The collaboration between IBM and EY represents a significant advancement in the integration of AI technologies within the tax compliance landscape, addressing the evolving needs of organizations [1][2]