Research Project

AI-Powered TaxWatcher For Accountants 

The Problem

Over the past 10 years, the US tax code has been amended over 4,000 times, including over 30 major legislature changes. Accountants struggle to stay updated with the constantly evolving tax regulations due to their demanding schedules. While they rely on training and newsletters, these resources often provide overwhelming and duplicated information. There is a market need for a comprehensive solution that delivers timely alerts with prioritized information, allowing accountants to efficiently stay informed without sifting through excessive content.

  • Large customer base: There are 672,587 actively licensed CPAs serving 33M small businesses in the United States, as of 2023.

  • Unmet needs in the current process: For the 2022 filing season, the IRS received more than 72.8 million phone calls for filing help, but answered only 10%.

User Research & Hypothesis

6 accountants were interviewed and 23 accountants participated in a survey. Through user research, the hypothesis was validated: accountants need new ways to help them stay informed of tax changes, as none of the participants is satisfied with their current approach.

  • Main pain points and needs are: lack of time, irrelevant information, duplicated reading, and want to know what updates are coming before they become laws.

The MVP Solution

For accounting and tax professionals who need to stay updated on the latest tax laws and regulations, TaxWatcher is an automated tracker for tax laws and regulations, that provides relevant tax updates in near real-time, so that accounting and tax professionals can stay ahead in their or their client’s tax planning.

From 30 minutes of filtering

to solving the problem in 2 min

Value Proposition and Features

  • We save your time with Automatic Personalized Alerts

  • We improve content search efficiency through AI-Powered Content Finder & Detailed Research on Demand

  • We help you stay ahead of the changes with Data-Driven Insights

  • We provide tips and allows user to decide what is important through Actionable Tips and Checklists

More on the proposed features

Automatic Personalized Alerts

Effortlessly track tax legislation and receive personalized notifications for updates.

Detailed research on demand

Let us find additional information if you want to research a topic further.

AI-powered content finder

AI technology helps you find and sort content based on your book of business, interests, sources, industries or your custom priorities.

Actionable Tips and Checklists

Receive recommended actions on how to adapt to the relevant legislations and add them to your (client) checklist.

Data-Driven Insights

Advanced tools for data analysis and schedule reports, helping you gain deeper insights and make informed decisions.

AI writing assistant

Simplify complex accounting and tax jargon into clear, easy-to-understand language for better client communication.

Business Opportunities and Risks

The Competition

2 Competitors were reviewed, TaxNet Pro and CCH AnswerConnect.

The Good:

Immense database of policies, laws and legislative commentaries.

The Bad:

Overwhelming volume of information. Steep learning curve. UX not suited for daily and mobile use.

Our Differentiation

  • Focus on providing the right information for our users, not data volume.

  • Personalize your reading experience.

  • Beyond information, we provide guidance and tools to help users take action.

  • Modern and intuitive UI for web and mobile.

  • Simplified solution for accountants and tax professionals.

Our Risks

Risks remain in several areas including the balance between AI automation and human expertise to ensure information accuracy, data security, data quality and constraints in external data integration.