Intuit Further Simplifies Tax Prep for Millions of TurboTax Customers this Tax Season with Google Cloud AI
Intuit (NASDAQ: INTU) has announced a new collaboration with Google Cloud to enhance tax preparation for TurboTax customers. The partnership integrates Google Cloud's Doc AI and Gemini models to expand done-for-you autofill capabilities for the ten most common U.S. tax forms, including complex 1099 and 1040 forms.
In tax year 2023, TurboTax processed 44 million U.S. tax returns and $107 billion in tax refunds using Intuit's Generative AI Operating System (GenOS). The system combines Intuit's data, custom-trained financial large language models, and tax knowledge engine with best-in-class LLMs.
The enhanced automation particularly benefits investors in stocks, bonds, and crypto by automating data extraction from complicated 1099 forms, eliminating the need for manual data entry across multiple screens and fields. The integration aims to improve accuracy and efficiency in tax preparation through advanced AI-driven document understanding.
Intuit (NASDAQ: INTU) ha annunciato una nuova collaborazione con Google Cloud per migliorare la preparazione delle tasse per i clienti di TurboTax. La partnership integra la tecnologia Doc AI e i modelli Gemini di Google Cloud per espandere le capacità di completamento automatico per i dieci moduli fiscali più comuni degli Stati Uniti, inclusi i complessi moduli 1099 e 1040.
Nel anno fiscale 2023, TurboTax ha elaborato 44 milioni di dichiarazioni fiscali negli Stati Uniti e 107 miliardi di dollari in rimborsi fiscali utilizzando il Sistema Operativo AI Generativa di Intuit (GenOS). Il sistema combina i dati di Intuit, modelli linguistici di grandi dimensioni personalizzati e un motore di conoscenza fiscale con i migliori LLM disponibili.
L'automazione migliorata beneficia in particolare gli investitori in azioni, obbligazioni e criptovalute automatizzando l'estrazione dei dati dai complessi moduli 1099, eliminando la necessità di inserimento manuale dei dati su più schermi e campi. L'integrazione mira a migliorare l'accuratezza e l'efficienza nella preparazione delle tasse attraverso una comprensione avanzata dei documenti guidata dall'IA.
Intuit (NASDAQ: INTU) ha anunciado una nueva colaboración con Google Cloud para mejorar la preparación de impuestos para los clientes de TurboTax. La asociación integra la tecnología Doc AI y los modelos Gemini de Google Cloud para ampliar las capacidades de autocompletar para los diez formularios fiscales más comunes de EE. UU., incluidos los complejos formularios 1099 y 1040.
En el año fiscal 2023, TurboTax procesó 44 millones de declaraciones de impuestos en EE. UU. y 107 mil millones de dólares en reembolsos fiscales utilizando el Sistema Operativo de IA Generativa de Intuit (GenOS). El sistema combina los datos de Intuit, modelos de lenguaje de gran tamaño entrenados a medida y un motor de conocimiento fiscal con los mejores LLM disponibles.
La automatización mejorada beneficia especialmente a los inversores en acciones, bonos y criptomonedas al automatizar la extracción de datos de los complicados formularios 1099, eliminando la necesidad de ingresar datos manualmente en múltiples pantallas y campos. La integración tiene como objetivo mejorar la precisión y eficiencia en la preparación de impuestos a través de una comprensión avanzada de documentos impulsada por IA.
인튜잇 (NASDAQ: INTU)는 구글 클라우드와 협력하여 터보택스 고객을 위한 세금 준비를 향상시키겠다고 발표했습니다. 이 파트너십은 구글 클라우드의 Doc AI와 제미니 모델을 통합하여 복잡한 1099 및 1040 양식을 포함한 미국에서 가장 일반적인 10개의 세금 양식에 대한 자동 완성 기능을 확장합니다.
2023 회계연도에 터보택스는 4,400만 건의 미국 세금 신고서와 1,070억 달러의 세금 환급을 인튜잇의 생성 AI 운영 시스템(GenOS)을 사용하여 처리했습니다. 이 시스템은 인튜잇의 데이터, 맞춤형 대규모 언어 모델 및 세금 지식 엔진을 최고의 LLM과 결합합니다.
향상된 자동화는 특히 주식, 채권 및 암호화폐에 투자하는 사람들에게 이점을 제공하며, 복잡한 1099 양식에서 데이터 추출을 자동화하여 여러 화면과 필드에서 수동으로 데이터를 입력할 필요를 없앱니다. 이 통합은 AI 기반의 문서 이해를 통해 세금 준비의 정확성과 효율성을 향상시키는 것을 목표로 합니다.
Intuit (NASDAQ: INTU) a annoncé une nouvelle collaboration avec Google Cloud pour améliorer la préparation des impôts pour les clients de TurboTax. Ce partenariat intègre les technologies Doc AI et les modèles Gemini de Google Cloud pour étendre les capacités de remplissage automatique pour les dix formulaires fiscaux les plus courants aux États-Unis, y compris les formulaires complexes 1099 et 1040.
Pour l'année fiscale 2023, TurboTax a traité 44 millions de déclarations fiscales américaines et 107 milliards de dollars de remboursements fiscaux en utilisant le Système d'Exploitation IA Générative d'Intuit (GenOS). Le système combine les données d'Intuit, des modèles de langage de grande taille sur mesure et un moteur de connaissance fiscale avec les meilleurs LLM.
Cette automatisation améliorée bénéficie particulièrement aux investisseurs en actions, obligations et cryptomonnaies en automatisant l'extraction des données des formulaires 1099 complexes, éliminant ainsi le besoin de saisie manuelle des données sur plusieurs écrans et champs. L'intégration vise à améliorer la précision et l'efficacité dans la préparation des impôts grâce à une compréhension avancée des documents pilotée par l'IA.
Intuit (NASDAQ: INTU) hat eine neue Zusammenarbeit mit Google Cloud angekündigt, um die Steuererklärung für TurboTax-Kunden zu verbessern. Die Partnerschaft integriert Googles Cloud-Dienste Doc AI und Gemini-Modelle, um die automatischen Ausfüllfunktionen für die zehn häufigsten Steuerformulare in den USA, einschließlich der komplexen 1099- und 1040-Formulare, zu erweitern.
Im Steuerjahr 2023 hat TurboTax 44 Millionen US-Steuererklärungen und 107 Milliarden Dollar an Steuererstattungen mit Intuits Generative AI Operating System (GenOS) verarbeitet. Das System kombiniert Intuits Daten, maßgeschneiderte große Sprachmodelle und eine Steuerwissen-Datenbank mit erstklassigen LLMs.
Die verbesserte Automatisierung kommt insbesondere Anlegern in Aktien, Anleihen und Kryptowährungen zugute, indem die Datenerfassung aus komplizierten 1099-Formularen automatisiert wird, wodurch die Notwendigkeit der manuellen Dateneingabe über mehrere Bildschirme und Felder entfällt. Die Integration zielt darauf ab, die Genauigkeit und Effizienz bei der Steuererklärung durch fortschrittliches, KI-gesteuertes Dokumentenverständnis zu verbessern.
- Integration of Google Cloud AI technology enhances automation and efficiency in tax preparation
- Processed significant volume of 44 million tax returns and $107 billion in refunds in 2023
- Expanded support for complex tax forms through AI automation reduces manual work
- Strategic partnership with Google Cloud strengthens technological capabilities
- None.
Insights
Intuit's expanded collaboration with Google Cloud represents a significant product enhancement that directly strengthens its core TurboTax offering. The integration of Google's Doc AI and Gemini models to automate the processing of complex tax forms (including 1099-B, 1099-COMP, 1099-OID, and 1040 with various schedules) addresses a critical pain point for investors and taxpayers with complicated financial situations.
The scale of impact is substantial - TurboTax processed
This partnership leverages Intuit's decade-long AI expertise in document processing while incorporating Google's advanced AI capabilities. The strategic significance extends beyond mere convenience - by reducing friction in the tax preparation process for investors and self-employed individuals, Intuit strengthens its competitive position against both traditional tax preparers and emerging fintech competitors.
What makes this particularly valuable is the compounding effect across Intuit's ecosystem. The company specifically mentions the seamless experiences between TurboTax and Credit Karma, and TurboTax and QuickBooks, suggesting this AI enhancement supports Intuit's broader strategy of creating an integrated financial platform that drives customer retention and cross-selling opportunities.
Intuit's integration of Google Cloud's Document AI and Gemini models represents a sophisticated real-world application of generative AI solving a concrete business problem. The technical implementation merits attention for several reasons:
First, Intuit is taking a hybrid approach by combining its proprietary GenOS platform with Google's specialized AI models rather than building everything in-house. This strategy leverages Google's expertise in document understanding while maintaining Intuit's tax domain knowledge and data assets, creating a more robust solution than either could achieve independently.
Second, the focus on complex form processing (particularly investment 1099 forms) targets a particularly challenging technical problem. Investment documents vary significantly between brokerages in format and terminology, making traditional template-based OCR solutions inadequate. The ability to accurately extract and categorize financial data from diverse document formats demonstrates advanced AI capabilities beyond simple text extraction.
Third, Intuit's approach to AI implementation aligns with best practices by focusing on specific, high-value use cases rather than general-purpose AI applications. By targeting the ten most common tax forms first, Intuit prioritizes impact over scope, allowing for clear measurement of success and iterative improvement.
This implementation creates tangible value by eliminating hours of manual data entry for investors, who previously needed to navigate multiple screens per document when entering investment transactions.
With Google Cloud's Doc AI and Gemini models, TurboTax expands done-for-you tax return autofill for ten common tax forms to save time and boost accuracy
In tax year 2023, TurboTax successfully processed 44 million
Already, Intuit's near-decade of deep expertise in AI-driven document understanding with TurboTax enables broad support for tax document import, upload, and photo capture, and auto-fill of a majority of tax returns, minimizing manual data entry. This tax year, by integrating Google Cloud Document AI technology and Gemini models in GenOS, Intuit has expanded support for complicated 1099 forms (1099-B, 1099-COMP, 1099-OID), and tax form1040 (plus Schedules 1, 2, 3, A, C, E), which can also vary in complexity.
For example, investors in stocks, bonds, and crypto are benefiting from automated data extraction and autofill into tax returns from complicated 1099 forms. They no longer have to spend time navigating multiple screens per document and filling in ten fields (depending on the number of transactions per brokerage), or manually transcribing data from multiple brokerage forms (which can vary significantly by format, verbiage, etc.) when preparing their taxes.
"This tax season, we're delivering on Intuit's promise to millions of TurboTax customers to do the hard work for them—so they don't have to," said Intuit Chief Technology Officer Alex Balazs. "Our collaboration with Google Cloud is making a big difference in the day-to-day lives of consumers this tax season. It's a shining example of how we're harnessing the power of Intuit's AI, data and tax domain expertise—with world-class Google Doc AI and Gemini technology—on our GenOS to deliver breakthrough done-for-you experiences at scale. I'm fired up about our results to date, and excited about what the future holds."
"Google Cloud's partnership with Intuit showcases the power of AI to solve real-world problems by simplifying the tax preparation process for millions of TurboTax users this tax season," said Thomas Kurian, CEO of Google Cloud. "With Document AI and Gemini models, TurboTax can extract, categorize, and accurately populate data from the most complex tax forms, making filing more efficient, less error-prone, and ultimately, more accessible for everyone."
TurboTax provides online tax preparation services for people to do their own taxes or access experts to prepare and file taxes for them, with TurboTax Live Full Service, TurboTax Live Assisted, helping people get their best tax outcome. For those who choose to file their tax year 2024 taxes on their own, TurboTax, built on Intuit's AI-driven expert platform, offers a personalized, fast, and confidence-inspiring tax preparation and filing experience with built-in guidance, and faster access to their refunds. Seamless experiences across TurboTax and Credit Karma, and TurboTax and QuickBooks, enable customers to file personal or business taxes within their preferred Intuit product.
About Intuit
Intuit is the global financial technology platform that powers prosperity for the people and communities we serve. With approximately 100 million customers worldwide using products such as TurboTax, Credit Karma, QuickBooks, and Mailchimp, we believe that everyone should have the opportunity to prosper. We never stop working to find new, innovative ways to make that possible. Please visit us at Intuit.com and find us on social for the latest information about Intuit and our products and services.
About Google Cloud
Google Cloud is the new way to the cloud, providing AI, infrastructure, developer, data, security, and collaboration tools built for today and tomorrow. Google Cloud offers a powerful, fully integrated and optimized AI stack with its own planet-scale infrastructure, custom-built chips, generative AI models and development platform, as well as AI-powered applications, to help organizations transform. Customers in more than 200 countries and territories turn to Google Cloud as their trusted technology partner.
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SOURCE Google Cloud
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