Keeping up with ever-changing tax regulations across various countries is a daunting task, even for the largest multinational corporations.

A new alliance between Ernst & Young LLP and Thomson Reuters—that joins Thomson Reuters’ ONESOURCE global tax technology with EY Tax Technology and Transformation (TTT) services—will make innovative solutions available to multinational organizations to help them better comply with tax requirements in multiple jurisdictions.

Thomson Reuters’ ONESOURCE portfolio of global tax and accounting technology for corporations enables the streamlining of data and process automation across tax, accounting, and finance functions. Brian Peccarelli, chief operating officer of customer markets at Thomson Reuters, said the alliance with EY will enable the company to provide its clients with the best technology and advisory services for tax, accounting, and legal departments.

“Businesses are responding to technological, social, and professional disruption by transforming how they operate and are structured,” he said. “They now want those they work with to provide transparent, integrated, and agile technology with the services that are tailored to meet their needs, not just a one-kind-fits-all offering.”

EY and Thomson Reuters combine for leading-edge solution

Ernst & Young Global Limited, a UK company, is a worldwide leader in assurance, tax, transaction, and advisory services. The Thomson Reuters Tax & Accounting corporate headquarters is based in Carrollton.

EY teams will use their knowledge of ONESOURCE to guide clients through implementing the technology. Clients will work on digital and business transformation to simplify tax processes, lower operating costs, and maintain transparent global tax compliance, according to the two companies.

“With the rapid rise in platform-based technology in the form of cloud and other secure access platforms, tax departments are beginning to solve problems, source business solutions, and interact with tax authorities in a whole different way,” EY Global Vice Chair-Tax Kate Barton said. “Together, EY and Thomson Reuters have the opportunity to provide clients a leading-edge, tech-driven solution to help solve their most complex tax challenges.”

The companies said that the alliance expands their longstanding relationship and provides the ability for EY to serve clients at a deeper level within the ever-changing tax technology space.

Also, the alliance aims to offer EY clients focused support from Thomson Reuters, continuing relationships in compliance, technology, IT, global trade, and the office of the general counsel.