The Service in Action
Current State >>
A process called Form 990 in the US that charitable trusts and political entities can avail to get tax exemption under section 501(a). For this, there are about 106 different forms that need to be filled. Also, need to report exempt activities, finances, governance, compensations paid and fill additional schedules as required.
Professional tax consultants then need to verify, cross-check and validate these details before submitting to the IRS. On an average, the time spent on each entity is about 30 hours, and each customer typically has about 10 entities, that is about 300 hours of manual effort per customer. Plus, additions in case of error and rework.
Future State >>
Pre-populate the forms based on last filing information and pre-filled forms available for initiator to review and submit. Achieve significant reduction in effort, time and errors.
AI-based automatic validation of forms against available documentation, results presented to advisors, consultants for quick verification and handle anomalies. Corrected anomaly decisions fed back to decision-making engine for future cases - train the engine.