Tax Foresight is a cloud-based solution designed to help accountants, tax lawyers, and public bodies predict tax case outcomes using questionnaires, comparisons, and triage cases. It lets users train junior professionals to evaluate characterizing issues and identify important factors for providing accurate outcome prediction.
Key features of Tax Foresight include case notes, contract management, reporting, and case breakdown. It helps legal firms store information for cases in a unified database for future reference. The AI-enabled solution allows teams to compare ongoing legal cases with relevant previous situations and provide explanations of results.
Tax Foresight enables accountants to generate third-party reports based on insights gathered from past cases and advise clients on a suitable course of action. Tax lawyers can use the search functionality to find similar cases by outcomes and factors. It also allows public bodies to test the impact of various factors on a situation’s outcome in real-time.
Overall, the experience has been good so far! It will be great if more scenarios can be included to further increase the usefulness of the tool.
Pros I like the user platform of Tax Foresight, as it is pretty easy to navigate and use. Instructions on the page itself is easy to follow as well. The reports that are generated are very nicely presented. There are also continuous customer support (ie: providing training sessions, sending emails etc.).
Cons I think there can be more scenarios for the different tax issues that might come up. Currently, the number of circumstances are rather limited. And sometimes, the responses that can required might not be available from the client.
I believe Tax Foresight allowed me to reduce errors and saved tremendous amount of time while producing accurate results. I like the classifiers and case finders features that ensures the research is comprehensive.
Tax Foresight allowed me to strengthen customer relationships and build trust within the internal team. I can now streamline my research and produce quality tax advice to clients.
I believe Tax Foresight allowed me to reduce errors and saved tremendous amount of time while producing accurate results. I like the classifiers and case finders features that ensures the research is comprehensive.
Tax Foresight allowed me to strengthen customer relationships and build trust within the internal team. I can now streamline my research and produce quality tax advice to clients.
Pros Tax Foresight is a powerful research engine that allows me to perform accurate research through case laws and precedent legal issues. It informs me the confidence percentage rating to determine how likely a court will rule the way of the predicted result, which allows me to triage my research needs. In addition, I can also revise my factors to increase/decrease the level of confidence. I like how Tax Foresight produces two sets of cases, "Similar Cases" and "References", which share factual features and important cases frequently cited in court judgments. Overall, I think Tax Foresight is an excellent tool that increased efficiency and comfort level in my research.
Cons Although the current classifiers cover the most frequently searched and requested, there are still a lot of topics that are not available on Tax Foresight. However, I am confident that more topics will be added going forward as the number of users and recommendations increase.
Tax Foresight is great for giving you a starting place on answers to some questions. It won't be great on difficult questions, and the number of classifiers is very limited. That said, it can help you surface relevant case law on some common issues (e.g. GAAR), which is quite helpful.
Tax Foresight is great for giving you a starting place on answers to some questions. It won't be great on difficult questions, and the number of classifiers is very limited. That said, it can help you surface relevant case law on some common issues (e.g. GAAR), which is quite helpful.
Pros Provides a thorough walkthrough of questions that are relevant to a particular issue and allows you to change answers to see what the effect will be on the outcome. Also great a surfacing jurisprudence that most closely reflects your fact pattern.
Cons There just aren't that many situations in which to use it because there are not very many classifiers compared with the number of questions a tax lawyer professional needs to answer. This is not a problem that the company can fix, the problem is that machine learning can only do so much, which leads to two problems.
First, machine learning requires a huge amount of input to be accurate and in Canada there just isn't enough jurisprudence available. Furthermore, tax legislation changes so often that the machine learning algorithm cannot rely on cases going back too far, which further limits the potential pool of input.
Second, machine learning still relies on human input to classify questions and answers. If the human trainer says that "these five issues" are generally determinative then that is what the algorithm will learn. As a result, it will miss edge cases (which is reasonable). But those edge cases are the ones that practitioners generally need the most help with. When a residency issue is straightforward, the algorithm will have no problem, but neither will the practitioner.
Tax Foresight is on the Forefront of Legal Technology
Used occasionally for free trial
Reviewed 2019-02-22
Review Source: Capterra
It's a great program that substantially cuts down research time, allows you to verify your intuition, and frees up more time to focus on other aspects of the client-attorney relationship.
It's a great program that substantially cuts down research time, allows you to verify your intuition, and frees up more time to focus on other aspects of the client-attorney relationship.
Pros The final predictive outcome analysis also presents the user with a detailed legal analysis, foundational legal precedents, cases on point, etc. in a simple and easy to navigate format.
Cons Only focused on Canadian law at the moment, but I am aware of plans to scale out to U.S. federal law.
Overall my experience has been positive, I foudnd the tool to be useful.
Pros The software is easy to use and I like how it allows you to easily cross reference the findings with actual court cases. This allows you to complete a lot of research relatively quickly.
Cons There could be a wider variety of topics that the tool allows us to research.
- Search for similar cases based on factors and outcomes, rather than keywords
- Test in real-time how various factors affect the outcome of your situation
- Access insights from the entire body of relevant case law, updated weekly
- Harness software used by leading private firms and public bodies
- Gain unparalleled visibility into patterns in case law
FAQs for Tax Foresight
Below are some frequently asked questions for Tax Foresight.
Q. What type of pricing plans does Tax Foresight offer?
Tax Foresight has the following pricing plans:
Pricing model: Subscription
Q. Who are the typical users of Tax Foresight?
Tax Foresight has the following typical customers:
Small Business, Large Enterprises, Mid Size Business
Q. What languages does Tax Foresight support?
Tax Foresight supports the following languages:
English
Q. Does Tax Foresight support mobile devices?
Tax Foresight supports the following devices:
We do not have any information about what devices Tax Foresight supports
Q. Does Tax Foresight offer an API?
No, Tax Foresight does not have an API available.
Q. What other apps does Tax Foresight integrate with?
Tax Foresight integrates with the following applications:
No information available
Q. What level of support does Tax Foresight offer?
Tax Foresight offers the following support options:
Phone Support, Online Support, FAQs, Knowledge Base
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