KPMG Touts Tax Data Reader Tool Patent
April 2, 2021
companies continue to struggle with synthesizing and understanding enormous
amounts of data, especially financial data, and remaining tax compliant, KPMG
has been granted U.S. Patent No. 10,922,358 for its Tax Data Reader innovation.
This tool rapidly extracts relevant information from lengthy tax reporting forms
and seamlessly plugs it directly into tax returns, saving time and money while
reducing human error; a timely innovation as the 2021 tax filing deadline
The Tax Data Reader is especially useful for populating a Schedule K-1 (Form
1065), which typically includes a cover page followed by hundreds of pages of
footnotes comprised of unstructured data that needs to be sifted through and
extracted for entry into a tax return.
"We're using natural language processing and machine learning to convert a
massive amount of unstructured data into structured data while saving hours of
manual labor to input the information," said Kevin Valek, KPMG Tax partner and
Asset Management Tax leader. "For one of our financial services clients, the
tool works through more than 300 K-1 forms in less than 10 minutes, saving 80%
in manual hours and resulting in a 50% increase in productivity on higher value
tasks for their people – it's a game changer."
time-savings and increased compliance for a company, KPMG's investment in
technology tools like the Tax Data Reader can help businesses become more
efficient so their people can focus on high-value strategy and execution rather
than on the tedious tasks of filling out complex forms.
"With companies increasingly struggling with how to organize and make sense of
their vast amounts of financial data, we've created a tool that eradicates their
pain points," said Brad Brown, KPMG partner and U.S. and Global Tax Technology
leader. "It's all about making tax simpler via technology and equipping our
clients with a sound data strategy so they can focus instead on running their
The development of the Tax Data Reader is part of KPMG's broader Tax Reimagined
offering, which provides a listen-to-design approach to achieving a company's
future tax vision and which prioritizes a technological approach to tax and