AI-Powered Tax Analysis Platform Blue J Launches First-of-its-Variety Entity and Relationship Diagramming

For tax attorneys and accountants, a serious ache level is the time they spend drawing advanced entity and relationship diagrams — diagrams that map the key gamers concerned in a shopper’s tax situation and the relationships amongst them.

Till now, the state-of-the-art for creating these diagrams has been Microsoft PowerPoint, in accordance with Benjamin Alarie, cofounder and CEO of Blue J, an organization that gives AI-powered authorized and tax analysis and evaluation software program. Tax professionals can spend many hours in PowerPoint — at their customary billable charges — drawing shapes and connecting traces, he stated.

The corporate says it persistently obtained buyer suggestions indicating that the effort and time spent drawing these advanced diagrams was a serious supply of frustration, and that present options didn’t meet the necessity for simplicity and tax-specific performance.

Aiming to unravel this downside, Blue J is immediately introducing its new Entity and Relationship Diagramming function as a part of its flagship Blue J Tax platform. This primary-of-its-kind function permits customers to drop frequent entity shapes shortly and simply onto a canvas, draw connecting relationships between entities, and seize key knowledge associated to the entities and relationships.

“Blue J’s new tax diagramming resolution streamlines documenting and analyzing the tax implications of the advanced relationships amongst entities,” Alarie — who can also be a professor of enterprise legislation on the College of Toronto — advised me.

“Blue J’s tax diagramming resolution is purpose-built for tax practitioners and opens up new methods to leverage AI and machine-learning in evaluation of the deserves of tax positions.”

In the present day’s launch observe’s the Toronto-based firm’s announcement in August that it had raised $9 million in Collection B funding to speed up improvement of its tax evaluation platform and introduced on new executives to steer its gross sales and advertising and marketing.

Extra Than A Drawing Device

The function supplies a easy interface by which customers can extra simply show the relationships amongst all entities concerned of their shopper’s tax situation.

Customers can create a diagram from scratch or selected from templates Blue J has created for quite a few conditions involving frequent buildings and reorganizations. When the diagram is accomplished, the consumer can export it to PDF or PNG to current to the shopper or share with colleagues.

In contrast to PowerPoint, the system is particularly designed for tax practitioners and tax-specific points. As well as, the corporate says, it’s greater than only a drawing instrument — it additionally captures knowledge concerning the entities and the relationships to entry additional perception into how the laws and rules interaction with their construction.

Core Platform Predicts Outcomes

Blue J’s core product makes use of AI to investigate tax situations and predict how courts will resolve them, usually with 90% accuracy, the corporate says. (The platform tells you the arrogance stage of its prediction.)

Blue J says its authorized consultants have reviewed all the selections in a given space of tax, coded all of the related info at play in these choices, after which used a proprietary AI algorithm to construct its prediction instrument primarily based on these components.

Blue J’s AI predicts court docket outcomes of tax situations with a reported 90% accuracy.

The platform steps a consumer by means of a sequence of questions to gather info, and the instrument returns a exact prediction of how the courts are prone to rule in that situation. Customers can then modify the components within the case dynamically to see the affect on the end result prediction.

Based on Blue J, that similar algorithm permits customers to overview all the selections that match a truth sample with respect to a particular tax difficulty, eliminating the necessity to seek for, scan, and browse massive numbers of irrelevant choices. With a click on, a consumer can create a analysis abstract that gathers the selections and an explanatory narrative, prepared for overview by the shopper.

Blue J’s algorithm permits customers to simply overview all the selections that match their truth sample.

One other module supplies workspaces for statute evaluation, the place customers can work with a clear, simply editable model of the tax statute. Sections could be highlighted, hidden, and annotated for collaboration with colleagues.

$9M Financing and New Hires

The corporate’s Collection B financing was led by Era Ventures and included participation from returning traders Relay Ventures, Mistral Enterprise Companions and LDV Companions. The spherical brings the corporate’s complete financing to $18 million.

The brand new executives who joined Blue J have been:

  • Joshua Tanzola, previously with Actionstep and Clio, as vice chairman of world gross sales.
  • Peter van Hezewyk, previously with Thomson Reuters, the place he led advertising and marketing technique for world massive legislation companies, as vice chairman of selling.

Blue J’s know-how developed out of IBM’s 2014 Watson Problem on the College of Toronto. Alarie, then an affiliate dean, served as a decide, and have become intrigued by the probabilities of making use of AI to tax legislation. By 2015, the corporate constructed its preliminary prototype, and it launched it commercially a 12 months later, initially in Canada, however later increasing to the U.S. market.

 

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Written by colin

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