Intuit Further Simplifies Tax Prep for Millions of TurboTax Customers this Tax Season with Google Cloud AI

Trending...
LAS VEGAS, April 9, 2025 ~ Las Vegas, Cloud Next '25 - Intuit Inc. (Nasdaq: INTU), a leading global financial technology platform known for its popular products such as TurboTax, Credit Karma, QuickBooks, and Mailchimp, has announced a new collaboration with Google Cloud. This partnership aims to simplify tax preparation for millions of TurboTax customers this tax season by utilizing Google Cloud's generative AI capabilities.

Intuit has been successfully using its Generative AI Operating System (GenOS) to process tax returns and refunds for the past year. In 2023 alone, TurboTax processed 44 million U.S. tax returns and $107 billion in U.S. tax refunds using GenOS. This system combines Intuit's vast data, custom trained financial large language models (LLMs), and proprietary tax knowledge engine with an extensive catalog of best-in-class LLMs to provide personalized experiences for users.

With nearly a decade of experience in AI-driven document understanding through TurboTax, Intuit has been able to offer support for various tax document import methods such as upload and photo capture. Additionally, the company has also implemented an auto-fill feature for a majority of tax returns, reducing the need for manual data entry. This year, Intuit has taken it a step further by integrating Google Cloud Document AI technology and Gemini models into GenOS. This integration allows for more complex forms such as 1099-B, 1099-COMP, 1099-OID, and form1040 (plus Schedules 1, 2, 3, A, C, E) to be supported.

More on nvtip.com
One example of how this collaboration is benefiting taxpayers is through automated data extraction and autofill from complicated 1099 forms for investors in stocks, bonds, and crypto. Previously these individuals would have had to navigate multiple screens per document and fill in ten fields or manually transcribe data from various brokerage forms with different formats and verbiage. Now, with the help of Google Cloud's technology, this process has been simplified and made more efficient.

Intuit's Chief Technology Officer, Alex Balazs, expressed his excitement about the collaboration with Google Cloud and how it is making a difference in the lives of consumers this tax season. He stated, "Our collaboration with Google Cloud is making a big difference in the day-to-day lives of consumers this tax season. It's a shining example of how we're harnessing the power of Intuit's AI, data and tax domain expertise—with world-class Google Doc AI and Gemini technology—on our GenOS to deliver breakthrough done-for-you experiences at scale. I'm fired up about our results to date, and excited about what the future holds."

More on nvtip.com
Google Cloud CEO Thomas Kurian also shared his thoughts on the partnership, stating that it showcases the power of AI to solve real-world problems. He believes that by utilizing Document AI and Gemini models, TurboTax can accurately extract and populate data from even the most complex tax forms. This will ultimately make filing taxes more efficient, less error-prone, and more accessible for everyone.

TurboTax offers online tax preparation services for individuals to file their own taxes or access experts through TurboTax Live Full Service or TurboTax Live Assisted. For those who prefer to file their taxes independently, TurboTax offers a personalized and fast experience with built-in guidance through its AI-driven expert platform. Customers can seamlessly file personal or business taxes within their preferred Intuit product such as TurboTax and Credit Karma or TurboTax and QuickBooks.

In conclusion, this collaboration between Intuit and Google Cloud is set to revolutionize tax preparation for millions of TurboTax customers this tax season. By leveraging advanced AI technology, taxpayers can expect a more efficient and accurate filing process while also gaining faster access to their refunds.
Filed Under: Business
Show All News | Report Violation

0 Comments

Latest on nvtip.com