Tax & Accounting Issued a Patent for Tax Provision System in Financial Reporting

By Thomson Reuters, PRNE
Monday, January 18, 2010

U.S. Patent No. 7,627,504 issued on 12/1/09 awarded to Thomson Reuters for ONESOURCE Tax Provision - critical in financial reporting

NEW YORK, January 19 - The Tax & Accounting business of Thomson Reuters was recently awarded a
patent by the United States Patent and Trademark Office for creating a system
to determine a company's tax provision - a crucial component of a company's
financial statement. The patent covers ONESOURCE Tax Provision (formerly
TaxStream), the company's industry-leading tax provision software utilized by
multinational organizations, to automate and reduce costs and complexity
associated with the preparation and reporting of the tax provision in
financial statements.

"We are truly proud and pleased that the U.S. Patent & Trademark Office
has issued U.S. Patent No. 7,627,504," said Joe Harpaz, head of global Tax
Technology for Tax & Accounting. "Over the past several years, calculating
and forecasting taxes for the purposes of financial reporting has become an
area of increasing complexity and regulatory scrutiny. As a global tax
provision platform, ONESOURCE Tax Provision manages and automates the data
collection & storage, calculation, and reporting associated with the tax
provision for US GAAP and IFRS filers. Our innovation and leadership in this
space is further substantiated by the recently awarded patent."

The patent was filed in 2002, and awarded to the Tax & Accounting
business of Thomson Reuters in December 2009. The inventors are Kevin P
Brady, advisor, Global Product Strategy, ONESOURCE Tax Provision; and Shane T
Naughton, vice president, Technology, ONESOURCE Tax Provision. To view the
patent as it appears on the U.S. Patent office website

"Innovation is, and will always be a growing focus of the Tax &
Accounting business of Thomson Reuters," said Brian Peccarelli, president of
Workflow & Service Solutions for Tax & Accounting. "As we expand our
offerings to support the global tax technology needs of corporations around
the world, we continue to create new solutions that aim to reduce risk and
increase the efficiency of tax and financial reporting functions. This patent
showcases the innovative spirit and work ethic of the Tax & Accounting team."

This is the second patent awarded to the Tax & Accounting business of
Thomson Reuters since 2007. The previous patent was for ONESOURCE Property
Tax (formerly known as ePropertyTax), and is designed to manage
multi-jurisdictional property tax information. To view the ONESOURCE Property
Tax patent announcement

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Joe Christinat, Public Relations of Thomson Reuters Tax & Accounting, +1-212-807-2198, joe.christinat at

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