Magnetic

Magnetic is an AI tax preparer built specifically for CPA firms. It automates the data entry, reconciliation, and review processes involved in preparing individual and business tax returns. The platform ingests client documents (PDFs, scanned forms, etc.), extracts key figures using machine learning, and pre-fills tax software inputs, significantly reducing manual work for accountants. Designed for tax professionals, Magnetic integrates with popular tax preparation software like UltraTax, ProSystem fx, and Lacerte. It uses custom-trained AI models to understand tax forms and logic, not generic LLMs. The system learns from each firm's review patterns to improve accuracy over time. Magnetic's workflow starts with document upload via portal or email. The AI extracts data, maps it to the correct tax lines, and populates the return. The CPA then reviews and adjusts in their existing tax software. Magnetic also flags anomalies and missing documents, ensuring completeness before filing. What sets Magnetic apart is its focus on CPA firms rather than consumers, its deep integration with professional tax software, and its continuous learning capability. It does not replace the accountant but aims to cut preparation time by 50-70% for complex returns.