"No language on earth has ever produced the expression 'as enjoyable as filing your taxes.' This annual chore is the pits. It's slow, frustrating work that requires organization, math skills, and the ability to decipher meaning from the U.S. tax code."
"According to the U.S. Government Accountability Office, the IRS has set up AI systems to increase operational efficiency, help with audit selection for tax compliance and fraud detection, and provide taxpayer services, such as chatbots."
"Tax pros spend a significant amount of time on data collection and data entry. By embedding AI into workflows, we can extract data from documents, pre-populate returns, and automate repetitive tasks behind the scenes."
Filing taxes is often seen as a frustrating and tedious task. A survey indicates that nearly 11% of taxpayers are considering using AI systems to assist with tax preparation. Despite concerns about AI's reliability in handling sensitive financial information, the IRS and professional tax preparers have begun integrating AI to enhance efficiency. AI helps automate data collection, pre-populate returns, and streamline repetitive tasks, allowing tax professionals to focus more on providing guidance and explanations to clients.
Read at Fast Company
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