Artificial intelligence
fromFast Company
4 days agoShould you trust AI to do your taxes?
AI is increasingly being used by taxpayers and tax professionals to simplify the tax filing process.
Americans can easily spend anywhere between $1,000 and $10,000 annually on tax preparation, yet still wait weeks for responses from their accountants, a system that's reaching a breaking point. With three out of four CPAs approaching retirement and accounting program enrollment declining nationwide, the traditional tax preparation industry faces a severe capacity crisis just as tax complexity continues to escalate.
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The data dump from a ransomware group, labeled under a medical practice, actually contained files from a tax preparation service named Lacerte, not any patient data or office files.