Monday, October 2, 2023
HomeNewsAI is the New Taxman

AI is the New Taxman

As the group’s lead guitarist, the iconic musician George Harrison was the primary singer only on a few Beatles songs.

One of those songs (which was also written by Harrison) was called “Taxman.”

Based on this recent NY Times article, it seems like AI is the new “Taxman” as the US Internal Revenue Services (“IRS”) will be using AI as a tool to investigate potential tax evasion.

Here’s a key passage from the article: “Mr. Werfel explained that artificial intelligence is helping the I.R.S. identify patterns and trends, giving the agency greater confidence that it can find where larger partnerships are shielding income. That is leading to the kinds of major audits that the I.R.S. might not have previously tackled.”

This use case for AI is very interesting for the following reasons:

☑️ It’s an example of the public sector embracing Digital Transformation in the form of AI to help solve problems.

☑️ It demonstrates how a traditional and regulated profession, tax and accounting services, can use AI as a tool to perform its work.

☑️ It reminds us that organizations have a growing opportunity to use AI as a tool to drive a culture of compliance.

Of course, another important takeaway is don’t cheat on your taxes!

Source link



Please enter your comment!
Please enter your name here

Most Popular

Recent Comments