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Utilizing ChatGPT and AI in Tax Practices: Automating Repetitive Tasks, Tax Research, Training New Staff

Recording of a 110-minute CPE webinar with Q&A

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Conducted on Monday, October 28, 2024

Recorded event now available

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This webinar will explore the exponential growth of artificial intelligence (AI) and its application in tax and accounting firms. Our panel of technology experts will guide practitioners through practical applications of AI and ChatGPT and explain how its growth will impact the profession in the future.

Description

ChatGPT has passed the bar and CPA exams with scores well above passing. Like many of us, a passing score required multiple attempts and the input of more information. Some tax practitioners are concerned that AI will eliminate their jobs, while others are excited that they will have more time to focus on complex financial, tax, and trust and estate planning opportunities. Everyone agrees that the explosive growth of AI will continue and significantly impact all industries, particularly tax preparation.

AI automates manual processes. ChatGPT allows the user to communicate with AI using a conversational format. The uses of ChatGPT and AI by tax professionals are countless and diverse and include drafting documents, training new staff, detecting fraud, creating Excel formulas, summarizing IRS publications, researching tax questions, and responding to client inquiries. Along with opportunities, there are significant issues. ChatGPT will always provide an answer. According to OpenAI, GPT-4 is "60% less likely to make stuff up" than the prior version. Other concerns encompass data security, disclosure of sensitive information, and proprietary rights. Tax advisers need to stay abreast of this rapidly changing environment and understand the benefits and caveats of AI.

Listen as our panel of AI experts demonstrates how ChatGPT and AI are used in tax practices and how to stay ahead of this emerging technology.

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Outline

  1. ChatGPT and AI: introduction
  2. Uses
    1. Repetitive tasks
    2. Training new staff
    3. Tax research
    4. Specific examples
  3. Options
  4. Data security and privacy
  5. Future of AI

Benefits

The panel will review these and other critical issues:

  • Practical applications of AI for tax professionals
  • Safeguards your firm should have in place when utilizing AI
  • The growing impact of AI on tax accounting professionals
  • Getting started with ChatGPT
  • Options available to access AI

Faculty

Akpan, Mfon
Dr. Mfon Akpan, DBA, CGMA
Assistant Professor of Accounting
Methodist University

Dr. Akpan, DBA, CGMA, is an Assistant Professor of Accounting at Methodist University. His primary teaching...  |  Read More

Reams, Lee
Lee Reams
Founder & CEO
CountingWorks

Mr. Reams is the Founder and CEO of CountingWorks, Inc. He has been developing best-in-class marketing solutions...  |  Read More

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