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Yes, basically an AI can read a TB, identify the accounts, map them to the returns, have logic built in for book to tax differences along with foreign and state logic as well.
As it makes mistakes and we fix them it learns the data points for the next client that uploads a tb to reduce common errors. It’s actually amazing.
Yeah, doesn’t actually work that well. Maybe in 2-4 years it will be amazing. But less than (more frustrating) KGS right now.
Yes; haven’t taught the machines to post on FB yet, but that’s in beta. Basically every mundane task from aspects of tax compliance, tax provision prep, and more can and will be automated within the next 24-36 months.
There's both AI and automation happening. KPMG's in house software that is used for compliance does the mapping, using AI, where it learns how to map better from TB to tax return over time. Automation is also happening with tax provision prep. Pretty damn cool to see it and work on it in Ignition. Pretty much the dream job in accounting imo.
Short answer is yes. Check out the AI models on Digital Lab for some examples.
Click on gallery and in the top left, you can filter by automation type. AI model is the first one and is marked in red.
The IRA process being rolled out for efiling has an AI component too