Is machine learning or AI used for tax? And how?

like
Posting as :
works at
You are currently posting as works at

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.

like

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.

like

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

Related Posts

Hi everyone, I am working towards a career shift into management consulting, specialising in Strategy & Restructuring services to be specific. I am looking for a referral to a T2 firm within the Middle East if possible. Would love to connect, learn from your experience and take your advice on how to successfully land a role in the industry! (Currently based in Dubai)

like

What are some great companies to work for as a woman in engineering?

like

Need EY Managing Director referral

like

And it Begins!

Post Photo
like

Should you mark that an Employer should not be contacted if asked on application? EEOC Discrimination COMPLAINT FILED during Pandemic. Contract was not renewed!
Are past employers contacted without being listed as a reference?

like
Post Gif
like

Wednesday morning vibes. How are we feeling today fishies? Any stories we liked to share about our experiences?

Post Photo
like

Hey Guys, I am a data science associate at ZS. Let me know if anyone wants a referral in any of the below profiles. 😊

Post Photo
like

Im thinking of creating a Vegan/Plant Based Group. Is that something anyone here would be interested in?

like

Is it true that most personal trainers at commercial gyms aren’t great? Or is that a misconception? I’ve heard this from a few people and I’ve also had a couple bad experiences.

FWIW, I’m about to join a gym (either chelsea piers fitness or crunch fitness) and looking to get a PT to improve my form, provide a meal plan, and set a routine.

like

What do folks think of DDOG?

like

Southeast Bowl AMDs: what salary range are you seeing for digital AMD roles on large clients?

like

Hi All, I am 11 yoe, working at a medium sized product company and I got an offer from Thoughtworks (50% hike) for a Lead Consultant role in data engineer profile.

Being a mother, I have anxiety and nervousness about joining a service based company bcoz of doubts below.
1. Job security, considering the upcoming recession is it safe to join TW at this time?
2. How good is WLB at TW for a Lead Consultant? Approx working hours on a daily basis?
3. How flexible is TW for WFH?

Please suggest

like

Just confirmed an interview Salesforce as a Financial Analyst! Looking for tips from anyone who has gone through their process, would be greatly appreciated. Nervous as this is a position I'm been trying to get!

like

Any tips for someone who is a first time dog owner? Just got a puppy and would love any tips and tricks like how to potty train, etc.

Is anyone aware of a company looking for CSMs that would sponsor a work visa for a Canadian to live and work in the US?

like

Hi Fishes,

Yesterday I attended MS hackerrank test and was able to solve some Java based MCQ and one sql query correctly but not able to execute a code with any passed test case so should I expect a call from a recruiter for an interview?

like

How much devops engineer can earn with 1yr relevant experience and 5yrs industry experience?

like

Bhai Chennai kon kon shift hora hai ?next month

like

Are there actually tax cuts switching from home office in NYC to Hoboken?

like

Additional Posts in Tax Bowl

Is there a tax practice that involves lots of tax research and doesn’t require a lot of compliance? I love the technical side of tax and don’t mind spending all night researching a tax issue (that’s what got me into a master of tax) but I just hate hate compliance side of tax

like

It’s hard to trust the partners/leadership when they want us to return to office as being better when we increase offshoring? Also, the pressure on billable hours when all that really matters is how much our fixed labor costs vs. how much we can bill (which is usually fixed fee or at least a range) and the fixed labor costs of offshoring is significantly cheaper so the hours don’t matter. Am I mistaken by this viewpoint?

like

Between PwC, Deloitte, & EY. Which has the best NYC Tax Practice when it comes to comp and promotions?

like

Hi all, i plan to stick with tax ( public acct) till senior and will apply for private role with a hope that i can start to do part time tax prep. Any thoughts or advice?

like

Has anyone switched from fed/corporate tax to M&A tax? What was your experience?

like

Once a vaccine is found (assuming it'll be in the next 12 months) how long do you think it'll take the economy to rebound?

like

Anyone ever go work at the state - department of revenue ?

like

At any level above Senior, how do u manage the relationship between utilization and realization, which is an inverse relationship. Seems to be either blow the budget (and write it off), or eat a lot of time.

like

I am a 3rd year senior associate in alternative investment tax and up for manager promotion this year. I really dislike the long hours of this job and seeking to make a move. Although I’m not sure i necessarily want to stay in tax. I have a young toddler at home and want to find a job i like, makes decent money, and has decent hours so i can spend more time with family.

Has anyone been in a similar position and made a move? Can you please share your experience? Thanks!

like

What groups are best at tax valuations (e.g. IP and other asset valuations)?

Is it usually done by tax service lines or advisory service lines?

like

For the one year of work experience requirement to get CPA license in CO, when did you qualify? Do they just do 1 year from DOH or do you need to have charged 1,800 hours of client work?

How easy is it to make manager in 4 years in a large metro B4 tax group? How does an early promo manager salary compare to a non early promo manager?

like

So I worked from home yesterday and my husband had a sneak peak on my meetings with clients (which I’m very new to being a senior). He mention that I should read some sales pitch books of some sorts so I can get a process down and not be drain from having genuine conversations with every client. I think it’s a great idea. Anyone have thoughts or recommendation?

like

Hey guys I’m trying to figure out the market rate for a staff tax accounting position as I am new to the industry. I am looking in Long Island New York any help would be great. Looking to start at a mid sized firm.

like

Is any one looking to work in Corporate Tax in public accounting? Connect with me. We are planning to hire a Senior or Supervisor purely in corporate Tax.

like

Thoughts on a manager texting you to ask why you aren’t online Easter weekend when all of your work is completed and another senior who can’t handle their own work decided to randomly send you their returns to review?

likefunny

Got an offer from a smaller “boutique” firm with ultra high net worth clients that’s 21% more than I’m making at Deloitte plus 7.5k sign on. Fully remote (firm located in CA, I’m on east coast). Take the offer?

like

International tax senior associate- Deloitte

I have an interview with Deloitte next week for senior associate Internacional tax in California. How much salary I should expect? I am sure this question will come up and I don't want to underbelly myself. Currently I am a senior at other Big4.

like

What does a year one international tax senior make in HCOL West?

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Scan your QR code to download
Fishbowl app on your mobile

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal