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May 3, 2023

Artificial intelligence (AI) is the simulation of human intelligence by machines, and the applications for use are rapidly increasing each day. Chatbots such as ChatGPT and BingAI are at the forefront of this movement, but Ashley Francis, CPA, Owner — The Francis Group, PLLC, notes that more than 1,500 similar AI were released in the past week.

Listen in as Ashley shares more insights with April Walker, CPA, CGMA, Lead Manager — Tax Practice & Ethics, AICPA & CIMA, including how AI is positioned to transform the future of tax compliance.

What you’ll learn in this episode

  • Why the time is ripe for AI and why it creates both excitement and anxiety (0:48)
  • Other players on the scene besides ChatGPT (5:03)
  • The more exciting implications of AI for tax practitioners (9:07)
  • Is this just a fad? (13:52)
  • Tips for getting started (16:29)
  • How to create a helpful prompt (19:48)
  • Data security concerns, legal and ethical concerns and tips for risk mitigation (26:18)
  • A page from Ashley’s travel journal (30:05)

Related resources

  • The Francis Group, PLLC — At The Francis Group, Ashley offers expert technical services and personalized service to sophisticated taxpayers and family entities with high net worth. Ashley can also be found on Twitter.
  • AICPA & CIMA ENGAGE 2023 — June 5–8, 2023 (live onsite at Aria Resort & Casino, Las Vegas, NV, or online), will help you evolve by turning the pace of change from a challenge to an opportunity. With nine tracks of expert content, you’ll gain exclusive insights, develop practical skills and walk away with tangible guidance to evolve at your own pace.
  • Technology resource center — Technology is evolving at an unprecedented speed and affects each of us in almost all facets of life and business. This hub provides you with access to the latest technology information, tools and resources to best serve your clients or support the organization where you work.

Keep your finger on the pulse of the dynamic and evolving tax landscape with insights from tax thought leaders in the AICPA Tax Section. The Tax Section Odyssey podcast includes a digest of tax developments, trending issues and practice management tips that you need to be aware of to elevate your professional development and your firm practices.

This resource is part of the robust tax resource library available from the AICPA Tax Section. The Tax Section is your go-to home base for staying up to date on the latest tax developments and providing the edge you need for upskilling your professional development. If you’re not already a member, consider joining this prestigious community of your tax peers. You’ll get free CPE, access to rich technical content such as our Annual Tax Compliance Kit, a weekly member newsletter and a digital subscription to The Tax Adviser.