The use of generative AI tools in the tax profession

Generative AI tools have taken the world by storm. For tax professionals, this is no different, and it is necessary to evaluate how these generative AI technologies can, and might, enhance what tax professionals and organizations are capable of doing in the medium to long-term.

In this publication, we explore:

Data to information to knowledge to wisdom
What fuels generative AI technologies?
Use cases of generative AI in the tax profession
A word of caution
Where lies the future of the tax profession?

The use of Generative AI tools in the Tax Profession — After the initial hype — Fear, Foe or Friend?

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Areas of the tax function and how generative AI can help:

Tax compliance

Generative AI tools (including working alongside traditional tax compliance tools) have the potential to streamline and render obsolete many of the very time-consuming aspects of any tax compliance process.

Tax controversy

In advance of tax controversy matters, generative AI can help tax professionals to identify, react to and report on potential areas of controversy risk based on this information.

Tax advisory

Generative AI technologies can provide instant access to aggregated knowledge and insights, enabling tax functions to focus more on value creation and strategic activities.

Transactional activities

Generative AI can be a valuable collaborator in transaction work, helping tax professionals to access better information, make more informed decisions and communicate complex tax concepts and strategies more effectively to stakeholders with different backgrounds and levels of understanding.

Knowledge management

Generative AI can not only assist with the accumulation of this knowledge, but also in more effectively drawing insights or conclusions from it. And in a world in which changes in rules, regulations and business models evolve at lightning speed, tax professionals may finally feel like they can keep up.

Business integration

Generative AI tools can help advance business integration by providing data analysis and insights closer to real-time, generating simplified analyses and narrative for complex tax concepts and regulations, and producing tax impact analysis and personalized executive summaries.