TAX2318. Is Use of Artificial Intelligence (ChatGPT) Fit for Tax Practice?
Generative artificial intelligence (GAI) chatbot ChatGPT has taken the country by storm. ChatGPT reached 1 million (1M) users within only 5 days of its release. What is ChatGPT? It is a computer program designed to generate answers to questions posed in human-like, conversational responses.
ChatGPT is being utilized by young and old alike in federal tax practice as we speak. But, is it ready for prime time? ChatGPT has its strengths, but also notable weaknesses. Blink your eyes and it will change (and likely get a lot better very quickly). If tax practitioners do not jump on the GAI train now, they’re likely to get left at the station.
How many of the following questions can you confidently answer?
1. Is the use of general AI (ChatGPT in particular) helpful in tax practice?
2. If helpful, in what contexts may it best be used?
3. How can ChatGPT save you time and make you money?
4. What SKILL SETS capably aid you in your approach utilizing ChatGPT?
5. What are the practical limitations on its use? Can it be harmful?
6. Does ChatGPT hallucinate?
7. What are the legal, accounting and tax ethics rules applicable to the use of ChatGPT?
8. What must you know and do to prevent ChatGPT from getting you into trouble?
This course answers the above questions through a series of case study ChatGPT searches and second effort.
- To learn the strengths and candid weaknesses of currently commercially available generative AI (GAI) such as ChatGPT
- To learn skill sets as to how to successfully utilize ChatGPT
- To learn the legal, accounting and tax ethics rules applicable to the use of ChatGPT