Generative Artificial Intelligence (Gen-AI) has been identified as a potentially useful tool in legal analysis, financial advice and problem solving (Choi & Schwarcz, 2023), there is limited research on the abilities and limitations of fast developing AI systems and tools in providing tax advice (Blair-Stanek, Holzenberger, & Van Durme, 2023).
The purpose of this article is to test a number of Gen-AI tools with real world tax questions and evaluate their answers. We did this to test their capabilities, to evaluate their limitations and to understand how they might best be used by tax professionals.
The study was prepared by a number of interns, with assistance from others, in the FSO tax team in EY Ireland over the summer of 2023.
We note concerns about the misuse of intellectual property (Appel, Neelbauer, & Schwei, 2023) and client confidentiality have been identified in using AI tools – it is not the purpose of this article to discuss those concerns.
This article was fist published in IBFD.org – AI Assistance in Providing Tax Advice – A Practical Study | IBFD.
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