Explore the impact of artificial intelligence (AI) on the tax profession, detailing its capacity for dramatic efficiency gains, the fundamental shift it brings to the professional's value proposition and its potential to disrupt traditional business models.
DESIGNED FOR
CPAs and accounting professionals in public practice and industry who advise individuals and closely held businesses on tax matters
BENEFITS
- Identify the inherent risks with general-purpose AI tools, including “hallucinations” and data privacy issues.
- Learn a framework for rigorous due diligence in selecting and implementing AI tools, including vendor vetting, data security, algorithmic transparency and contractual safeguards.
- Understand the transformative impact of AI on tax practices, including efficiency gains, evolving professional value propositions and potential disruptions to traditional business models.
- Recognize key recommendations for firm leadership on developing AI usage policies, establishing vetting committees, implementing mandatory training and updating Written Information Security Plans (WISPs) for compliant AI adoption.
HIGHLIGHTS
Key items covered in this session include:
- The differences between general-purpose AI and domain-specific AI
- Professional obligations under IRS Circular 230, the AICPA Code of Professional Conduct and federal data safeguarding laws (e.g., IRC Sections 6713 & 7216, FTC Safeguards Rule)
- Techniques for effective research using AI, including general-purpose (like Google Gemini) and secure, source-grounded analysis of documents with specialized platforms (like NotebookLM)
- AI usage policies