Talking Tax
Inside EY's Generative AI Rollout and Tax Challenges
Aug 14, 2024
Discover how Ernst & Young is investing $1.4 billion in generative AI to revolutionize tax processes for professionals. The conversation dives into the complexities of applying AI in tax law amidst changing regulations. Learn about the tailored use of large language models to tackle tax inquiries and the evolving responsibilities of tax professionals. Hear how AI can enhance real-time tax management while addressing workforce challenges as many seasoned experts approach retirement.
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Quick takeaways
- Ernst & Young's investment in generative AI aims to automate tax processes and enhance efficiency amid an ongoing talent shortage.
- Challenges persist in implementing tax-specific AI due to evolving laws and a need for specialized training in existing language models.
Deep dives
The Future of AI in Tax
Generative AI is poised to transform the tax profession, although its full potential may take time to realize. Currently, many companies are at the beginning stages of implementing AI technologies, motivated either by C-suite mandates or initial explorations into their capabilities. The goal is to eventually utilize AI for real-time tax decision-making, allowing professionals to address tax implications at the moment of transaction, which would significantly enhance strategic planning. However, firms still face challenges regarding the complexity and constant evolution of tax laws, making effective implementation a gradual process.
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