Talking Tax
AI Is Becoming a 'Co-Pilot' for Tax Professionals
Aug 23, 2023
AI is becoming a 'co-pilot' for tax professionals, automating tax filings and compliance. Generative AI is democratizing the technology for tax professionals. AI helps companies tell their tax stories, plan taxes, and navigate global tax rules. KPMG invests in training professionals and responsible AI practices. AI is transforming corporate tax departments and directors need to stay proactive.
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Quick takeaways
- AI is becoming a 'co-pilot' for tax professionals, assisting them in their jobs and enhancing their efficiency.
- Generative AI is democratizing technology and providing tax professionals with the ability to tell a cohesive tax story and make better strategic decisions.
Deep dives
AI is the Next Frontier for Tax Departments
According to KPMG's third annual Tax Reimagine Survey, 99% of C-suite executives at large companies agree that AI is the next frontier. In fact, 75% of respondents plan to invest at least a million dollars, with 40% planning to invest $10 million or more, in AI capabilities for their tax function over the next 12 months. This indicates a significant focus on integrating AI into tax departments to enhance efficiency and effectiveness.
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