Most Tax Pros, Corporate and Public, Believe AI Should Be in Their Toolbox
– More than three-fourths (77%) of tax professionals believe AI technology can be applied to their work, and more than half (56%) of in-house corporate tax teams think their external tax advisers’ firms should be using AI, according to a report by Thomson Reuters.
– An overwhelming 60% of corporate tax professionals now believe Gen AI should be applied to their industry work, an increase from 53% in 2023.
– Industry-specific AI tools are predicted to outpace open-source tools like ChatGPT to minimize risk for businesses.
– Tax professionals see increased productivity, streamlined work processes, and improved quality and accuracy of work as primary benefits of AI in their industry.
– Thomson Reuters has announced Checkpoint Edge with CoCounsel, its first Gen AI product for tax professionals.
– Over half (51%) of tax professionals see AI as either a minimal threat or no threat at all to jobs in their industry.