The company aims to keep users on its platform for tax-related queries, rather than them turning to Google. While the AI tool is not available on the free version of the app, the company has no plans to increase the prices of its subscription tiers that will have access to it. H&R Block also has a team that monitors the model for accuracy and ensures it behaves as designed. Other tax preparation apps, like Intuit’s TurboTax, are also planning to use AI to improve their services.
Key takeaways:
- H&R Block has launched a new conversational AI chatbot, AI Tax Assist, which answers taxpayer questions and is accessible through paid versions of the company's DIY tax software.
- The AI chatbot can provide information on tax rules, exemptions, and other tax-related issues, and can also direct users to a human tax expert for more personalized advice.
- The AI Tax Assist was built using models from OpenAI and Microsoft, and was trained solely on H&R Block's library of tax laws, with the help of its accountants, lawyers, and tax professionals.
- While the AI Tax Assist feature is not available on the free version of the app, H&R Block has confirmed that it will not increase the prices of its subscription tiers that will have access to the conversational AI platform.