The article also emphasizes that ChatGPT, like other large language models, struggles with complex calculations, which is a critical aspect of tax preparation. It warns that incorrect tax calculations could lead to trouble with the IRS, and the responsibility would fall on the user, not the AI. Despite these limitations, Scott Brillhart, a partner with Founder's CPA, believes AI could be a valuable tool for the tax industry in the future, but not at present.
Key takeaways:
- ChatGPT is not recommended for tax preparation due to its inability to provide the most accurate and up-to-date information about taxes, as its knowledge cutoff date is January 2022 for ChatGPT 3.5 and April 2023 for ChatGPT 4.0.
- Sharing personal financial information with ChatGPT is risky due to past data leaks, and the potential for unauthorized users to gain access to your personal information during a data breach.
- ChatGPT is not proficient in math and can struggle with complex calculations, which can lead to errors in tax return calculations.
- While AI could potentially be beneficial to the tax industry in the future, it's not ready for use in this capacity at the present time.