AI Tax Tools Promise Efficiency But Currently Fall Short on Accuracy
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AI-powered tax software promises to automate tedious tasks like data entry and finding tax breaks, but products currently available like chatbots have given wrong answers.
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The IRS is using funding to develop AI chatbots and auditing tools, but they currently provide limited usefulness and have potential for bias.
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Major tax prep companies like TurboTax and H&R Block are incorporating AI features like chatbots into products, but they fail to accurately answer tax questions.
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AI tax startups like April are emerging to take market share through partnerships and machine learning to personalize filings.
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Nonprofits like Code for America are piloting AI to analyze documents and free up human volunteers to provide more direct help.