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Showing content with the highest reputation on 05/24/2023 in all areas

  1. Yes, AI will have the same issues we had... we didn't not prepare the perfect return when we prepared our first returns. Even after many years of practice, I have noticed that I have not prepared the perfect return in many cases. I do believe times are changing and are changing fast and there is no way to compete with computers in certain areas. Wait for the tokenization or NFTization in alliance with AI to become popular using the lightning network and blockchain technology. The future is here but it is in beta.
    3 points
  2. We really need an IRS site to look up the Name Control in their computers. It's stupid that they make us guess what they have. I had several trusts I couldn't efile for name control rejection for years, and finally the IRS fixed the name in their computers and we were finally able to efile. I kept putting the reason for paper filing as the IRS has an error in the name control database, and I guess someone finally took a look and fixed it.
    2 points
  3. Just out of curiosity, I used it for some basic tax research and it did a good job. I was using the free version and the next time I tried to use it, the site was too busy and I couldn't get on.
    2 points
  4. AI knows what it knows because it has "learned" from everything out there in the vast internet. The problem is that a lot of what is out there is wrong. You could probably ask it to prove that the world is flat and it will recall all those ancient texts that said it was. It's always fun when you type a text and it tries to create the word before you type it--some hilarious guesses come up. I do think AI could create a perfect tax return. It could "learn" the entire US Code Title 26 and all the regulations, court cases, and rulings. As our tax system has gotten more complex, we tax pros have often lamented that there is no way one person could know it all. Now some of us will not prepare returns that have foreign income, crypto transactions, etc. or tackle estates, trusts, and worst of all partnerships, because we do not think we have the knowledge to be accurate. Eventually AI could handle it. Tax pros will join the ranks of milkmen, lamplighters, keypunch and telephone operators in the Museum of Extinct Professions.
    2 points
  5. I've used ATX 2020, 2021, and 2022 with Windows 11--no issues.
    1 point
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