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Chatgpt Passes CPA Exam


ILLMAS

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Yeah, version 3.5 flunked, so I guess chatGPT version 4.0 now has a deeper knowledgebase.

I read another article that chatGPT does really well at standardized tests but not so good as questions requiring in depth analysis.

For example it does fairly well at high school and college level math, but poorly at Master and PhD level math questions.

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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.

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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. 

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1 hour ago, ILLMAS said:

Just out of curiosity, does anyone here use ChatGPT on a daily basis?  Like for what reason if I may ask.

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.

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AI will change many things including how we do our taxes. I believe the IRS will have an AI workforce working day and night on many tasks. 

I do believe that in the near future tax season will last only a week.  When CBDC is implemented and people are forced to use it everywhere, your tax return will be prepared each time you spend or receive money. Similar to the way a W2 can be calculated each time an employee receives a paycheck.

I use koinly.com to have schedule D prepared and it takes minutes to do everything (without AI). As long as I have provided access to koinly before I make the purchases, the calculations are correct. In the near future, AI will replace Turbotax and we will not have young people as our clients. How long do you think that will take? 5 years? 10 years? 15 years?

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We have "value added" that many of the Blocks/Jackson Hewitts do not.  Their numbers will continue to drop if they are relying on simple returns (usually with EITC); whereas those who need 1041's, 1065's, 1120's, 706's, Schedule C, Schedule E, Schedule F (and some Schedule D's) will continue to use tax professionals.  Also representation.

I try and identify value added on any return I prepare--if they would have the same result elsewhere, I might mention Tax-Aide or some free program--if they still want me to prepare their return, that's okay too.

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One of the AI proponents on TaxTwitter said that AI will not replace tax preparers; however, tax preparers who use AI will replace tax preparers who do not.

So far, I've only used AI (ChatGPT, an earlier version) to write to letters at the start of this tax season, one to announce/accept my price increase and one to fire clients.

I look forward to having my tax software, tax research, etc., build in AI capabilities that I can use seamlessly. I do NOT want to be nor have the skill or time to be the technical person who creates new AI uses in my business.

I guess that means price increases from my vendors. Hopefully in line with productivity increases.

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I've read several interesting articles this week:

The first article said that so far ChatGPT's access to information has been limited to sources dated prior to September 2021?

The second article said that programming to insure that ChatGPT is only using valid information is lagging far behind.

This article claimed it was fairly easy for an outside third party to insert false information and at the same time instruct ChatGPT

to treat the information inserted as being valid in order to influence answers given by ChatGPT.

🙈🙉🙊

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Yes chatGPT is behind 2 years or more. That's because its creators wanted to put a leash on it. They don't want that monster to have access to all the information without having 100% certainty that it will perform as wished.

As you know, Microsoft and Google are competing with OpenAI and one of the three will unleash their version with current information just to have an advantage. Without a leash, AI will do wonders and a lot of jobs will be "lost".

As for the tax prep business, personal touches work with old people, younger people just want to know how much they will pay or receive. Most of them site in front of me intrigued with their phones. When I ask for their bank account and routing number, they get it in 5 seconds from their phones. When those old people are no longer our clients, we will have a different type of clients. 

I do feel that chatGPT could easily replace us because that monster is like having 10 preparers working on a return, especially if the client has prepared its organizer. I wonder how long it will take to chatGPT to write a program such as ATX. I also wonder when the IRS will have chatGPT or its variation testing and approving tax preparation software in the near future (10 years). 

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7 minutes ago, ILLMAS said:

I see this program being hacked to do the opposite of what it’s supposed to do.  

You don't need to hack it... you just need to command it to do what you want. Right now it has some parameters that limit what it can do but soon it will be able to modify or avoid those parameters and do whatever it wants.

A photographer won a huge prize because he took a picture... when he was presented with the prize or before, he said that it was not a picture, but rather an image created by ChatGPT and relinquished to the prize.  ChatGPT was also used to create a video with the movements and voice of Jerome Powell cursing and making jokes. I thought the video was real, but then again... I am not an expert.

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And, think of the realistic IRS bills it could create! (Maybe already has.) All types of spam will be more believable, and we have to be more careful than ever. Right now we can prompt ChatGPT with writing samples of who we want it to imitate, and then prompt it to write certain emails, whatever.

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