Video: Data analytics and AI in tax

Impact on tax operations is in its infancy but potential is exciting.

Video transcript:

So we are seeing all kinds of pressure on businesses to be more operationally mature, and it’s not just from an operations standpoint, it’s also from the regulators, because the regulators are getting smarter than the companies. And as they continue to share information globally and with each other, even among the states in the US, they have increased technology, they have better positioning, and they have greater transparency into what their businesses are doing. It’s forcing those businesses to make a choice on where they want to sit in the spectrum of operational maturity. A couple trends that we are seeing that are a big deal: analytics, data analytics—just like in the accounting side, the tax side functions the same way. And there really is this increased need for data analytics and how those are going to be applied. I think that it’s still in its infancy over in tax and so it’s kind of exciting to watch that evolving and developing. Really, what’s going to happen over there? How much significance is going to be played over here? And how is it really going to impact base tax operations? And lastly, I think we are also seeing a lot—with just like everybody—in artificial intelligence and other things. What can be done with technology that couldn’t be done before? And how are tax people—let’s say especially because tax people have to touch and move so much data in so many ways—where can we really limit where people are doing this work and utilise some of the cool technologies that may be available either today or on the horizon?

The AICPA Tax Information and Operations Management (TIOM) Task Force strives to educate and bring needed focus to the areas of tax operations, including information management, process optimisation, and the technologies and strategies that support all tax professionals.

The members of this task force are senior-level tax professionals from diverse backgrounds (public practice, consulting, and business and industry) who have built their careers by fostering innovation—constantly working to enhance the future of tax-related processes and technology in an age where business interests are increasingly taking on global dimensions.

We write articles, speak at high-profile conferences, host webcasts, and publish other guidance to help businesses and firms—of all sizes—improve tax-related information management and processes and, as a result, maximise their bottom line. We promote the CPA name and the esteemed CITP and CGMA credentials, and ensure CPA tax professionals remain the premier provider of tax services.