Don’t look now, but April 15 is almost here! Ordinarily, that means money gushing in for our friends at the IRS. Last year, they took in $5.1 trillion, or 95% of all government revenue. Since then, the economy has grown 2.8%, suggesting we should see a similarly sized increase in revenue.
Artificial Intelligence
Magic Eight Ball Says . . .
Tax professionals hoping to rescue wasted dollars for their clients for are hoping to harness AI’s power. A startup company called Blue J has introduced two services for tax pros eager to hop on the AI bandwagon. Their diagramming tool helps planners create helpful illustrations for transactions like mergers and acquisitions, corporate spinoffs, and the like. And they’re more exciting “Ask Blue J” chatbot promises “research with confidence” to help planners research caselaw, clarify understanding, and expedite drafting. But Yogi Berra once said, “It’s difficult to make predictions, especially about the future.”