My only Schedule F client recently emailed me,  "I am planning to buy a dozen 8-10 month old heifers and I am going to a week long class on AI - that way I can breed them to really high quality bulls and not keep bulls on property."

I read this before my morning coffee so I figured it was just one more application of Artificial Intelligence.

I was trying to do a quick tax projection for a client at the end of the day yesterday.  I couldn't remember what the income limitations were for subtracting Social Security on the Minnesota return so I did a quick Google search.  AI came back with the great answer that there were no limits for 2025.  I tweaked the search wording just a smidgen and it came back with the income limitations.  Those that like AI, more power to you.  Personally, at least for the time being, I'll stick with DI - dumb intelligence.

I was preparing a delinquent 2021 return with a balance due and couldn't remember if there were any COVID postponements that would reduce penalties so I asked ChatGPT when 2021 returns were due and if there were any COVID postponements. I was told 2021 returns were due April 15, 2021. It did admit that was wrong when I pushed back.

My AI assistant looks back at me in the morning when shaving.  Not every morning though.

Don't let the grumpy gus, old-timer, small sample sizer, and joker get you down.  AI works, but not always, and not in every situation.  Verify your answers.

I use LC and use ChatGPT for research.  I don't understand how AI assists with "recollection and input". Can you explain that?

"Verify your answers."

Then why not just cut out the middle man and go directly to the source that you use to verify those answers?

When I watch some videos in Youtube, all the companies have a portal where you can upload the documents, and they knew ai assistant not only analyze the forms, and documents, they even transfer them to the corresponding forms in the tax software, even written hand notices some of them extract the information and are able to transfer it directly to where they belong in the 1040. Hope you understand what I am trying to say. 

SafeSend, Gruntworx, Tax Caddy

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@IRonMaN wrote:

"Verify your answers."

Then why not just cut out the middle man and go directly to the source that you use to verify those answers?

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In many cases, AI (the middle man) can give us an idea for WHERE the source is.  While I under-utilize AI, it can be a great STARTING point to get us looking in the right direction.

Time savings is half or more.  AI finds the sources and there is tremendous time savings. 

I don't think you want to let AI input tax date. (Would Intuit want such a feature?). But I would be interested in knowing about your experience using it.

@strongsilence   Intuit already has such a product. I forget what it's called. Don't know if it works with ProSeries. It does with Laerte. I used it years ago but not now.