Nearly 20% of Americans would trust ChatGPT to review their income taxes, according to a new survey. Here's what to know before using AI-powered chatbots.
The tax deadline is approaching and some filers are turning to chatbots powered by artificial intelligence for help with returns.
While many experts are optimistic about the future of generative AI and taxes, filers should "proceed with caution" when using the software to file returns, said April Walker, lead manager for tax practice and ethics at the American Institute of CPAs.An 'often overlooked' retirement savings option can lower your tax bill"We caution users against using ChatGPT for financial advice, as they should seek a professional instead.
Kumar has tested AI chatbots with his students and found the software works for general tax questions, but often provides wrong answers for more specific prompts. "I think there are opportunities to use tools like that in a generalized context," said Michael Prinzo, managing principal of tax at CliftonLarsonAllen. "It could be an effective tool as long as personal information is protected."
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