eTail West: The Virtual Summit & Expo for E-commerce & Omnichannel Innovators
The Virtual Summit & Expo for eCommerce & Omnichannel Innovators
Artificial Intelligence (AI) has had a checkered development history over the decades. Periods of heavy funding have alternated with stretches of diminished interest from academia, businesses and governments – until recently. Now that AI interest is white-hot and seems likely to sustain, it’s time to look at its impacts to a wide range of business functions, including tax.
A new PwC report puts it this way: AI “has arrived in the tax function, with many usable tax applications beginning to emerge from both academic research and professional service firms… it is highly likely that AI applications will find a role in the tax function of the future – and even the near future – assisting tax experts in detecting errors, classifying transactions, estimating audit risk, and proposing beneficial tax strategies within increasingly complex global legal frameworks.” The final phrase in the report’s title, Tax Analytics: Artificial Intelligence and Machine Learning – Level 5, refers to the highest of PwC’s performance levels for tax analytics.
The report includes a look at how tax departments can benefit from the major categories of machine learning – the branch of AI that enables computers to build models that can detect patterns in data – and then adapt them automatically as they receive new inputs. Three notable machine learning capabilities include:
Only time will tell how AI will continue to impact tax in the future, but we’ll help keep you up to date as new developments unfold.
Please remember that the Tax Matters provides information for educational purposes, not specific tax or legal advice. Always consult a qualified tax or legal advisor before taking any action based on this information.
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