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  • Writer's pictureThe Lincoln Accounting Team

Tax-prepping bots?

Hello there,


I wanted to share something with you that made my morning. OpenAI rolled out GPT-4. Yes, you heard right, the successor to the one that powers ChatGPT!


This is not just an ordinary release.


It's arguably the most significant software unveiling to date.


Here's something that'll blow your mind: this model reportedly scored in the 90th percentile on the bar exam. Can you wrap your head around that?


Now, here's the part that really got my attention - they tested it on tax calculations.


I should clarify, GPT-4 is no tax advisor, so please don't take this as professional advice. Always consult your tax advisor....here at Lincoln, of course!


But isn't it intriguing?


This model could potentially simplify complex content for us. It could be a tool to tackle challenging problems.


An issue with an NOL or Code Section 1202? Ask your AI and then go from there.


The beauty of it is this:


The model doesn't discriminate between coding or any other type of work.


It's versatile.


And it's definitely sparked some conversations.


Tax professionals are starting to sweat a little. Will they be out of a job because of AI?


From my perspective, I see it as a golden opportunity.


If leveraged correctly, those in the tax industry could stand to gain the most.


However, let's not jump the gun.


All the model did was input a taxable income figure into a few tax brackets.


It didn't probe further.


It didn't present the information in a user-friendly manner.


So, the likelihood of it replacing tax professionals in the near future is slim. But never say never.


But it has certainly planted the seed for us to ponder the possibilities of the future.


And that, my friend, is always a step in the right direction.


Until next time,


-R&S

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