Artificial Intelligence (AI) tools for tax preparation offer convenience, but caution is necessary. Jason Shaw, a CPA, advises verifying AI-generated advice with professionals due to the variability in tax rules and individual situations. While AI can accelerate data processing, it may introduce inaccuracies that result in costly mistakes. Monica Beasley, owner of an accounting service, emphasizes the importance of human expertise, recommending AI as a research tool rather than for filing returns. Professional-grade AI, like CoCounsel, can assist accountants, but unique tax circumstances require human oversight. Local resources like the IRS’s Volunteer Income Tax Assistance (VITA) program, which provides free help, are valuable. Mandi Alt, overseeing VITA in Urbana, emphasizes using vetted materials to ensure reliable assistance. Lastly, users must be wary of privacy risks with personal data shared in AI tools. Ultimately, knowledgeable use of AI can enhance efficiency in tax preparation, provided users maintain awareness of its limitations and risks.
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