As with many fields, artificial intelligence (AI) has significantly impacted tax reporting, benefiting both taxpayers and the IRS. AI has increased efficiency through automation and data analysis capabilities. AI can also streamline the review process by quickly identifying potential discrepancies or missing information within the tax return or documents, prompting users to address these issues proactively.
For taxpayers, this translates to improved accuracy and ensuring they claim all applicable tax credits and deductions. This saves time and minimizes the likelihood of costly errors that could trigger audits or penalties.
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