IRS releases draft guidance requiring tax firms to verify AI outputs and share cost savings with clients, establishing first regulatory framework for AI use in tax practice.
Continue reading
Electronic Tax Administration Advisory Committee recommends predictable multiyear IRS funding, expanded AI use with safeguards, and tax code simplification to ease practitioner and taxpayer burden.
Tax professionals leverage AI to boost efficiency, but a smaller, more automated IRS requires firms to implement stronger due diligence policies to avoid compliance risks.
UK's HMRC tax authority rolls out AI copilot to nearly 28,000 employees, signaling major automation shift in tax administration and potential implications for taxpayer interactions.
IRS Office of Professional Responsibility released formal guidelines on Wednesday governing how tax professionals must use generative AI in practice, marking first regulatory framework for AI adopt...
AICPA Engage report forecasts near-complete automation of accounting compliance by 2040, with deterministic AI agents reshaping the profession; industry leaders debate timeline and workforce implic...