3 Ways AI Can Make Your Tax Practice More Efficient

Your ability as a tax professional to deliver timely, accurate, and insightful advice is critical. You’re navigating a web of regulations, case law, and administrative guidance, all while striving to meet the expectations of clients and regulatory bodies. As this complexity increases, traditional tools and methods for tax research won’t be enough. They represent a bygone era where hours spent in research was a badge of honor, not a sign of inefficiency.

What then, is this new era? At this point you’ve certainly heard of Generative AI (GenAI). Maybe you’ve heard dystopian horror stories about it, or that it’s humanity’s saving grace. What we do know is GenAI offers efficiency, accuracy, and a new way to access quality tax information swiftly. The dichotomy between traditional, reputable sources and fast but unreliable internet searches has left tax professionals with a dilemma. How do you achieve speed without sacrificing the integrity of your research? 

In this blog, we'll explore three key ways AI is making tax practices more efficient and accurate. Consider how integrating GenAI into your tax practice addresses your current challenges but also unlocks new opportunities for growth and client satisfaction.

1. Efficiency in Finding Quality Sources

Specialized research portals like Bloomberg BNA, CCH, and Thomson Reuters Checkpoint offer access to a wealth of trusted information. However, the sheer volume of content available through these platforms can pose challenges. Navigating vast archives feels like searching for a needle in a haystack. Inefficient keyword search capabilities don’t always capture the nuances of tax law or the specific context of a query. As a result, you spend excessive time sifting through irrelevant results.

In contrast, more general search tools and language models, such as Google and ChatGPT, offer efficiency that traditional tax research tools struggle to match. With the ability to deliver quick results across a wide array of subjects, these tools are appealing for their speed and ease of use. The cost of using them is reliability and depth. The information sourced from general search engines and broad-based AI models lack the specificity and authoritative sourcing crucial for professional tax research. 

The traditional tax research process faces a challenge: the dichotomy between the depth of dedicated research tools and the efficiency of general search technologies. This gap is precisely where GenAI comes in, Ask Blue J, powered by the most advanced large language models and built on an authoritative database of US federal tax law, tackles queries. Curated by tax experts and legal professionals, this comprehensive tool offers a secure (SOC 2 Type II compliant) and reliable way to find fast answers. Ask Blue J delivers results from a variety of sources, including primary sources like the Internal Revenue Code and Regulations, Revenue Rulings, Rev Procs, PLRs, technical advice memorandums, notices, CCAs, and US Supreme Court tax cases, alongside valuable secondary sources like Tax Notes articles and commentary.

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2. Document Drafting Efficiency 

Being able to communicate your research well is a pillar to a good tax practice. Whether you need to compose memos, advisory notes, or client communications, the process can be time-consuming, especially if you’re not naturally inclined towards writing. AI tools like Ask Blue J are designed to understand the nuanced language of tax law but also to assist in crafting clear, precise, and accurate documents. By providing templates, suggesting content based on the context of the query, and even drafting the text itself, generative AI can produce professional-quality documents easily, establishing a consistent level of quality across all written materials.

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The benefits extend beyond time savings. By automating the initial stages of document creation, you can tax focus your attention on higher-value activities. This includes deep strategic research, complex problem-solving, and direct advisory roles with clients. Instead of being bogged down by the mechanics of writing, you can devote more energy to analyzing the implications of your research, and crafting bespoke advice for your clients.

3. Empowering Junior Staff 

The integration of AI into tax practices offers an opportunity to accelerate the development and contribution of junior staff. For these emerging professionals, GenAI tools are a natural extension of the digital environment they grew up in. This innate comfort with technology means they’re quick to embrace and leverage new tools, finding new and creative ways to use them. 

Using AI will help significantly flatten the learning curve for junior staff. They’ll have easy access to relevant tax laws, regulations, and whatever other information they’re looking for by simply writing a prompt. This speeds up their ability to contribute effectively and boosts their confidence as they build their knowledge base. The benefit of this accelerated learning is a quicker transition from novice to skilled professionals. 

By helping you empower and educate junior staff, draft documents efficiently, and find quality sources, generative AI can reshape your tax practice. It addresses the inherent inefficiencies of traditional research and communication without sacrificing the quality of the research. This synergy gives you the best information in the shortest time, enhancing the quality and speed of decision-making and advice.

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