According to a professor, AI possesses a potential that is close to being a game changer in the closure of tax loopholes.

Artificial Intelligence (AI) and the advancements it brings to the table are constantly changing the world we live in. Today, AI is creating ripples in the field of tax regulation. Yahoo Finance, the leading financial search engine in the world, aired a segment on April 14, 2023, with Johns Hopkins Associate Professor Benjamin Van Durme and University of Maryland Law Professor Andrew Blair-Stanek joining Yahoo Finance Live to discuss how tech and law experts are working together to integrate AI capabilities that promote tax equity among Americans.

The idea behind integrating AI capabilities is to streamline the tax regulation process and make it smoother and more effective. The experts stated that AI can facilitate the tax regulation process by streamlining the tax data analysis. With the aid of machine learning technology, AI can process large volumes of data for tax-related purposes without any human assistance.

The duo emphasized AI’s importance, particularly in cases where financial data is analyzed to avoid any anomalies or inaccuracies. One of the significant benefits of AI in tax regulation is its ability to predict problems before they occur. It can save a lot of time and resources by tackling the challenges that would have escalated without timely intervention.

These experts say AI capabilities will help American citizens as well, particularly those who are underprivileged and have difficulty paying taxes. AI can help regulate taxes based on an individual’s unique income, resulting in a more equitable system overall.

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Overall, it’s exciting to see how AI technology is revolutionizing the field of tax regulation. With the integration of technology and law, the tax system is becoming more accessible, straightforward, and fair for everyone. Follow Yahoo Finance to stay updated with the latest news and advancements in the field of finance.

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from GPT News Room https://ift.tt/azptHUu