How I Got ChatGPT to Do My Taxes

Hello and welcome back to another thrilling day in accounting, as new Thomson Reuters report estimates 73% of tax work can be handled by “generative AI” like ChatGPT.

Let’s get to it. Here’s what’s on the menu today:

📰 News: Generative AI like ChatGPT Is Growing On Tax Pros

🖥️ AI Tutorial of the Day: How I Got ChatGPT to Do My Taxes

📝 Daily ChatGPT Swipe File: How I Got ChatGPT to Do My Taxes ChatGPT Prompt

🗞️ News: Generative AI like ChatGPT Is Growing On Tax Pros

From the corner offices of Wall Street to small town tax boutiques, the whispers of AI infiltrating the accounting and tax realm are growing louder.

According to a report by Thomson Reuters Institute (link to full PDF report), about 78% of legal and tax professionals believe that generative AI like ChatGPT could and should be put to work in their field.

But here's the catch: despite this digital love affair, it seems the suits are proceeding with caution.

On one hand, about 15% of tax & accounting firms are getting down with AI, either having already adopted or made firm plans to do so. That’s like going from a green eyeshade to Google Glass in one leap.

On the other, a whopping 73% of corporate tax departments are throwing shade at immediate AI adoption. That’s like showing up to a party, only to realize you’re a tad too early.

Here's the real tea: while about 69% of those surveyed admitted to having concerns about AI risks, very few organizations are actively keeping the robots in check. A mere 20% warned their employees against unauthorized AI usage and just 9% slapped a ban on unsanctioned AI usage.

It's as if they’ve invited an elephant into the room, but are choosing to just ignore its trumpeting.

Segway’s General Counsel, Wei Zhao, dropped a truth bomb too: "This technology has the potential to replace a lot of entry-level lawyers and allow far fewer lawyers to get the same amount of work done.” And if it's going to rock the legal world like that, imagine the shake-up in the accounting industry.

While we’re here figuring out whether to embrace the bots or not, the world of AI in accounting is advancing faster than you can say "tax deduction."

So here's the million-dollar question: do we ride the AI wave to new heights of efficiency and effectiveness, or do we stick to our trusty spreadsheets and calculators, with coffee stains and all?

As we ponder, the future of accounting, a mix of man and machine, is already knocking on our doors. Will we answer?

🖥️ AI Tutorial of the Day: How I Got ChatGPT to Do My Taxes

What if you had an unlock code for ChatGPT to help you do your taxes or become your personal tax advisor? Now you do.

In today’s tutorial you will learn how to leverage ChatGPT to help you with tax planning.

All with the click of a button using my latest ChatGPT prompt.

Here’s the video on how I did it step-by-step (and how you can too):

⚡️ Daily ChatGPT Swipe File: How I Got ChatGPT to Do My Taxes

Based on level of interest I may be sharing the ChatGPT link as part of a new tutorial that you can use to repeat the results in my video and unlock ChatGPT for help on tax advice.

If you are interested just reply to this email and let know.

👋 See You Tomorrow

That’s it for today folks!

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Until next time!

Marc

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