Doug McHoney (PwC’s International Tax Services Global Leader) is at PwC’s Tax Leadership Conference in breezy Orlando with Dom Megna, a New York-based tax partner leading PWC's US Tax Reporting and Strategy Practice. Doug and Dom discuss Artificial Intelligence (AI) and its place in tax. They focus on four areas - what is conversational AI, machine learning, deep learning, and generative AI (a subset of deep learning). They also cover some impacts of AI: AI for tax practitioners, how AI will affect people’s jobs, data opportunities and architecture, Pillar Two, responsible AI, and the ROI of AI.
Timestamps:
1:10 - Dom’s experience at East Stroudsburg University of Pennsylvania
3:20 - Let’s start with AI or conversational AI, and how is it relevant for tax practitioners?
6:50 - What are some of the practical differences between the types of AI?
9:10 - Why is this so important for tax practitioners? What are the uses
10:09 - Category one: ChatQuery
11:00 - Category two: Document interrogation
16:35 - Category three: Text generation
18:37 - What are the limitations of GenAI for data extractions, labeling, etc? The convergence of Pillar Two and technology.
23:54 - Do humans still have a place? How will people’s jobs change? What skills will people need in the Tax area?
28:57 - What are the risks for organizations? What is responsible AI?
34:40 - What is the potential return on investment (ROI) when using AI in Tax?