Doug McHoney (PwC’s International Tax Services Global Leader) is at PwC’s Tax Leadership Conference in breezy Orlando with Dom Megna, a New Yorkbased 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?