Watch Benjamin Alarie, co-founder and CEO of Blue J Legal, discuss the expanding role of artificial intelligence in tax with contributing editor atTax Notes FederalBenjamin Willis.
Here are some highlights
On machine learning and tax law
Benjamin Alarie: Whenwe talk about machine learning and artificial intelligence of the law, what we're doing is talking about collecting the raw materials, the rulings, the cases, the legislation, the regs, all that information, and bringing it to bear on a particular problem. We're synthesizing all of those materials to make a prediction about how a new situation would likely be decided by the courts.
. . . Law should be predictable. We have lots of data out there in the form of rulings, in the form of judgments that we can collect as good examples of how the courts have decided these matters in the past. And we can reverse engineer using machine learning methods how the courts are mapping the facts of different situations into outcomes. And we can do this in a really elegant way that leads to high quality prediction. So predictions of 90 percentor better accuracy about how the courts are going to make those decisions in the future, which is incredibly valuable to taxpayers to tax administration and to anyone who's looking for certainty, predictability and fairness, in the application of law.
On the availability of artificial intelligence
Benjamin Alarie: We're doing a lot to make this technology available throughout industry. Law firms are increasingly seeing this as one of the tools that they need to have in order to practice tax as effectively as possible. Academic programs see using this kind of technology [as]a huge boost for their graduates who are going to go into practice being familiar already with the leading tools for how to leverage machine learning and artificial intelligence. Accounting firms are also quite interested in this approach too because it has huge implications in terms of speeding up research [and] doing quality assurance . . .
On the moldability of results
Benjamin Alarie: You can play with different dimensions. You can swap out that assumption of fact, swap in a different assumption of fact, and see how that's likely to influence the results. So, then you can do scenario testing to really get comfortable with how much risk there is in a particular situation as the one providing a new opinion or providing advice to a client. That's really reassuring. You might say, Okay, I need to get this to 80 percent probability. I'm not willing to bite off more than that . . . Or you might be like, Well, I have a really risk-loving client. I just need to get to 51 percent . . . [machine learning] allows you to really calibrate the amount of risk that you're taking on, depending on the risk appetite of the client and your comfort as the practitioner.
Benjamin Willis, contributing editor with Tax Notes Federal, and Benjamin Alarie, co-founder and CEO ... [+] of Blue J Legal, discuss the expanding role of artificial intelligence and machine learning in the government, academia and tax practice.
On artificial intelligence and the courts
Benjamin Alarie: [Machine learning] is a great tool to encourage settlement between the parties, and so I think we're increasingly seeing that phenomenon where the party with the really strong position is using this to support their argument. They say, Don't take our word for it. We ran it on this independent system. . . Here's the report from the system saying that we have a 95 percent or better chance of winning this case. Are you still sure you don't want to enter into terms of settlement? That's often very convincing to the other side, who then run their analysis through the same system and they say, Okay . . . It's not nearly as strong as we thought it might be. Maybe we should talk about settling this and that saves judges from having to contend with cases that really aren't the best use of their time because it's pretty clear how those cases should get decided.
On artificial intelligence and low-income taxpayers
Benjamin Alarie: There are early adopters at these low income taxpayer clinics across the country who are interested in using technology to allow them to give faster advice to the low income taxpayers . . . Folks understand increasingly how to use the software and how it can materially assist their clientele and so the goal is to learn from those early adopters and to figure out how to position the software to help as much as possible in other clinics where maybe we don't have early adopters present, but who could still genuinely, really benefit from this.
Follow this link:
The Expanding Role Of Artificial Intelligence In Tax - Forbes
- 3 Artificial Intelligence (AI) Stocks to Buy With $1,150 and Hold for Decades - Yahoo Finance - March 22nd, 2024 [March 22nd, 2024]
- This combines the power of artificial intelligence with human insights - finews.com - March 22nd, 2024 [March 22nd, 2024]
- Cohere Targets $5 Billion Valuation for ChatGPT Rival - PYMNTS.com - March 22nd, 2024 [March 22nd, 2024]
- IMF: Artificial Intelligence (AI) Will Transform 40% of Jobs. Can Investors Capitalize? - Yahoo Finance - March 22nd, 2024 [March 22nd, 2024]
- Cathie Wood Is Selling These 2 Artificial Intelligence (AI) Stocks. Should You? - Yahoo Finance - March 22nd, 2024 [March 22nd, 2024]
- iShares Robotics and Artificial Intelligence Multisector ETF (NYSEARCA:IRBO) Shares Acquired by Creative Financial ... - Defense World - March 22nd, 2024 [March 22nd, 2024]
- Inaugural Plenary Meeting of States Endorsing the Political Declaration on Responsible Military Use of Artificial ... - Department of State - March 22nd, 2024 [March 22nd, 2024]
- AMD Fell Today -- Is This a Chance to Buy the Artificial Intelligence (AI) Stock? - Yahoo Finance - March 22nd, 2024 [March 22nd, 2024]
- Artificial Intelligence (AI) Stocks Are Red-Hot, but Here's 1 to Avoid (for Now) - The Motley Fool - March 22nd, 2024 [March 22nd, 2024]
- A Once-in-a-Generation Investment Opportunity: 1 Artificial Intelligence (AI) Growth Stock to Buy and Hold Forever - Yahoo Finance - March 22nd, 2024 [March 22nd, 2024]
- 2 Artificial Intelligence (AI) Stocks That Could Go Parabolic - The Motley Fool - March 22nd, 2024 [March 22nd, 2024]
- Artificial intelligence will radically improve health care, but only if managed carefully - The Hill - March 22nd, 2024 [March 22nd, 2024]
- Tennessee Makes A.I. an Outlaw to Protect Its Country Music and More - The New York Times - March 22nd, 2024 [March 22nd, 2024]
- When Using Artificial Intelligence In Pharma R&D, Start With Identifying Problem To Solve - HBW Insight - March 22nd, 2024 [March 22nd, 2024]
- Why Super Micro Computer, Advanced Micro Devices, and Other Artificial Intelligence (AI) Stocks Tumbled on Tuesday - Yahoo Finance - March 22nd, 2024 [March 22nd, 2024]
- 3 Billionaires Are Selling Artificial Intelligence (AI) Stock Nvidia and Buying These 10 AI Stocks Instead - The Motley Fool - March 22nd, 2024 [March 22nd, 2024]
- Nvidia Just Bought 5 Artificial Intelligence (AI) Stocks. These 2 Stand Out the Most. - The Motley Fool - March 22nd, 2024 [March 22nd, 2024]
- UN adopts first global artificial intelligence resolution - ARMENPRESS - March 22nd, 2024 [March 22nd, 2024]
- This New Artificial Intelligence (AI) Chip Is a Massive Game Changer for Nvidia Stock - The Motley Fool - March 22nd, 2024 [March 22nd, 2024]
- Nvidia Led the First Phase of Artificial Intelligence (AI), but These 2 Growth Stocks Will Lead the Next Phases ... - The Motley Fool - March 22nd, 2024 [March 22nd, 2024]
- Meet Wall Street's Newest Stock-Split Stock, Along With the Artificial Intelligence (AI) Stock Likeliest to Follow in Its ... - The Motley Fool - March 22nd, 2024 [March 22nd, 2024]
- Amid Rumors of a Deal With Rivian, Apple Acquired This Artificial Intelligence (AI) Start-Up Instead - Yahoo Finance - March 22nd, 2024 [March 22nd, 2024]
- UN adopts first global artificial intelligence resolution - CGTN - March 22nd, 2024 [March 22nd, 2024]
- 1 No-Brainer Artificial Intelligence (AI) Stock to Buy With $25 and Hold for 10 Years - The Motley Fool - March 22nd, 2024 [March 22nd, 2024]
- 2 Artificial Intelligence (AI) Stocks That Could Make You a Millionaire - The Motley Fool - March 22nd, 2024 [March 22nd, 2024]
- Is Intel the Best Artificial Intelligence (AI) Semiconductor Stock to Buy Before It Skyrockets? - The Motley Fool - February 20th, 2024 [February 20th, 2024]
- The greater social implications of artificial intelligence - New Day NW - KING5.com - February 20th, 2024 [February 20th, 2024]
- AI comes to the world of beauty as eyelash robot uses artificial intelligence to place fake lashes - Fox News - February 20th, 2024 [February 20th, 2024]
- Beyer Appointed To Bipartisan Task Force On Artificial Intelligence - Falls Church News Press - February 20th, 2024 [February 20th, 2024]
- Why Did Nvidia Invest in These 5 Artificial Intelligence (AI) Stocks? Should You Buy Them, Too? - The Motley Fool - February 20th, 2024 [February 20th, 2024]
- Three key themes on artificial intelligence - Research Information - February 20th, 2024 [February 20th, 2024]
- How Artificial Intelligence is transforming consumerism - WFLA - February 20th, 2024 [February 20th, 2024]
- SAP names Philipp Herzig as chief artificial intelligence officer - CIO - February 20th, 2024 [February 20th, 2024]
- Unleashing the Power of Artificial Intelligence: Transforming Web-Based Applications for Enhanced Efficiency and User ... - Financialbuzz.com - February 20th, 2024 [February 20th, 2024]
- Koch Industries continues to accelerate its artificial intelligence initiative - The Business Journals - February 20th, 2024 [February 20th, 2024]
- Forget Nvidia: These 3 Artificial Intelligence (AI) Stocks Can Be the Next Stock-Split Stocks - The Motley Fool - February 20th, 2024 [February 20th, 2024]
- Artificial Intelligence for small business focus of upcoming JWCC Lunch and Learn on Feb. 28 Muddy River News - Muddy River News - February 20th, 2024 [February 20th, 2024]
- Opponents Highlight the Environmental Impact of Artificial Intelligence - News-Press Now - February 20th, 2024 [February 20th, 2024]
- Generative AI's environmental costs are soaring and mostly secret - Nature.com - February 20th, 2024 [February 20th, 2024]
- Chapter Summary: Genesis of Artificial Intelligence and a Scientific Revolution: 1950-1979 - EIN News - February 20th, 2024 [February 20th, 2024]
- What would Thomas Aquinas make of Artificial Intelligence? - ACI Africa - February 20th, 2024 [February 20th, 2024]
- ChatGPT Predicted Bitcoin Price Will "Skyrocket" - Cryptonews - February 20th, 2024 [February 20th, 2024]
- Worried About an Artificial Intelligence (AI) Stock Bubble? Consider This Billionaire Investor's Advice. - Yahoo Finance - February 20th, 2024 [February 20th, 2024]
- This Super Artificial Intelligence (AI) Stock Could Be at the Beginning of a Terrific Bull Run - Yahoo Finance - February 20th, 2024 [February 20th, 2024]
- 5 Artificial Intelligence (AI) Stocks That Could Make You a Millionaire - Yahoo Finance - February 20th, 2024 [February 20th, 2024]
- Will AI replace Colorado teachers? Here's what experts say. - The Colorado Sun - February 20th, 2024 [February 20th, 2024]
- Nvidia Could Be About to Counter a Big Artificial Intelligence (AI) Threat With This Move - Yahoo Finance - February 20th, 2024 [February 20th, 2024]
- The Healthiest U.S. Pharma Companies: Ranked by RealRate's Impressive Artificial Intelligence - Medium - February 20th, 2024 [February 20th, 2024]
- Down 84%, Is This Artificial Intelligence (AI) Stock a Buy After an Earnings Pop? - The Motley Fool - February 20th, 2024 [February 20th, 2024]
- 'AI for Humans' may be the most entertaining way to learn about artificial intelligence - Fast Company - February 20th, 2024 [February 20th, 2024]
- This Generative Artificial Intelligence (AI) Growth Stock Has Jumped 86% in a Year. Here's Why It Can Skyrocket ... - The Motley Fool - February 20th, 2024 [February 20th, 2024]
- This Is What Vitalik Buterin Thinks About Artificial Intelligence (AI) - BeInCrypto - February 20th, 2024 [February 20th, 2024]
- AI researchers discuss risks and potential regulations suggest putting the brakes on the compute hardware as one ... - Tom's Hardware - February 20th, 2024 [February 20th, 2024]
- How AI-generated deepfakes threaten the 2024 election - Journalist's Resource - February 20th, 2024 [February 20th, 2024]
- OpenAI's new text-to-video tool, Sora, has one artificial intelligence expert "terrified" - CBS News - February 20th, 2024 [February 20th, 2024]
- Clarivate Launches Enhanced Search Powered by Generative ... - Clarivate - August 10th, 2023 [August 10th, 2023]
- University of North Florida Launches Artificial Intelligence & Machine ... - Fagen wasanni - August 10th, 2023 [August 10th, 2023]
- Why Hawaii Should Take The Lead On Regulating Artificial ... - Honolulu Civil Beat - August 10th, 2023 [August 10th, 2023]
- WCTC To Offer New Certificates In Artificial Intelligence And Data ... - Patch - August 10th, 2023 [August 10th, 2023]
- Artificial Intelligence related patent filings increased in the ... - Pharmaceutical Technology - August 10th, 2023 [August 10th, 2023]
- The Great 8-bit Debate of Artificial Intelligence - HPCwire - August 10th, 2023 [August 10th, 2023]
- The Role of Artificial Intelligence and Machine Learning in ... - Fagen wasanni - August 10th, 2023 [August 10th, 2023]
- Boston Struggles to Lead in Generative AI as Landscape of Artificial ... - Fagen wasanni - August 10th, 2023 [August 10th, 2023]
- Cleveland City Schools adds artificial intelligence technology at high ... - Cleveland Daily Banner - August 10th, 2023 [August 10th, 2023]
- Artificial intelligence isn't transforming retail accounting, yet - Thomson Reuters - August 10th, 2023 [August 10th, 2023]
- The Role of Artificial Intelligence in Enhancing Forensic and ... - Fagen wasanni - August 10th, 2023 [August 10th, 2023]
- Is artificial intelligence the future of pets? - WISH TV Indianapolis, IN - August 10th, 2023 [August 10th, 2023]
- Artificial Intelligence Takes on the World's Deadliest Infectious Disease - Good Good Good - August 10th, 2023 [August 10th, 2023]
- Panel of Experts to Discuss the Impact of Artificial Intelligence on ... - InsiderNJ - August 10th, 2023 [August 10th, 2023]
- Blending Virtual Reality and Artificial Intelligence Raises Privacy ... - Fagen wasanni - August 10th, 2023 [August 10th, 2023]
- The Impact of Artificial Intelligence in the Retail Sector - Fagen wasanni - August 10th, 2023 [August 10th, 2023]
- Solving IT Challenges with Artificial Intelligence: A Comprehensive ... - Fagen wasanni - August 10th, 2023 [August 10th, 2023]
- The role of artificial intelligence in the world of the CFO starts with ... - TechHQ - June 30th, 2023 [June 30th, 2023]
- Majority of Venture Capitalists Invested in Artificial Intelligence ... - Investopedia - June 30th, 2023 [June 30th, 2023]
- Opinion | Beyond the Matrix Theory of the Human Mind - The New York Times - May 30th, 2023 [May 30th, 2023]
- CyberArk Supercharges Identity Security Platform with Automation ... - CXOToday.com - May 30th, 2023 [May 30th, 2023]
- Photoshop Is Getting Artificial Intelligence -- Why That's a Big Deal ... - The Motley Fool - May 30th, 2023 [May 30th, 2023]
- Slack CEO looks to artificial intelligence for help in rolling out new ... - The Boston Globe - May 30th, 2023 [May 30th, 2023]
- AI set to transform construction industry - Fox Business - April 27th, 2023 [April 27th, 2023]
- Opinion | Artificial generative intelligence could prove too much for democracy - The Washington Post - April 27th, 2023 [April 27th, 2023]