You may be surprised to learn that the Internal Revenue Service (IRS) has begun using artificial intelligence to assist in their tax collection efforts. Specifically, to target taxpayers with incomes above $1 million but tax debts of more than $250,000 (Axios).
About 1,600 taxpayers in the United States fall under this category, and they won't be able to hide for long. The processing capabilities of artificial intelligence outweighs the odds for anyone to sneak by unscathed.
So if the IRS has embraced artificial intelligence then shouldn’t you? Could artificial intelligence help your business?
Is AI Safe?
Understandably there is a lot of speculation about whether artificial intelligence can be harnessed for the good of society or not.
But I think we all can agree that Artificial intelligence (AI) can be both safe and beneficial for society when developed, deployed, and managed responsibly.
The benefits to be considered are numerous:
Healthcare Advancements
AI has the potential to revolutionize healthcare by improving diagnostics, treatment plans, and patient care. Machine learning algorithms can analyze medical images, such as X-rays and MRIs, with high accuracy, aiding doctors in detecting diseases at early stages. AI-powered predictive analytics can also help hospitals allocate resources efficiently and anticipate patient needs, leading to better healthcare outcomes and reduced costs.
Environmental Conservation
AI plays a crucial role in environmental protection and sustainability. Machine learning models can analyze environmental data, predict climate patterns, and help monitor endangered species. AI-driven solutions can optimize energy consumption, reduce waste, and improve resource management, contributing to a more sustainable and eco-friendly future.
Education and Accessibility
AI can make education more accessible and personalized. Intelligent tutoring systems can adapt to students' individual learning styles, providing tailored support and feedback. Additionally, speech recognition and natural language processing enable the development of inclusive technologies that assist individuals with disabilities, making education and information more accessible to everyone.
Disaster Response and Relief
AI can aid in disaster management by quickly analyzing large volumes of data from various sources, including satellites and social media. This enables rapid response efforts, such as identifying affected areas, assessing damage, and coordinating rescue operations. AI-powered drones and robotics can also be used in search and rescue missions in hazardous environments.
Financial Inclusion
AI-driven chatbots and mobile apps can assist individuals in managing their finances, while credit scoring models powered by AI can assess creditworthiness based on alternative data sources, expanding access to credit for those without traditional financial histories.
Public Safety
AI can enhance public safety by improving law enforcement and emergency services. Predictive policing models can help allocate police resources more effectively to prevent crimes. In emergency response, AI can analyze data from emergency calls and traffic cameras to optimize response times and routes for first responders.
AI has the potential to bring about significant positive changes for society. It can advance healthcare, protect the environment, make education more accessible, improve disaster response, promote financial inclusion, and enhance public safety. However, it's crucial to use AI responsibly, address potential biases, and ensure that its benefits are distributed equitably to maximize its positive impact on society.
SPRX can bring AI to your tax department
Artificial Intelligence is an effective cost saving tool that can be safely utilized by any company. With SPRX we can introduce your company to the wonders of AI by starting with the R&D credit.
Your R&D tax credit report doesn’t need to take 9 to 12 months to complete. Nor should you pay outlandish fees to produce it. By using AI we have developed the SPRX R&D Credit Platform to reduce your R&D credit computation time by 80%!
The SPRX Platform allows for a safe and secure data space for your company to easily upload all of your research related documents in their original format. Not to mention, you can even connect directly with your payroll and G/L systems, upload copies of W-2s, or load any native file through the intelligent import interface.
Experience the power of AI with the SPRX R&D Credit Platform:
o Powerful AI models
o Smooth software interfaces
o Dedicated solution engineers
o Audit Support
o SME Survey Tool
