Reference no: EM133787303

Assignment:

In late 2017, the advent of the highly publicized Tax Cuts and Jobs Act (TCJA) enacted some sweeping tax law changes. A few years later, in 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act and the COVID-19-related Tax Relief Act, followed by the American Rescue Plan Act of 2021, all provided economic impact payments to qualifying U.S. taxpayers. Since then, you may have read in the news about more recent legislation with potential tax impacts, including the CHIPS and Science Act of 2022, Inflation Reduction Act of 2022, and SECURE Act 2.0 of 2022. The point is that there is always new federal legislation being passed by the United States Congress, and along with this, ongoing revision to the Internal Revenue Code (IRC), also referred to as the "tax code" for short.

Considering how dynamic the ever-changing tax code is, for your first post to this discussion, please comment in detail on any one of the following questions.

• Do you believe there should be further major reforms to our nation's current federal taxation system and laws?
• Do you believe the current tax system is too complex? If so, how might it be simplified?
• Do you believe the current tax system is too expensive to administer?
• Do you believe the current tax system is effective at raising adequate revenue while not adversely impacting business and personal financial decisions?
• Do you believe the current tax system is fair to all taxpayers? Why or why not?

Recent developments in artificial intelligence (AI), including the infamous ChatGPT tool, have been experimentally tested to see how well they might execute various workflow tasks in law, accounting, and other professional fields. Although many repetitive and tedious accounting tasks that were formerly performed manually are now being automated by implementing Robotic Process Automation (RPA) tools, you might be surprised to learn that early versions of ChatGPT performed very poorly in answering accounting and tax questions and also flunked all sections of the CPA exam (Weinberger, 2023).

Again, considering how the tax code is continually revised, do you believe the time will come when an AI tool such as ChatGPT will be able to accurately prepare tax returns? If you believe this is possible, how long do you think it may be before this can feasibly be achieved? What do you believe the potential challenges will be in implementing an AI application for automated preparation of individual or business tax returns? Might there be specific tax-related tasks that an AI tool would be more suited to working accurately and more efficiently than people? Would there be other tax-related tasks that an AI tool might be less effective at accomplishing when compared to people performing the job?

In crafting each of your posts, please provide yourthoughts, explanations, and examples in your own words,and note that there are no right or wrong answers to the previous questions. It's important to articulate your perspectives, adequately support your assertions, and respect the viewpoints of others expressed in this discussion. Our intent for this group-based conversation will be for a thorough job of facilitating some comprehensive discourse and deliberation among us, and in this collaborative process, we'll seek to elevate our collective understanding of how nuanced and complex decisions about tax policy can be!