8 Reasons Why Tax Professionals are Switching to TaxGPT

Tax preparers in the U.S. face a consistent challenge navigating the nation's intricate tax system. They must understand federal, state, and local regulations across states, territories, and international complexities. They must also constantly update their knowledge to keep pace with changes to tax laws. Their role ensures accurate filings for clients while meeting tight deadlines, a crucial service in helping taxpayers meet and manage their tax obligations effectively.

This is why tax professionals need extra firepower. The solution? TaxGPT, the best AI tax assistant, available 24/7 to serve them. TaxGPT has over 2,000 tax professionals, who have asked over 30,000 tax-related questions with a satisfaction rate of 95%.

Here are 8 main reasons to understand why tax professionals choose TaxGPT over both traditional and AI tax research tools as their tax assistant.

Next-generation Tax Research

Our AI-powered platform streamlines tax research, allowing professionals to quickly find answers to complex tax questions without spending hours manually searching, analyzing, and compiling their findings. TaxGPT can handle a wide range of tax scenarios, from individual tax filing to complex business taxation issues, making it a versatile tool for various tax-related queries. Thread context allows users to continually drill into a topic, refine the question, and include additional information as they go. Best of all? It’s extremely fast. No longer will you question if you can bill clients for your research time or not! 

Effective Memo Writing

Traditionally, memo writing can be a surprisingly time consuming task. You first need to understand the question or topic, review sources of information including tax law cases and rulings - challenging in itself. You then need to draft the memo, tying facts to authority, drafting your summary, and composing in a comprehensible format for the intended audience. This is one of the standout features of TaxGPT to generate beautifully crafted tax memos in minutes. With a deep understanding of taxation principles and best practices, TaxGPT simplifies the well-structured memo-writing process while providing relevant, credible sources. You can even use it to draft responses to tax authority correspondence!

User Interface and Experience

User interface and user experience are key factors that can affect the user journey while using any application. If the user interface does not provide a good user experience, it can lead to user frustration. 

However, after testing our interface with various tax partners, TaxGPT boasts a user-friendly interface designed specifically for tax professionals. With clear and concise navigation, finding relevant information and managing multiple client profiles is efficient and effective.

AI-Powered Accuracy

TaxGPT always answers the search tax research queries, questions, and scenarios with an accuracy of 95%, which you can't get on any other general AI tools that exist in the market. 

Why? TaxGPT is specifically developed by tax professionals for tax professionals, and its data is deliberately and completely trained on trusted tax information. We strive to provide you with the most reliable and relevant tax answers with sources you can rely on.

Secure and Confidential

Security and confidentiality cannot be compromised with respect to both personal and business financial data.

With our roots in the tax industry, TaxGPT has never compromised the security and confidentiality of user data. We are well aware of the consequences of data breaches, and employ the most cutting edge security measures to ensure data integrity.

Data security is a top priority for TaxGPT, and we integrate industry-leading encryption and security protocols. All data is stored in the United States within third-party hosted AICPA SOC levels 1 and 2 compliant servers. Additional compliance measures include FISMA, DIACAP, and FedRAMP. TaxGPT is currently working through the SOC 2 Type 2 audit as an additional standalone security compliance measure.

Hallucination-Free

One of the most prevalent concerns surrounding usage of AI is that they may receive “hallucinations”, where the AI generates unsubstantiated or factually incorrect information. 

With TaxGPT, we’ve developed proprietary techniques to prevent hallucinations, ensuring the results it provides are grounded in reality, supported by authoritative sources. TaxGPT's in-house team of tax professionals keep an eye on the generated results to ensure the integrity of AI-generated responses. We remain open to feedback if results are incorrect, and continue to finetune our AI. TaxGPT is built with the user in mind, and we strive to continually develop the best product for you.

Jurisdictions Coverage

The United States has a reputation for complex taxes. Taxes are imposed at the federal, state, territorial, and local levels. TaxGPT’s corpus of knowledge contains tax data for all of these - and more - as we work with our partners to release international modules.

Real-Time Updates

One of the most frustrating aspects of the industry are the frequent changes and updates to tax law; this is one of the core reasons tax professionals adopt TaxGPT. Our knowledge base updates in real-time with the updated publication of tax sources. TaxGPT ensures the answers generated are based on the most up-to-date tax information available.

Final Words

The 8 reasons highlighted above are enough to understand why tax pros are switching to TaxGPT: the time to begin adapting AI tools is happening now. While we don’t see AI entirely replacing humans, many of those using traditional methods will be left behind..

Start your journey now and test how TaxGPT can boost your efficiency, experience, and revenue.