I didn’t realize that the valuation of companies didn’t delve as deep as it did, I
rather enjoyed researching the company and comparing it to the competitors.
For my career path in the IRS, I am not sure what I can bring from this class,
maybe the research aspect.
“Robotics process automation (RPA) and artificial intelligence (AI) can offer a
new era of visibility into transactional data and unlock value, help manage risk,
improve efficiency and provide critical business insight” (ITR, 2022, June 12).
As talked about before RPA can work faster, more accurately, and can be less
expensive than human beings. RPAs are already in use and most people don’t
even know they are using them. Efiling, Receipt Bot or Receipt Bank (auto
inputs invoices and receipts), QuickBooks Online, and even sites and programs
such TurboTax that help to accelerate indirect tax compliance, tax provision,
and sales and use compliance. AI offers improved decision-making through the
vast knowledge of tax codes, case law, and guidelines.
These technologies will most definitely affect the job market. However, with
the population ever increasing as well as businesses it will only lower the
demand for tax professionals, meaning there will always be a demand, just not
as large of one as there was years ago.
References
Bergstein, D. (2019, December 10). Tech trends for tax firms in 2020: Do you
have a bot? Intuit. Retrieved August 16, 2022, from
https://proconnect.intuit.com/taxprocenter/practice-management/tech-trends-
for-tax-firms-in-2020-do-you-have-a-bot/
Dobell, J. (2022, June 12). The Future of Tax Technology is now. Retrieved
August 16, 2022, from
https://www.internationaltaxreview.com/article/2a68ya0zsexj3hbzyzh8g/the-
future-of-tax-technology-is-
now#:~:text=Technology%20is%20changing%20taxation%20processes&am
p;text=New%20technologies%2C%20such%20as%20blockchain,and%20pro
vide%20critical%20business%20insight.
