Dane Janas, EA’s Post

Join Alexandre Negadi and me on Tuesday, June 25th at 10:30am Eastern for a free #webinar as we discuss compliance challenges and opportunities that Generative AI creates for tax agencies. We'll dive into #GenAI fraud trends we're seeing around the globe, as well as some best practices in #TrustworthyAI being implemented to #detectfraud, improve #customerservice, and streamline agency processes.

AI is reshaping tax law faster than we can blink. 25 years ago, we moved from paper to computers. Now, we're leaping from spreadsheets to AI-powered analysis. I've seen this shift firsthand in my practice: • AI tools extracting data from thousands of documents in minutes • Automated compliance checks reducing errors by 40% • Predictive analytics forecasting tax implications with 85% accuracy But here's the kicker: AI isn't replacing tax professionals. It's supercharging our capabilities. We're spending less time on data entry and more on strategic advice. The future? Tax professionals as AI-empowered advisors. Are you ready for this shift? #AIinTax #FutureOfFinance

Ai is now coming for the Legal, Tax, and Accounting industry! Another sectorl that has repetitive tasks as part of its industry routines is set to crumble You may already know Thomson Reuters as the owner of the renowned news service, Reuters. But their influence extends beyond journalism into the realms of legal, tax, accounting, risk, and fraud management with advanced information services and technology. They have recently published details on their new Ai, Co-Counsel—a chat-based generative AI product that's poised to reshape how professionals in legal, tax, and accounting fields work. Thomson Reuters describes Co-Counsel as a tool that efficiently manages routine tasks, analyses information, and provides answers, allowing professionals to maximise the impact of their time, energy, and expertise. Their website details how Co-Counsel uses the expertise of 1,500 legal professionals to offer insights across your organisation, analyse and search documents, and respond to legal and contractual queries. One testimonial from a legal firm caught my attention; it likened the tool to having an associate lawyer who can handle an unlimited number of tasks and deliver results swiftly. This development highlights the significant role AI is playing in transforming professional industries, making complex processes simpler and enhancing the capabilities of experts. #Legal #Tax #Accounting #AI #Disruption #Industry

It has been a few weeks since we discussed the Employee Retention Credit, but the IRS is still working to identify improper claims. The next stage of this process is reviewing claims that show a high risk of being improper or erroneous. As they are doing this, processing for a new round of lower-risk claims will begin. If you have any questions about this, please contact us. In the meantime, check out this week’s tax news, linked in the comments, for other relevant articles. #ERC #taxnews #researchanddevelopment #AI 

4. AI for Compliance and Regulation in Cooperative Societies Cooperatives often need to comply with specific regulations and financial guidelines. AI can ensure compliance by: Regulatory Compliance Monitoring: AI can be programmed to monitor local and international regulations (such as those specific to NCDMB) and automatically ensure that the cooperative’s operations align with these rules. Automated Tax Reporting: AI systems can help generate accurate tax filings based on cooperative financial activities. This reduces the risk of errors and non-compliance penalties.

AI is transforming financial services by streamlining operations, improving compliance, and reshaping legal strategies. This shift is impacting industry regulations while also redefining the role of in-house counsel and their relationships with outside law firms. Explore how AI is driving these changes in the financial sector: https://lnkd.in/ekUavkyM

AI is transforming financial services by streamlining operations, improving compliance, and reshaping legal strategies. This shift is impacting industry regulations while also redefining the role of in-house counsel and their relationships with outside law firms. Explore how AI is driving these changes in the financial sector: https://lnkd.in/ekUavkyM

Informative article on R&D investment in the education sector. How can industries like technology and healthcare collaborate with educational institutions to foster innovation in teaching and learning?

This week in tax news. Note a couple of upcoming changes to the R&D tax credit, with a revised Form 6765 for claiming the credit that can be implemented in 2024 (and will be mandatory in 2025), and relaxed requirements for documentation in certain areas of the credit. If you and your business need help walking through these changes, well, we at Probity specialize in R&D tax credits.

The upcoming changes for Form 6765 and current changes implemented for refund claims for the R&D credit will have a big impact on what needs to be provided to the IRS to claim this credit. Reach out to Probity Tax Recovery to get more information on these changes!