Bloomberg Tax extensively quotes FBT Gibbons Partner and Leader of the firm’s Tax, Benefits, and Estates practice group Mark Sommer on the impact of artificial intelligence on tax practitioners.
“It’s a challenge internally as to the impact on our individual and collective tax practices, and it’s a challenge exthttps://fbtgibbons.com/people/mark-sommer/ernally with governmental agencies breaking AI frontiers in audit methodology, risk assessment, position trending, and discovery, all of which are at the forefront of governmental AI topics,” Sommer says.
Sommer also discusses the broader tax landscape, explaining why he believes a voluntary tax compliance system remains the most effective approach to taxation.
“As much as we gripe about the U.S. tax structure, voluntary compliance is still better than any other system in the world,” he adds. “It’s the most efficient, the least corrupt, the easiest way to extract revenue, and the easiest to manage all around and that includes managing from the taxpayer’s side.”