Artificial intelligence is joining the IRS
The IRS in the United States has turned to artificial intelligence to effectively monitor the wealthiest Americans and combat tax evasion in multi-billion-dollar partnerships.
This new technology aims to streamline tax matters involving hedge funds, direct investment groups, real estate investors, and major law firms.
AI will analyze vast amounts of financial data, including transaction records, to identify trends and anomalies that may signal tax fraud or evasion. Compared to manual approaches, machine learning algorithms are better suited to assist tax authorities in detecting violations and potential tax crimes.
Additionally, by identifying taxpayers or enterprises at high risk based on historical data, behavioral models, and other relevant characteristics, AI can predict potential tax evasion.
Fraudulent activities related to taxes, such as personal data theft, false tax refund claims, and other forms of tax-related fraud, can also be detected using AI-powered fraud detection systems.
Moreover, natural language processing methods can be used to analyze textual data, such as legal documents and tax rules, ensuring taxpayer compliance with laws.
For more details on this, data privacy protection, and ethical considerations, read the comprehensive New York Times article.
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