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Bloomberg, ChatGPT Can Give Tax Advice, But You Really Get What You Pay For:
ChatGPT can write essays, poetry, letters, and more, so we posed the question—can it do our taxes? Our company, TaxBuzz, decided to take the technology for a test drive, asking, “What status I should use when filing my taxes?”
It offered typical definitions of the IRS’ various filing options. Then came the best advice of the day: “You can consult a tax professional to help determine the best option for you.” While ChatGPT might be able to give you a CliffsNotes-style answer to your query, expecting a how-to tip or complete strategy isn’t in the cards. …
When it comes to analyzing the tax code, expertly trained humans have access to trusted and verified libraries of information that they can use to verify tax strategy claims. ChatGPT simply doesn’t have the same level of brainpower or education as a human tax professional. …
We put ChatGPT to the test for tax advice on real-world scenarios. …
We only shared a couple of examples to the responses from ChatGPT from our queries; we used actual questions posted on our tax practitioner technical support forum. ChatGPT provided incorrect answers 100% of the time—though usually on the right track, it missed nuances of the tax code.
Prior TaxProf Blog coverage:
- A Human Being Wrote This Law Review Article: GPT-3 And The Practice Of Law (May 11, 2022)
- The Implications Of OpenAI’s Assistant For Legal Services And Society (Dec. 7, 2022)
- ChatGPT And Law School Exams (Dec. 29, 2022)
- GPT Will Soon Be Able To Pass The Multistate Bar Exam (Jan. 5, 2023)
- Using ChatGPT To Write Law School Exams, Bar Exams, And Strategic Plans (Jan. 11, 2023)
- ChatGPT Gets B|B- Grade On Wharton MBA Exam (Jan. 24, 2023)
- ChatGPT Gets C+ Grade On Four Minnesota Law School Exams (C- In Tax) (Jan. 24, 2023)
- The Rise Of The Robotic Tax Analyst (Jan. 27, 2023)
- Ryznar: Exams In The Time Of ChatGPT (Feb. 1, 2023)
- Bishop Posts Two Papers On ChatGPT (Feb. 8, 2023)
- ChatGPT Almost Passed The Bar, But Competent Lawyers Do Much More (Feb. 23, 2023)
- It’s Not Just Our Students: ChatGPT Is Coming For Faculty Scholarship (Feb. 25, 2023)
- New AI Detector Is 97% Effective In Catching Students Cheating With ChatGPT (Feb. 28, 2023)
- It’s Not Just Our Students: ChatGPT Is Coming For Faculty Scholarship (Feb. 25, 2023)
- ChatGPT’s Tax Advice Was Wrong 100% Of The Time (Mar. 7, 2023)
- Does ChatGPT Produce Fishy Briefs? (Mar. 8, 2023)
- Colleges (And Law Schools) Are Rushing To Respond To ChatGPT (Mar. 9, 2023)
- Was The Sermon You Heard At Church Today Written By ChatGPT? (Mar. 12, 2023)
- GPT-4 Beats 90% Of Aspiring Lawyers On The Bar Exam (Mar. 17, 2023)
- ChatGPT Thinks I Am Way More Interesting Than I Am (Mar. 22, 2023)
- Should ChatGPT Be In Law School? (Mar. 30, 2023)
- Merritt: GPT-4 On Legal Education And Lawyer Licensing (Apr. 4, 2023)
- Turnitin Plagiarism Detector Will Catch Students Who Cheat With ChatGPT With 98% Accuracy (Apr. 5, 2023)
- ChatGPT Gets 148 (37th Percentile) And 157 (70th Percentile) On The LSAT (Apr. 6, 2023)
- AI Tools for Lawyers: A Practical Guide (Apr. 6, 2023)
https://taxprof.typepad.com/taxprof_blog/2023/03/chatgpts-tax-advice-was-wrong-100-of-the-time.html
