### Experts Caution Against Hastily Using AI Chatbots for Tax Filing

With the tax deadline on the horizon, some individuals are looking towards artificial intelligence-driven chatbots for assistance in preparing their tax returns.

A recent survey revealed that nearly 1 in 5 Americans would be willing to rely on ChatGPT, a well-known AI-powered chatbot, to review their income taxes, with 14% having already utilized its services.

Despite the growing popularity of AI chatbots like ChatGPT, experts caution taxpayers to exercise prudence when seeking tax advice from generative AI technologies.

According to a survey conducted in February involving approximately 1,000 U.S. adults by CardRates.com, 17% of respondents admitted to using AI for tax filing, while 45% expressed openness to utilizing it in the future.

While there is optimism surrounding the integration of generative AI in tax-related processes, April Walker, the lead manager for tax practice and ethics at the American Institute of CPAs, advises individuals to approach the use of such software with caution.

OpenAI, the developer behind ChatGPT, explicitly discourages users from relying on the chatbot for financial advice, emphasizing the importance of consulting a professional for such matters.

Various AI-powered tools, including chatbots from TurboTax, H&R Block, and the IRS, offer taxpayers assistance during the tax season, with the IRS leveraging chatbots to aid millions of taxpayers and facilitate payment agreements.

Despite the advancements in AI technology, experts like Subodha Kumar from Temple University’s Fox School of Business believe that AI chatbots are not yet fully equipped to handle the complexities of filing tax returns accurately.

While AI chatbots may serve as educational tools in a general context, concerns regarding data security and potential information leakage persist, prompting experts to urge caution when entering personal financial details into such platforms.

To mitigate risks associated with data security, individuals can input generalized financial scenarios into AI chatbots like ChatGPT without divulging sensitive personal information, ensuring a degree of privacy protection.

It is advisable to verify any information obtained from AI chatbots by cross-referencing it with official sources like the IRS website or consulting with a tax professional, as recommended by April Walker from the American Institute of CPAs.