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Tax & Tech Talks: How AI and machine learning can help with K-1s
How can AI and machine learning assist already overburdened tax professionals with complicated and time-consuming processes?
Any organization invested in a partnership or flow-through entity like trust or S Corporations by statute must provide information around federal, state, and international activities. Most tax documents are typically in specific formats– except for K-1s. About 40 million K-1s are created and received, but because there is no standard format, the process is confusing, manual, and time-intensive. Already beleaguered tax professionals take anywhere from fifteen minutes to an hour digging for information to find critical attributes. Any wrong keypunch may result in penalties that can go over hundreds of thousands of dollars.