Paul L. Caron

Tuesday, March 7, 2023

ChatGPT's Tax Advice Was Wrong 100% Of The Time

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Bloomberg, ChatGPT Can Give Tax Advice, But You Really Get What You Pay For:

Open AI ChatGPTChatGPT 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:

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