The Effect of AI on Tax Departments
Presenters : Mark Silberman
Overview
During AI and Practice Automation, Mark delves into the transformative power of technology-enabled solutions for tax professionals, empowering them to deliver enhanced value to their organizations both now and in the future. The video highlights the significance of automation in ensuring compliance with current regulations from various regulators, including SARS, CIPC, Masters, and FIC.
Furthermore, the video provides valuable insights into leveraging AI for tax learning and emphasizes competencies essential for tax professionals, including setting up tax departments using a risk-based approach, implementing automation strategies, and preparing for the impending AI revolution.
Video Content
In this video, Mark will explore the following:
- A risk based approach for a tax practice avoiding the risks.
- How SARS is using data-driven insights, algorithms, and artificial intelligence in a bid to fight tax evasion.
- How SARS is modernising its systems to provide digital and streamlined services to the public, rebuild trust and confidence in the tax collector.
- AI and automated SARS tax return submissions, as well as the challenges they create.
- The big call and push back for the uploading of trust distributions for pre-population and monthly EMP 501 reconciliations.
- The impact of new shareholders disclosure on the ITR14 tax returns and on beneficial ownership.
- How trust tax returns for all trusts need to be accounted for, including the uploading of all distributions via IT3T to SARS.
- How to learn tax law and compliance issues using AI.
- The blending of all disciplines in the accountants office to meet all the new regulatory requirements.
Competencies developed in this video
- The setup of a tax department using a risk based approach.
- The minimum risk based steps that you have to have in place to avoid financial and reputational damage.
- How to automate all your tax processes.
- How to gear up for the oncoming AI revolution.
- How to blend and manage data in a practice.
