Artificial Intelligence

Millions of Americans are sweating over one of the most intrusive processes known to mankind. The IRS is in high gear as it prepares to process tax returns.

Using my face as my boarding pass to get on a flight to Oaxaca, Mexico and then as my passport to get back in the US got me thinking about how facial recognition has permeated the travel experience. To help us understand where this is going, we talk with two travel industry experts, Dr. Sheldon Jacobson and Henry Harteveldt.

With the tax deadline approaching, many people are resorting to AI-powered Large language models (LLM) to file their returns, per a new survey by CardRates.com. Nearly 1 in 5 Americans would trust ChatGPT, the AI Chatbot by OpenAI, to review taxes with 14% of the respondents saying that they have used it already, the survey said.

The tax deadline is approaching and some filers are turning to chatbots powered by artificial intelligence for help with returns.

AI is revolutionizing tax preparation, offering efficiency and accuracy. Yet, it faces challenges like bias and reliability concerns.

Leaders of AI companies often argue that AI products will handle mundane tasks, freeing people up to be more productive and creative. And there are few tasks more mundane than taxes. An individual American taxpayer spends roughly 13 hours and $240 out-of-pocket costs just to prepare and file one annual tax return, according to one 2022 study—an estimated 1.15 billion hours collectively spent on tax preparation.

The growth of artificial intelligence and its wholehearted embrace by business higher education has surprised even those who have long studied it. Count among them Professor Tinglong Dai, who teaches a first-of-its-kind MBA course at the Johns Hopkins Carey Business School called Data Science: Artificial Intelligence.

Some universities have wholeheartedly embraced the technology, such as the University of Pennsylvania, which now offers an AI degree. Others like Penn State and Duquesne University leave it to the professors' discretion.

Leadership discussions on AI often center on defining an AI strategy, much like formulating plans for marketing or operations. Yet, a more profound and potentially impactful prospect is emerging: embedding AI at the heart of strategic decision-making.

Penn State University Professor Matt Jordan recently started incorporating artificial intelligence into his Media Democracy class.