Intuit Assist, TurboTax’s AI tool, offers various benefits.
Intuit Assist, TurboTax's AI tool, offers various benefits.
Intuit’s AI Tool, Intuit Assist, Simplifies Tax Filing Process
Tax season may still be a few months away, but Intuit, the company behind popular tax software TurboTax, is already taking steps to simplify the tax filing process with the help of artificial intelligence (AI). Intuit has announced a new generative AI tool called Intuit Assist, designed to give small entrepreneurs and business owners the same leverage as large corporations when it comes to taxes.
Starting today, a limited version of the tool will be available in the TurboTax app, with plans to make it available in other Intuit products in the coming months. Although the full version of Intuit Assist won’t be available until January 2024, its release just over a month before the extended tax deadline for 2023 means that there is still potential use for this new AI tool right now.
So, what exactly can Intuit Assist do? In its current state, it can help with small tasks such as generating a personalized checklist to prepare for tax season based on user input. However, closer to the start of next year, it will be able to connect to Intuit products like Credit Karma and Quickbooks to help users understand their specific financial situation and make smarter decisions when it comes to taxes.
In essence, Intuit Assist is designed to reduce the time spent filing taxes, increase accuracy, and maximize the user’s tax return. Once the final version is rolled out, customers should be able to receive fast answers to complicated tax questions with the help of the AI assistant. According to Intuit, Intuit Assist will augment tax experts’ knowledge with fast, personalized answers based on data-driven insights, reducing the time spent searching for information. If needed, the AI can also connect the user to a real human for further assistance.
Beyond tax assistance, Intuit plans for Assist to offer marketing help on its Mailchimp platform. This includes creating campaigns aligned with a company’s branding, targeting specific audiences, and measuring the effectiveness of email campaigns. The expansion of Assist’s capabilities into marketing demonstrates Intuit’s commitment to providing a comprehensive suite of tools for small businesses.
However, the prospect of connecting an AI assistant to sensitive financial information raises immediate concerns for some users. Individuals recently witnessed the privacy issues that can arise with AI when Zoom found itself embroiled in controversy. Intuit attempts to address these concerns by offering a “Responsible AI” page, providing users with information on how AI is used in their software. Nonetheless, the question remains whether this is enough to truly make customers comfortable with sharing their financial data.
Despite potential apprehensions, Intuit Assist holds promise for simplifying and enhancing the tax filing experience. By leveraging AI, small entrepreneurs and business owners can level the playing field with large corporations, reducing the time and effort required to file taxes accurately. As the full version of Intuit Assist becomes available, users can expect a smoother and more efficient tax filing journey, with the added convenience of receiving personalized answers at their fingertips.
