Intuit says the latest version of its TurboTax tool will embrace artificial intelligence.
The new version of TurboTax Live Full Service, set to launch Thursday (Nov. 30), will match customers to a virtual tax expert or to a local tax pro for either virtual or in-person tax preparation, the company announced Monday (Nov. 27).
Also on Thursday, Intuit plans to debut new generative AI (GenAI)-powered innovations rolling out across its TurboTax Online and TurboTax Live products and services, including Spanish language translations across the entire line-up of products.
“Our decades of tax expertise, network of tax pros, and Intuit’s GenAI enable us to serve all taxpayers and small businesses regardless of their tax situation and whether they want to do their taxes themselves, with help along the way or hand them off,” Mark Notarainni, executive vice president and general manager of Intuit’s consumer group, said in a news release.
“Now, all tax filers, including those seeking an in-person connection with a local independent tax expert, Spanish-speaking filers, and small business owners will have a TurboTax experience that gives them confidence that their taxes are done right and they are getting their biggest refund guaranteed,” he added.
The launch is happening at a moment when the rise of generative AI has given finance departments a powerful tool, as PYMNTS wrote in September.
“I think all of us are seeing generative AI explode in various different forms and bring out very creative ways to perform tasks and activities while improving efficiency,” Veena Gundavelli, the founder and CEO at Emagia, told this publication.
Among the most promising AI applications, she added, are the ones found inside finance operations and accounting workflows.
Meanwhile, PYMNTS wrote last week that the value of AI lies in their ability to streamline processes where mundane and repetitive tasks have traditionally created bottlenecks, including with the payments ecosystem.
“Removing the manual element from having to process hundreds, thousands, tens of thousands of payments — having to manually post and reconcile these actions — that’s the area that needs a lot of focus [on innovation] because unless you can remove that manual process and the HR associated with it, you’re not going to get the type of adoption for digital payments that both buyers and suppliers want and need,” Dean M. Leavitt, founder and CEO of Boost Payment Solutions, said here last month.
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