As it looks for ways to effectively monitor the wealthiest Americans, the US Internal Revenue Service (I.R.S.) has begun employing artificial intelligence (AI) to tackle tax evasion at multibillion-dollar partnerships.
AI can be used to analyze massive amounts of financial data, including transaction records, to spot trends and anomalies that can indicate tax fraud or evasion. In comparison to manual approaches, machine learning algorithms are better equipped to aid tax authorities in identifying irregularities and possible tax crimes.
Identity theft, false tax refund claims, and other forms of tax-related fraud can also be detected using fraud detection systems powered by AI. “This is one more way for them to put some distance in their decision-making,” Norquist told the news outlet. “They can say, ‘Oh, we’re not auditing people we don’t like. This is science.’”
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