Digitalization in tax law: What AI offers tax firms

Have you ever thought about equipping your law firm with artificial intelligence to simplify daily tasks for you and your employees?
Digitalisierung im Steuerrecht mit der KI von Otto Schmidt Answers

Fast, simple and digital working

Digitalization has now arrived in almost all areas of work. While it started with creative professions such as advertising and graphic design agencies, artificial intelligence is now also reaching companies, law firms and institutions that are less familiar with such digital tools. The digitalization of the working world and the possible use of AI-supported programs should make everyday work easier for every company in many respects. Processes should be completed more quickly, prepared more simply and implemented more efficiently. In general, time-consuming work steps should be absorbed and carried out more efficiently using AI.

AI in tax law

The use of artificial intelligence in tax law has many advantages. As in other sectors, the day-to-day work of law firms is made considerably easier in terms of time, finances and content. In addition to reducing costs while increasing quality, research activities and knowledge acquisition are possible within a few seconds. However, it must also be mentioned here that a certain basis must be created for the use of AI.

Employees must be appropriately trained in the use of AI and be able to check the answers generated professionally. In addition, not every employee has the same level of knowledge about digital products.

Otto Schmidt Answers - On the right track with the right tool

More and more AI solutions are now appearing on the market to optimize the day-to-day work of law firms. One very innovative and still relatively new tool is the AI Otto Schmidt Answers developed by Otto Schmidt Verlag in cooperation with Taxy.io.
Published at the end of 2023, Answers provides concise, up-to-date answers to specific questions on tax law within a few seconds, including direct links to the sources. The AI can also provide answers directly in the form of pre-formulated draft letters if the question is appropriate. A big plus point: problems that arise with ChatGPT, e.g. hallucinations, do not occur with Answers. The answers are based on the scientifically tested and constantly updated content of the tax law action module in Otto Schmidt online. In May, Otto Schmidt Answers was awarded the “Specialist Medium of the Year 2024” prize in the best AI solution category. The publisher offers a four-week, free and non-binding test phase as well as further Instructions and tips, how to work most efficiently with Answers.