Generative AI Obstacles Slow Down Tax, Accounting Transformation

Tax and accounting firms are increasingly embracing generative artificial intelligence for some of their operations, but regulatory and ethical hurdles are slowing adoption.

The list of obstacles is long—data privacy concerns, an uncertain regulatory climate, a need for skills training and better internal systems, plus the sometimes questionable information generated by AI itself. Considering that, it might be quite some time before the technology reaches anywhere near the overall $2.6 trillion annual impact on the US economy predicted in a McKinsey & Co. report.

“It’s not quite as everywhere as the hype makes it seem like ...