Source: Fox Rothschild

On October 25, 2024, Fox Rothschild hosted an event discussing the ethical use of artificial intelligence (AI) in tax law, focusing on how legal professionals can integrate AI into their tax practices while adhering to ethical and legal standards. The event featured tax law experts who provided insights into the best practices for implementing AI tools in tax planning, compliance, and litigation. Discussions centered around the potential benefits of AI, such as automating complex tax calculations and improving accuracy in tax filings, while also addressing the ethical risks associated with AI, including bias in decision-making and data privacy concerns.

Panelists emphasized the importance of transparency in AI-driven tax decisions and the need for regular audits to ensure compliance with ethical guidelines. They also highlighted the role of legal professionals in overseeing AI systems to prevent errors and ensure that AI tools are used responsibly. The event concluded with a call for more research on the long-term implications of AI in tax law and the development of industry-wide ethical standards.