AiTax is Now Live | Artificial Intelligence in Tax Preparation
by John Anthony Castro, J.D., LL.M.
Why You Should Use AiTax
AiTax answers all of your tax questions, solves all of your tax problems, and guarantees that you pay the lowest amount of tax legally possible. It even comes with free audit and legal defense. The use of artificial intelligence eliminates the risk of human error and missed opportunities. As a result, you save thousands in taxes.
Other tax software programs, such as TurboTax, do not provide substantive guidance, do not identify opportunities to lower your taxes, and do not explain tax planning strategies. They also do not provide free audit defense, and they certainly do not provide free legal defense. As a result, you're left spending countless hours stressing over learning everything about taxes and assuming all legal liability if you’re wrong. With these tax programs, you're left in the dark hoping you don’t get audited by the IRS.
This is because traditional software programs only assemble data. For example, TurboTax asks you to enter your dependents – but it can’t help if you’re unsure whether someone qualifies as a dependent. Everyone has complex situations, and your tax software should make things simple and clear. And yet, if you have questions on specific matters, current tax software programs are useless.
Why No One Else Has Done This
A common criticism of current tax return preparation software like TurboTax is that the result is only as good as the data that the software is able to extract from the user. But it’s impossible to get high quality data if the software doesn’t provide meaningful guidance. The only solution is to set out to do what we have now accomplished: to design a series of questions capable of analyzing every possible situation that could affect your taxes. This is the only way to ensure that the software gets all of the data it needs to maximize your tax savings.
Another criticism of current underperforming tax software is that it is only as good as its ability to actually use all of the data it extracted from the user to lower the user’s tax liability. The only way to accomplish this is to not only put all tax law into code, but to put unique interpretations of tax law into the software coding; this means we are putting the creative planning solutions of tax attorneys into the very fabric of the software code to maximize savings.
The missing element in tax software was artificial intelligence, but the technology did not yet exist to support this type of sophisticated computer code — until now.
In late 2021, the AiTax Corporation received a Notice of Allowance from the U.S. Patent and Trademark Office for a set of twelve (12) patents covering all of the following:
- the use of artificial intelligence and machine learning technology to prepare income tax returns and all associated disclosures,
- identify present mitigation opportunities,
- identify future tax planning opportunities,
- ensure taxpayers pay the lowest amount of tax legally possible,
- coordinate tax audit and legal defense, and
- support all of these functions with a robust library of explanatory videos that simplistically explain complex tax matters to guide users through the myriad of rules, regulations, statutes, and tax planning opportunities.
The Cost of Missed Opportunities
In the tax world, you get what you pay for. The more you pay; the more you save. This is the unfortunate truth that no one likes to hear or admit. The problem with going with cheap options like TurboTax is that you’re not seeing what you missed out on. You don’t realize you potentially missed something that could have increased your refund by $5,000, so you don’t realize that although TurboTax only cost you $25 out-of-pocket, it really cost you $5,000 in missed opportunities.
AiTax’s industry-unique, contingent-based billing structure guarantees that you’re paying for results; not a mere service.
AiTax’s fees for annual tax compliance are purely contingent, which means it’s effectively a joint venture with you, the customer. AiTax first determines what you would have received elsewhere by showing you, the customer, what the outcome would be with other tax softwares. This reveals the base starting point for calculating our fee. AiTax then compares the difference between the result elsewhere to AiTax's final result. The fee is 50% of the difference between what your result would be elsewhere and AiTax’s final result.
If AiTax does not produce a difference, then the fee is zero.
Based on the feedback of our long-lasting customers, we adopted this billing method that guarantees that customers pay for results rather than services. By providing the customer with a non-binding proposal, you are able to see in detail how even after our fee is applied, you will walk away with a significantly better total after-fee position. The non-binding proposal makes the cost-benefit analysis clear. The fee is based on a clear and concise mathematical formula.
The AiTax Money-Back Guarantee
In the highly unlikely event that any legal positions recommended by AiTax and taken into account in order to arrive at the fee are challenged or denied, AiTax provides free audit and legal defense. We will fully exhaust any and all administrative and legal remedies available to contest any assessment to the fullest extent of the law. If, after exhausting all administrative and legal remedies available, there has been a final unappealable judicial denial, the fees will be readjusted to zero and are fully refundable. This is the AiTax Money-Back Guarantee.
We designed the AiTax Money-Back Guarantee to include free audit and legal defense in order to put power back in the hands of the people. Your tax return will be protected by an army of accountants and tax attorneys.
Tax Meets Artificial Intelligence
Artificial intelligence in the context of tax preparation, tax planning, and tax legal defense is the process of putting into computer code all of the analytical mental functions of tax attorneys. We are essentially coding into AiTax the collective brain power of every leading tax professional in America by replacing the tax attorney function of certifying taxpayers for unique legal positions to mitigate their tax exposure. The same questions that a tax attorney would ask a client to see if they qualify for a tax strategy are the same questions embedded into the AiTax software. The full version of AiTax is expected to be ready in 2024. The full version will be an entirely standalone software.
As it currently exists (AiTax Beta version), the software code contains several unique legal positions that have the collective potential of substantially reducing the tax liability of anyone who has an independent income-generating activity. As the AiTax Corporation continues to grow, we will hire experts in every field to put into our code all of their unique legal positions. When we are finally done, there will be no unique legal position that is not made available through AiTax. This will, in effect, democratize access to extremely high-quality tax planning that you would otherwise only have access to by engaging a large national tax law firm.
By revealing and making available to the entire public any and all planning opportunities, special benefits, so-called “loopholes,” and unique legal positions, we will force Congress to fix the Internal Revenue Code. AiTax will put an end to the days of special tax benefits and long-hidden loopholes that have historically only been available to those who could afford the outrageously high hourly rates of the top law firms in America. Accessibility to our software is paramount. Anyone, regardless of income or background, will have equal access to top-tier tax preparation and solutions.
The AiTax Corporation owns all patents covering the deployment of artificial intelligence in tax preparation, tax planning, and tax legal defense. We are developing a patent-protected vast library of short thirty to 90 seconds-long videos explaining every aspect of tax law, from who qualifies as a dependent to how to identify international arbitrage opportunities between the legal systems of two different countries. We are also developing the now patent-protected system that identifies the taxpayer’s jurisdiction, the ideological leanings of the federal judges in that district, and the likelihood of prevailing on the merits of a particular tax position in said jurisdiction. Our system also cross-references these outcomes with other available jurisdictions’ and judges’ ideologies in order to recommend to the user the best jurisdiction to file a case. Make no mistake: we are rendering tax attorneys and CPAs obsolete. The dozen patents we were recently granted represent the first step toward the total and complete digitization of tax law.
In the coming years, we will integrate Estate Planning into the software. You will be able to prepare business and life planning documents for free, such as LLC Operating Agreements, Articles of Incorporation, Last Wills and Testaments, Advance Healthcare Directives, and Medical Powers of Attorney. The goal here is to further differentiate AiTax from other tax software and add more value for you, the customer. You’re not just paying for a highly sophisticated tax return with unique legal positions; you’re paying for a software that will support business and life planning objectives, help you keep track of all of your major life events, and assist in achieving both short term and long term goals.
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About the Inventor
John Anthony Castro, J.D., LL.M., is the Founding Partner of Castro & Co., inventor of AiTax, the author of International Taxation in Plain English as well as International Estate Planning in Plain English, an esteemed graduate of Georgetown University Law Center in Washington DC where he earned a Master of Laws in Taxation with a Certificate in International Taxation, an OPM Fellow of Harvard Business School, and an internationally recognized tax attorney with offices in New York, Los Angeles, Chicago, Miami, Dallas, and Washington DC.
Dr. Castro has been covered in Forbes, Tax Analysts, Entrepreneur, International Business Times, Nevada Law Journal, Sydney Morning Herald, and the SMSF Adviser. This International Tax Online Law Journal has been recognized by NYU Law Library as a reputable and authoritative legal source, and Dr. Castro’s book, International Taxation in Plain English, is used as a textbook at the R.H. Smith School of Business at the University of Maryland.