Is your tax practice going to lose clients to AI? What will happen to the tax services industry? Which practices and jobs will disappear? Is it even possible to grow your practice amid this disruption in the industry? These are worrying questions and they sure can cause a lot of anxiety in tax practitioners and practice owners. Predicting the future is hard, but predicting some aspects is possible. Here, we consider some answers to these questions.

Perhaps the most noticeable tech event of 2023 was the introduction of the instantly and wildly popular Large Language Model (LLM) from OpenAI, better known as ChatGPT—a really smart chatbot. While Artificial Intelligence has been in the news for over a decade prior to the emergence of ChatGPT, it was more of an abstract idea coupled with aspirational marketing claims. But no more! ChatGPT made a lot of the claims a reality.