Artificial Intelligence Limitations & Problems, Part II: Avoiding Sanctions Under Circular 230 (227)

General Description:

This course covers the limitations of artificial intelligence searches and the related duties and responsibilities of tax return preparers under Circular 230.

Learning Objectives:

After completing this course, the participant will be able to:

• Identify common artificial intelligence limitations and errors that may lead to violations of Circular 230.
• List potential Circular 230 sanctions and penalties for tax return preparers.
• Identify sections of Circular 230 that are applicable to artificial intelligence usage by tax return preparers.
• Explain the duties and responsibilities of tax return preparers under Circular 230 that are applicable to artificial intelligence usage.
• Describe the difference between the substantial authority standard and the reasonable basis standard.
• Describe the steps needed to ensure that an artificial intelligence answer complies with the substantial authority or the reasonable basis standard.

Instructors:

Richard L. Russell, Jr. has been an associate professor of accounting at Metropolitan State University of Denver (MSU Denver) for more than 10 years, teaching Tax I & II in the undergraduate program and Tax Research, Tax Practice & Procedure, and Partnership Taxation in the graduate Master of Professional Accountancy program. He earned his bachelor’s degree in accounting and Master of Professional Accountancy from Jackson State University and J.D. from the University of Iowa College of Law. He is licensed as a CPA in Mississippi and Colorado and licensed as an attorney in Colorado. He has served as a member of the AICPA’s Regulation Subcommittee, which votes on CPA exam questions related to tax and business law, and is licensed to practice before the United States Tax Court.

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