Financial Gravity hosts AI design challenge for tax planning software
Financial Gravity, a tax services and wealth management firm in Dallas, is sponsoring an AI design challenge for the creation of an an artificially intelligent tax advisor.
The AI-enabled automated tax planning assistant software, as it’s being called, will be named Odele; and its target end users are business owners, entrepreneurs and high net worth families with multiple sources of income, some investments, and the ability to save for the future.
Odele should be able to:
- Present and compare taxes and income for a business owner for a variety of tax configurations, assumptions, and projections;
- Calculate lost income by comparing taxes paid for a previous year with taxes that would have been paid under an optimal configuration;
- Recommend optimal tax-planning configuration for the upcoming year, based on the business owner’s goals, preferences, personal lifestyle and logistics of implementing different tools and services; and
- Learn and upgrade its algorithms based on each case it handles, new tax regulations, tax court cases, IRS rulings, etc. It should also able to alert users who may be using a strategy that is no longer optimal.
Financial Gravity reports that it has a database of ideal tax scenarios that maximize take-home income. The firm wants Odele to connect individuals to their most ideal scenario.
The firm is offering a total prize pool of up to $125,000, which may be split by up to five winners. The minimum prize is expected to be $20,000. FInancial Gravity also expects to invite competitors to partner with the firm, to share proprietary data to create a new and potentially jointly owned proprietary tool.
For more information on the challenge, click here.