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Miami-Based Taxfyle Launches Generative AI for Tax Preparing

Taxfyle is an app allowing users to taxes in real-time and easily connect with a tax expert.

Taxfyle has recently launched Taxfyle AI, an innovative tool that automates a substantial amount of manual work required by tax professionals. This solution gathers all the necessary documents and information to generate the required workflows, worksheets, and backup schedules. Given the current staffing crisis, the accounting industry faces due to increased demand, an aging workforce, and a decline in CPA graduates, Taxfyle’s generative artificial intelligence (AI) solution empowers tax professionals to be more efficient and accurate by automating several labor-intensive steps of the preparation process.

“Taxfyle’s goal has always been to transcend an outdated industry and we have accomplished our goal in making tax preparation easier for hundreds of thousands of Americans,” Michael Mouriz says, COO and Co-Founder at Taxfyle. “Our AI component will allow us to continue transforming an outdated industry.”

Taxfyle AI collects the required documents and the relevant information is easily extracted. This process greatly reduces the complexity and errors commonly associated with tax preparation tasks. Furthermore, Taxfyle AI revolutionizes the role of tax professionals, allowing them to focus on reviewing rather than preparing documents. This improves margins and provides a solution to the industry’s staffing shortages.

By implementing Optical Character Recognition (OCR) technology, Taxfyle AI can digitize the previous year’s tax return data. The digital information is then broken down into distinct tokens, such as income, deductions, and tax credits, which are analyzed to identify necessary tasks for the current year’s tax return. This workflow automation streamlines the process and enhances accuracy by generating a tailored checklist of clarifying questions and required documents based on the expected complexity of the tax return. 

Taxfyle’s AI model also monitors various data points, including documentation and chat communications. This diligent scrutiny of tax documents and chat communications ensures the accuracy and completion of all information and highlights potential areas of concern that require human attention. As a result, Taxfyle’s integration of OCR and AI transforms the traditional tax document management process into a more efficient and reliable system.

“Taxfyle is at the forefront of revolutionizing the tax preparation industry with our industry-leading generative artificial intelligence solution,” Richard Laviña says, CEO and Co-Founder at Taxfyle. “We are excited to empower tax professionals to achieve unprecedented levels of accuracy and efficiency.”

Taxfyle was established in 2015 to revolutionize professional tax preparation through a user-friendly mobile platform that simplifies the tax filing process. The company has three product segments that have introduced groundbreaking innovations in the accounting industry, providing faster and more efficient services to individuals, small businesses and enterprise clients.

“Our AI-driven approach will become a dependable remedy for the industry’s enduring staffing challenges,” Will Sahatdjian says, Chief Technology Officer and Co-Founder at Taxfyle. “As trailblazers in the accounting industry, we are thrilled to lead the way in adopting AI.”

Photo courtesy of Taxfyle

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Drew Limsky

Drew Limsky

Editor-in-Chief

BIOGRAPHY

Drew Limsky joined Lifestyle Media Group in August 2020 as Editor-in-Chief of South Florida Business & Wealth. His first issue of SFBW, October 2020, heralded a reimagined structure, with new content categories and a slew of fresh visual themes. “As sort of a cross between Forbes and Robb Report, with a dash of GQ and Vogue,” Limsky says, “SFBW reflects South Florida’s increasingly sophisticated and dynamic business and cultural landscape.”

Limsky, an avid traveler, swimmer and film buff who holds a law degree and Ph.D. from New York University, likes to say, “I’m a doctor, but I can’t operate—except on your brand.” He wrote his dissertation on the nonfiction work of Joan Didion. Prior to that, Limsky received his B.A. in English, summa cum laude, from Emory University and earned his M.A. in literature at American University in connection with a Masters Scholar Award fellowship.

Limsky came to SFBW at the apex of a storied career in journalism and publishing that includes six previous lead editorial roles, including for some of the world’s best-known brands. He served as global editor-in-chief of Lexus magazine, founding editor-in-chief of custom lifestyle magazines for Cadillac and Holland America Line, and was the founding editor-in-chief of Modern Luxury Interiors South Florida. He also was the executive editor for B2B magazines for Acura and Honda Financial Services, and he served as travel editor for Conde Nast. Magazines under Limsky’s editorship have garnered more than 75 industry awards.

He has also written for many of the country’s top newspapers and magazines, including The New York Times, Washington Post, Los Angeles Times, Miami Herald, Boston Globe, USA Today, Worth, Robb Report, Afar, Time Out New York, National Geographic Traveler, Men’s Journal, Ritz-Carlton, Elite Traveler, Florida Design, Metropolis and Architectural Digest Mexico. His other clients have included Four Seasons, Acqualina Resort & Residences, Yahoo!, American Airlines, Wynn, Douglas Elliman and Corcoran. As an adjunct assistant professor, Limsky has taught journalism, film and creative writing at the City University of New York, Pace University, American University and other colleges.