Muse Tax, built using OpenAI’s GPT technology, is a company aiming to make tax codes more quick and easy. Founded by Colin Horsford and Busayo Ogunsanya, two certified public accountants with years of experience in financial services, they created a technology bridge, an application programming interface (API), to connect to OpenAI’s platform and build their own software on top of it.
With a business-to-business model, they struck up investments and partnerships with financial institutions, such as Techstars, the AI Operators Fund, Everywhere Ventures (formerly known as The Fund), and raising a $2 million seed round.
Users of the system are able to transfer their tax returns and transactions data into Muse Tax, a system that can keep track of all the updates concerning the tax codes and make suggestions about how to minimize the amount of taxes an user needs to pay. Compared to human experts, the process takes less time, from 20 to 30 seconds and in some cases, up to 45 seconds.
Muse Tax employs OpenAI’s GPT-3 and GPT-3.5, with plans to move to GPT-4. GPT is a generative AI technology that creates text, images and other content.
The company has procedures in place to ensure the accuracy of its AI algorithms and responses, as well as discussing them with the sources of the information. Examples of partners already taking advantage of its services are Bilt Rewards – a rewards program for people paying rent – and Nestment – a crowdfunding platform focusing on younger people.
Colin Horsford, a veteran of well-known financial service companies such as AIG and Goldman Sachs said “When using our model, you don’t have to stay abreast of the ever-changing tax fields and calculation algorithms; the model is trained for that purpose and can process information a lot faster than the human race can”.
Jenny Fielding, co-founder of Everywhere Ventures commented on why this project is more than just a fun use case: “The tax code is one of the most obvious use cases for AI. Having a system like Muse Tax lowers the barriers to understanding and calculating the tax implications of any number of types of transactions”. The quality of the data sets used is one of the main challenges, as they need to be up-to-date and jurisdiction-specific.
Overall, Muse Tax is a suitable solution for financial companies and individuals who want to understand and maximize the advantages of tax filing in a quick and easy way. It reduces the time invested in understanding complex tax codes, making sure the accuracy and quality of the results are not lost, and bringing a much needed service to the market.
