Taxes, tax filing, NEW 640 x 640
FP Alpha on Thursday announced the latest iteration of its tax planning solution, Tax Snapshot 3.0.
FP Alpha, based in New York, is an artificial intelligence-powered tax, estate and insurance planning platform. Built for advisors, planners and enterprise firms, Tax Snapshot 3.0 seeks to deliver a fully client-ready tax return summary.
In addition, when the Tax Snapshot 3.0 system identifies poor scans, complex formatting or compromised data quality, the tax return is automatically routed to human reviewers rather than relying on uncertain outputs. Advisors then receive validated results within one business hour, according to a statement.
Rachel Schwab, director of product at FP Alpha, told ThinkAdvisor that the oldest designs for the current edition of the program are about a year old. Collecting feedback was a continuous process during the design effort, she said.
"Almost every new data box was specifically requested by many advisors over the years and prioritized due to the volume of requests," she said. "That input was incorporated before launch. A long beta period was not needed as this is the third iteration of the Tax Snapshot and the core AI technology did not change."
In contrast to other AI tools, Schwab said that the AI features in Tax Snapshot 3.0 are adept at tax-related math because they have been trained and tested by CPAs to do specific calculations. The Tax Snapshot 3.0 software, she noted, does not rely on large language models.
"This is a huge differentiator in our offering," Schwab said. "Our calculations are standardized, built and tested in-house and approved by the users of the thousands of tax snapshots we have already generated over the years."
The security protocols have not changed, said Schwab, as FP Alpha is compliant with the System and Organization Controls 2 framework and does not read or store personally identifiable information, such as social media or the names of dependents.
"We always delete the documents completely from our servers after extracting the needed data," she said.
Credit: Shutterstock
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.