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Leveraging AI in R&D: New Opportunities and Challenges

The use of AI technologies in business operations can significantly impact how companies qualify for and benefit from R&D tax credits.

Published in Thomson Reuters Practical Tax Strategies –
October 2024 Issue

By Yair Holtzman and Diana Musayeva

Artificial Intelligence (AI) is one of the world’s greatest technological tools. Its greatness is derived from its general-purpose applicability and capabilities. Two general categories the tool excels at are in increasing the efficiency and effectiveness of processes and the development and innovation of products, processes, and services. AI is the perfect co-pilot tool for the well-informed and well-educated human, according to The University of Illinois Chicago, which defines AI as a sector of computer science dedicated to creating machines capable of executing tasks that normally require human intelligence. These tasks encompass learning from experience (via machine learning), understanding natural language, pattern recognition, problem-solving, and decision-making. AI’s influence permeates our daily lives, from autonomous vehicles to virtual assistants, constantly growing in importance and reshaping various aspects of our daily lives.

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Yair Holtzman is a Tax Partner and the Leader of the Research and Development Tax Credits & Incentives practice at Anchin. He is also leader of the Chemicals and Energy and Life Sciences practice groups. He has over 25 years of experience in tax and business strategy consulting.

Diana Musayeva is a Senior Tax Associate in the R&D Tax Credit practice at Anchin.