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The complex structures and tax issues present in large partnerships require a focused approach to best identify the highest risk issues and apply resources accordingly. In 2021, the IRS launched the first stage of its Large Partnership Compliance (LPC) program with examinations of some of the largest and most complex partnership returns in the filing population. The IRS is now expanding the LPC program to additional large partnerships…By the end of the month, the IRS will open examinations of 75 of the largest partnerships in the U.S. that represent a cross section of industries including hedge funds, real estate investment partnerships, publicly traded partnerships, large law firms and other industries. On average, these partnerships each have more than $10 billion in assets.
Believe me when I tell you a partnership with $10b assets is insane. Auditing that is extremely labor intensive and requires a ton of highly specialized skills and that all requires resources.
There’s really nothing left to argue here so please just take this at face value and move on.
ChatGPT is basically like a really good intern, and I use it heavily that way. I run literally every email through it and say “respond to so and so, say xyz” and then maybe a little refining, copy paste, done.
The other day, my boss sent me an excel file with a shitload of data in it that he wanted me to analyze some such way. I just copy pasted it into gpt and asked it, and it spit out the correct response. Then my boss asked me to do something else that required a bit of excel finagling that I didn’t really know how to do, so i asked gpt, and it told me the formula, which worked immediately first try.
So basically it helps me accomplish tasks in seconds that previously would’ve taken hours. If anything, I think markets are currently undervalued, because remarkably, fucking NONE of my colleagues or friends are using it at all yet. Once there’s widespread adoption, which will pretty much have to happen if anyone wants to stay competitive once it gains more traction, look out…