What is ChatGPT?
ChatGPT is an AI-powered language chatbot developed by tech research firm OpenAI. Designed to answer user questions, it’s recently surged in popularity thanks to its ability to articulate complex concepts, low level coding, and even essays.
ChatGPT has taken over the internet due to its human-like answers to questions. It has been trained on a large dataset and can produce coherent and relevant responses to a wide range of prompts, making it a useful tool for generating written content.
Need an example? The last sentence of that last paragraph was actually generated by ChatGPT, in response to the question, “what is ChatGPT?” Capable of giving such conversational and clear responses to queries, it’s no wonder ChatGPT is poised to change the way we search the internet.
ChatGPT and Bing
Be it software development, content creation, or even education, ChatGPT has the potential to disrupt entire industries. The latest: search engine technology. Microsoft (MSFT), having already invested $1 billion into OpenAi, has first dibs on commercial use of ChatGPT. Now, it’s announced plans to incorporate the chatbot into its search engine Bing.
This is bad news for Google (GOOGL), the undisputed leader of the industry. Rather than simply providing a list of links, a Bing powered by ChatGPT could directly answer questions, help with tasks, and provide significantly more functionality than a regular search engine.
Notably, Google has been working on a similar service to ChatGPT, but has been slow to release updates or announcements.
Looking Forward
ChatGPT, while incredibly impressive, is far from a perfect solution. To start, the “large dataset” used to train it does not include years after 2021. Also, it reportedly does not currently have the ability to access the internet. So, users with of-the-moment questions will likely be out of luck.
Additionally, ChatGPT can be confidently wrong. In other words, the chatbot is known at times to authoritatively present false information as fact. For an industry built around the spread of accurate information, this presents a major concern.
Regardless, with the rollout of ChatGPT, the internet just got a whole lot more interesting. But remember to always fact-check everything you read – even when that information comes from such an intelligent, confident robot.
Learn More:
This article originally appeared on SoFi.com and was syndicated by MediaFeed.org.
Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
Communication of SoFi Wealth LLC an SEC Registered Investment Advisor
SoFi isn’t recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.
More from MediaFeed:
Top tax pros reveal their top tax tips
It’s safe to say that millions of Americans are breathing a sigh of relief now that the IRS has pushed back the deadline to file your 2020 taxes from April 15 to May 17.
But you might not want to celebrate just yet, as there is a major downside to the extension. Fraudsters who attempt to take advantage of Americans on Tax Day now have even more time to try to separate you from your hard-earned income.
To help ensure you don’t fall into any financial traps this tax season, we asked some industry experts to weigh in on ways to stay safe when filing your tax return. From spotting scams to concerns over stimulus repayments, these tips can help you avoid any unnecessary headache on Tax Day.
DepositPhotos.com
Phishing, check and phone scams are not new. But what is new is how fraudsters are applying these scams creatively to our times. For instance, it’s known that fraudsters typically send fake tax refund checks. They follow this by a written notice claiming that they sent you a higher amount than intended and that you’ll need to send them a portion of the money back. But what we’re seeing now is that they’re sending these as a form of fake stimulus checks.
The best way to detect a tax scam is by remembering that the IRS will not contact you by phone, text or social media. If you receive a written notice in the mail, verify that it’s actually coming from the IRS. Letters impersonating the IRS will often contain fake contact numbers, so don’t contact the numbers on the letter. Instead, visit the IRS website and contact them that way.
One of the best ways to stay ahead of fraudsters is to file your taxes early. You’ll not only avoid potential tax-related identity theft but also long lines at the tax accountant’s office. Filing early is especially important if you know you’ve already fallen victim to identity theft.
Many Americans are worried about having to pay back the money they’ve received from stimulus checks once they file taxes. However, this isn’t true. You’ll need to report the money you received, but the IRS states that “there is no provision in the law requiring repayment.
-Alexa Serrano, CAMS, Banking Editor at Finder.com
DepositPhotos.com
In 2020, scams intensified due to coronavirus tax relief. According to the most recent IRS “Dirty Dozen” list, an annual list of the most popular tax scams, some of the most notable include:
- Phishing – A scammer sends emails, letters, or text messages and impersonates the IRS with the goal to steal taxpayer personal information. They may also create dummy IRS websites with the same goal.
- Threatening Phone Calls – A scammer calls claiming to be with the IRS and threatens arrest or deportation if the victim doesn’t pay a fake tax bill.
- Refund Theft – This is a form of identity theft. A scammer files false tax returns under a victim’s name or diverts refunds to wrong addresses and bank accounts.
- Unscrupulous Return Preparers – These scammers will refuse to sign the return (ghost preparers), ask the taxpayer to sign a blank return, or promise a large refund before looking at taxpayer records.
There are so many factors that can lower or zero out a tax refund. It depends on your tax situation. Contrary to popular opinion, it’s not ideal to have a large tax refund.
When you withhold too much in taxes, you’re giving the IRS an interest free loan, which means less money in your pocket throughout the year. Ideally, your goal should be to get as close to zero taxes owed or paid as possible.
-Melanie Bledsoe, CPA at Bledsoe Consulting Services
DepositPhotos.com
File your taxes electronically if possible and have your refund directly deposited instead of taking a paper check. If you owe taxes, pay your taxes on the IRS Direct Paysite so that you can keep a record of them having your payment on time.
Also, if you are hiring a tax professional, make sure that they are using an encrypted/secure portal to transmit your tax documents as these documents should not be freely exchanged over email since the tax documents contain sensitive and private information.
The stimulus checks will have some impact. If you did not get a stimulus check, but your income falls under the threshold ($75K and under if you’re single, $150K and under if you’re married), you can still receive those stimulus payments as credits, which is refundable.
The credit can be used to increase your refund or reduce your tax liability. If you already received the stimulus payment, you will not be taxed on your tax return at all; however, you have to report the amounts received.
-Eric Pierre, CPA, Chief Executive Officer, Owner, and Principal at Pierre
Depositphotos
These tax preparers will end up getting more money from you if you allow them. Ensure that the tax preparer you’re in contact with has an IRS Preparer Tax Identification Number or PTIN. Do your due diligence by asking for their qualifications or credentials before transacting with any tax preparer. Lastly, do not sign a blank return or give any information if you aren’t entirely sure of who you’re dealing with.
-Paul Sundin,CPA and tax strategist at Emparion
The IRS will always mail you a bill if you actually owe taxes. You will also have an opportunity to defend yourself and appeal the amount you owe. Anyone who contacts with a demand for immediate payment via debit card, gift card, or wire payment is a fraudster.
A smaller refund can occur when you have income that is not subject to withholding such as self-employment income, interest, dividends and capital gains. It can also occur if you have reduced your withholding by making adjustments to your W-4.
-Eric Bronnenkant, CPA, CFP and Head of Tax at Betterment
DepositPhotos.com
If you already received both stimulus checks, then your tax return shouldn’t be affected. However, if you had some substantial changes in 2020 (reduced income, having a baby, etc.) then consider filing as soon as possible to receive the highest amount you can when they send the third stimulus check.
I recommend using your tax refund to pay off debt, boost your savings or invest in your future. Depending on the amount you receive, you can use that money to really free up your finances so you’re in a better place in the months to come. 2020 was a difficult year for most people, so this is a great opportunity to pay off high interest debts or replenish your emergency fund.
– Jacob Dayan, CEO and Co-founder of Community Tax and Finance Pal
Kameleon007/istockphoto
Since the IRS communicates through the mail, it can be difficult to discern what is and isn’t a scam. Fortunately, few hackers have the skills to successfully imitate the IRS. If you’re issued a letter, it’s a good idea to review how the sender requests payment.
The IRS only accepts online payment through their official website and their electronic federal tax payment system. If the sender requests money through another site, it’s a giant red flag.
-Kristen Bolig, Founder at SecurityNerd
This article
originally appeared on Finder.comand was
syndicated by MediaFeed.org.
designer491/istockphoto
Featured Image Credit: Depositphotos.
