Deadline: October 19, 2017 | Accept the challenge!
Prize: $125,000 in cash
Eligibility: Anyone can participate
Odele’s Brain: Automated Tax Blueprint Challenge
What do you know about tax benefits?
You might have a vague idea about benefits on income tax credit, business expenses or healthcare costs, but you’re probably still far from seeing the whole picture.
“The only guarantees in life are death and taxes.” – Benjamin Franklin
We’ve all heard this saying before, yet for the majority of people, taxes are an annual hazard, we barely consider any preparation for such a tedious task.
How many of us are actually optimizing financial decisions and business plans for the best possible tax outcome? Large companies rely on a well-paid team dedicated to optimizing corporate tax expenses.
But what about an average person? Do the current financial software solutions really help you make tax planning as natural as setting up a monthly budget?
To resolve this challenge, the Financial Gravity team is looking for a way to design a tax operating system, using Odele’s Brain.
Think of Odele as your own automated tax-planning assistant.
Maybe you were wondering if you could reduce your taxes, but couldn’t hire a tax or business advisor whose competence you can trust and whose services match your income level.
Odele WILL SOLVE THIS for you
Be it forwarding an electronic tax file, talking to her via smartphone, or scanning and inputting data from your printed tax return, Odele will understand your needs.
She will find the easiest way to get the best tax-saving options. If she requires more info to design a solution, she will ask you.
This challenge is all about designing Odele’s brain
Technically speaking, the winning solution should include the “Model” from the MVC framework.
Financial Gravity already has an extensive database of optimal tax solutions that maximize tax savings.
So what is missing? A Tax–Operating System, the automated process that connects the person and their situation to the best possible solution.
When designed, the proposed solution for “Odele” will:
- Present and compare taxes and income for a business owner for a variety of tax configurations, assumptions, and projections.
- Calculate lost income by comparing taxes paid for a previous year with taxes that would have been paid under an optimal configuration.
- Recommend optimal tax-planning configuration for the upcoming year, based on the business owner’s goals, preferences, personal lifestyle and logistics of implementing different tools and services.
- Learn and upgrade its algorithms based on each case it handles, new tax regulations, tax court cases, IRS rulings, etc. It should also able to alert users who may be using a strategy that is no longer optimal.
The winning solution should be accurate, fast, fully automated, and cost-efficient.
Odele’s Brain must also fully protect users’ private data and ensure the security of Financial Gravity‘s proprietary tax-planning and other financial knowledge.
Guidelines and rules
Anyone can participate
There are no specific qualifications or expertise fields required to compete.
Furthermore, prize organizers encourage individuals and non-expert teams to participate and propose new solutions.
Submissions must be made in English, as all challenge-related communication will be in English.
Submissions must be made online (only) via the HeroX.com website no later than 5pm EDT on October 19, 2017.
All uploads must be in PDF format.
Prizes will be awarded based on the criteria outlined in the Judging Scorecard.
To be eligible, proposals must:
- Meet the criteria;
- Thoughtfully address the Submission Form questions;
- Be scored higher than competitors.
Given the case of a tie, winner(s) will be selected depending on Judges’ votes.
Submissions will be assessed based on the following criteria:
- Accuracy (30 points). The solution must provide accurate outcomes and identify optimal outcome based on information provided.
- Innovation (20 points). The solution demonstrates an innovative use and combination of existing or newly designed technologies, strategies and features.
- Speed (10 points). The solution should analyze and provide outcomes for relevant options and identify optimal outcome in 2 minutes, not including interaction time with the user.
- Cost-Effective (10 points). The solution should minimize cost of processing one user’s inputs, while achieving accuracy and speed.
- Ease of updating (10 points). The solution must be able to easily integrate new tax rules and new categories and formats of rules.
- Flexibility (10 points). The solution easily allows for addition of new, related functionality and/or integration with other financial software.
- Soundness of Implementation Plan (10 points). Implementation plan is feasible, thorough, and well-designed.
The total prize pool being awarded by Financial Gravity goes up to $125,000, and may be split by up to 5 winners. The minimum prize is expected to be about $20,000.
Besides the prize pool, Financial Gravity would be looking to offer employment, contract and partnership opportunities to jointly create this new tax-planning tool as well as other related products.
Don’t miss your chance, and apply today!
For more info, please check out the official page of the challenge.