Following the Inflation Reduction Act, the IRS was instructed not to increase audits for those earning below $400,000 annually. A report from TIGTA indicates that the IRS has made “limited progress” in tracking these audits. The Inflation Reduction Act allocated $79.4bn to the IRS, which was later reduced to $57.8bn. Treasury Secretary Janet Yellen directed…

Senate Republicans have blocked a $78bn tax cut package aimed at benefiting businesses and low-income families, key groups needed for electoral success in November. The tax package, which had passed the House with strong bipartisan support, failed to overcome a Senate filibuster, garnering only 48 votes in favor against 44. Only three Republicans, Josh Hawley,…

The U.S. Justice Department has launched its first-ever whistleblower program to combat corporate misconduct. The program aims to incentivize individuals with knowledge of corporate wrongdoing to report it to the government. Whistleblowers who report original information about certain corporate offenses may be eligible to receive a portion of the penalty if a prosecution results in…

The European Union’s world-first artificial intelligence law has officially come into effect, marking a significant step in the bloc’s efforts to regulate AI technology. The Artificial Intelligence Act aims to safeguard the fundamental rights of EU citizens while promoting investment and innovation in the AI industry. The law covers all AI products and services offered…

When asked to rate how much they use generative AI tools on a scale from 1-10, accountants rated their overall use at 1.56, indicating a very low adoption of the new technology. According to a recent paper in Accounting Horizons, accounting professionals rated their overall usage of generative AI at 1.56, despite their organizations encouraging its…

More than 50 class action lawsuits have been filed in connection with an April data breach involving cloud storage firm Snowflake Inc., with prominent companies like Ticketmaster, AT&T, and Advance Auto Parts also named as defendants. Plaintiffs lawyer Jeff Ostrow has moved to coordinate the cases into multidistrict litigation. Initially filed on June 13, these…