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Plus, Vic.ai announces fee transition; and other updates from the accounting tech arena.

Despite suggestions to the contrary, audits remain valuable and serve a grander purpose.

Some generative AI scenarios and machine learning models can add incredible value even if they are right only 90% of the time.

The president will advocate plans to increase taxes on the wealthy and corporations as well as to lower prescription drug prices in his speech next week.

Shamrock shake-up; now for the slow life; Superiority complex; and other highlights of recent tax cases.

The Financial Accounting Foundation is reviewing the effectiveness of the Private Company Council, the group that advises the Financial Accounting Standards Board about the perspective of privately held companies.

Microsoft is making its Copilot for Finance generative AI solution available for public testing.

A new GAO study adds more fuel to the research suggesting the agency should be probing more rich households. Tax pros say those efforts will have big implications.

Sage, the company behind Sage Intaact and other products, announced a host of new products, features and partnerships at its Las Vegas conference.

Paul Pereira denied making false and misleading statements about his company's performance to boost its stock.

The Internal Revenue Service has begun sending notices to high-income taxpayers who haven't been filing tax returns since 2017.

Business management solutions provider Xero announced a new generative AI solution as part of a wider push to incorporate more AI into its products.

Complex transactions in this industry can trigger accounting and reporting issues that may result in SEC letters, restatements and challenging conversations with investors.

A British hedge fund trader pleaded guilty to allegations he helped swindle Denmark out of about 8.4 billion kroner ($1.2 billion) in a massive Cum-Ex scandal that rocked the Nordic country.

The IRS has pushed back filing and payment deadlines for those affected by the August fires.

The software vendor's recently released Zoho Practice aims to help small and midsized practices run themselves better.

The ability to write off research and development expenses in the first year would be revived if the Senate ever manages to pass the Tax Relief for American Families and Workers Act.

Ernst & Young issued a major mea culpa following a failed split of the firm.

The 83 publicly disclosed accounting and auditing enforcement actions in FY 2023 represented the highest number of actions initiated since FY 2019.

If an affected business has a cybersecurity incident and is found to be noncompliant, the owner can be subject to civil or criminal prosecution.