Democrats on the House Ways and Means Committee are asking the Treasury Inspector General for Tax Administration to investigate a recent report that the Trump administration plans to use the Internal Revenue Service to investigate prominent Democrats as well as left-leaning tax-exempt nonprofits, while three prominent Senate Democrats have written
The percentage of reports with critical audit matters in 2024 remained the same from the prior year, and the average number of CAMs per report decreased to 1.27. Ideagen Audit Analytics’ latest report found that 68% of audit opinions included CAMs in 2024, staying the same as 2023, but still
Navan Inc. shares slumped 20% after the business travel and expense management software maker and some of its shareholders raised $923.1 million in an initial public offering. Shares of the Palo Alto, California-based company closed at $20 each, below an IPO price of $25 apiece. The company and the selling
Accounting and bookkeeping solutions provider Digits announced the release of Digits API, an application programming interface that allows computers to connect directly with the company’s Autonomous General Ledger system without needing custom integrations. “Since Digits is AI-native, we were able to rethink the integration playbook entirely,” said Jeff Seibert, founder
Payments solution company Bill announced a suite of AI agents designed specifically for small and medium businesses. The W-9 Agent uses artificial intelligence to provide touchless tax compliance that eliminates over 80% of manual steps for collecting W-9s. Expected to be available by Thanksgiving, the agent autonomously requests and pre-validates
The AICPA announced the rollout of its generative AI research tool, dubbed Josi, which provides secure, direct access to the AICPA’s professional standards, authoritative guidance and related information. Josi is named after Josiah Wedgwood, an 18th century potter and entrepreneur who is known as the father of cost accounting. The
The National Taxpayers Union Foundation is asking the Internal Revenue Service to modify its proposed regulations for the “no tax on tips” provision of the One Big Beautiful Bill Act, suggesting that certain types of stablecoins be considered equivalent to cash. A stablecoin is a kind of cryptocurrency that’s designed
Major U.S.-based oil and gas companies such as ExxonMobil, Chevron and Conoco Phillips are paying billions of dollars more in taxes in other countries than in the U.S., according to a new report. The report, released Thursday by the Financial Accountability and Corporate Transparency Coalition, found the generous treatment of
Bloomberg via Getty Images IRS Fact Sheet 2025-08 has been released, answering questions regarding the dollar threshold for filing Form 1099-K under the One Big Beautiful Bill Act. The OBBBA retroactively reinstated the reporting threshold in effect prior to the passage of the American Rescue Plan Act of 2021, so third-party settlement
QX Accounting Services, which provides tech-enabled outsourcing and automation solutions to accounting firms, announced the formation of a Strategic Advisory Council, bringing together prominent figures from across the accounting, M&A advisory, consulting and technology innovation sectors to help shape how firms adapt to disruption, consolidation and the growing influence of