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      FTC judge rules Intuit broke law, must stop advertising TurboTax as “free”

      news.movim.eu / ArsTechnica · Friday, 8 September, 2023 - 20:59

    A United States tax filing form. A pen and a calculator sit on top of the form.

    Enlarge (credit: Getty Images | Sasirin Pamai)

    The Federal Trade Commission's chief administrative law judge ruled that Intuit violated US law with deceptive advertising and should be forced to stop promoting TurboTax as "free" unless all conditions imposed on the free offer are immediately and conspicuously displayed to consumers.

    The initial decision by Administrative Law Judge D. Michael Chappell was released today and is subject to an automatic review by the full commission. The FTC commissioners will likely rule against Intuit, which issued a statement indicating that it will take the matter to federal court. The order would be in effect for 20 years if it survives appeal.

    The response from Intuit noted that the administrative law judge is "an employee of the FTC" and "ruled in favor of the FTC in the agency's own lawsuit." The FTC filed an administrative complaint against Intuit in March 2022.

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      TurboTax-maker Intuit offers an AI agent that provides financial tips

      news.movim.eu / ArsTechnica · Wednesday, 6 September, 2023 - 22:19 · 1 minute

    Piggy bank on a laptop computer with a robotic hand.

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    On Wednesday, TurboTax-maker Intuit launched an AI assistant called "Intuit Assist" that can provide AI-generated financial recommendations and assist with decision-making when using the company's software, Reuters reports . Inuit Assist uses a custom large language model platform called GenOS , and it is available now to all TurboTax customers and select users of Intuit's other products, including Credit Karma, QuickBooks, and Mailchimp, with a wider rollout planned in the coming months.

    "Consumers will find it easier than ever to manage and improve their financial lives," the company writes on its promotional website. "They’ll be able to get personalized recommendations throughout the year, with actions they can take to maximize their tax refund and accurately file taxes in record time with TurboTax. And they’ll be given the tools to make smart money decisions throughout their financial journey with Credit Karma."

    Intuit also sees Intuit Assist as a way to level the playing field for small and medium-sized businesses, which often lack the resources of larger companies. The AI assistant will reportedly help shorten the time it takes to file taxes and provide faster access to refunds, as well as offer personalized financial advice. Intuit Chief Data Officer Ashok Srivastava told Reuters that the company's AI models "competed favorably" against other AI systems in internal accuracy tests.

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