Intuit Inc., the company behind TurboTax, QuickBooks and other financial software services, announced plans to lay off 715 employees as it reorganizes and shifts resources toward developing artificial intelligence for its consumer tax preparation products. The company said it will invest $1 billion over the next five years to apply AI to its consumer tax offerings. The layoffs represent about 7% of Intuit’s global workforce. Intuit said the job cuts will help it “fully lean into the AI-driven era” and focus on developing new AI-powered capabilities. The company expects to take a charge of $35 million to $45 million for employee severance and other costs related to the restructuring. Intuit’s CEO said the company is “reinventing itself” to capitalize on AI’s potential to transform its products and services.