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Intuit Inc. Intuit’s products include the tax preparation application TurboTax , personal finance app Mint , the small business accounting program QuickBooks , the credit monitoring service Credit Karma ,  and email marketing platform Mailchimp. Intuit offers a free online service called TurboTax Free File as well as a similarly named service called TurboTax Free Edition which is not free for most users.
Intuit has lobbied extensively against the IRS providing taxpayers with free pre-filled forms, as is the norm in developed countries. The two started Intuit, which initially operated out of a modest room on University Avenue in Palo Alto. In , Microsoft decided to produce a competitor to Quicken called Microsoft Money. This was the first time a software company offered a rebate.
Roughly around the same time the company engaged John Doerr of Kleiner Perkins and diversified its product lineup. In Intuit went public and used the proceeds to make a key acquisition: the tax-preparation software company Chipsoft based in San Diego. When the buyout fell through because of the United States Department of Justice ‘s disapproval, the company came under intense pressure in the late s when Microsoft started to compete vigorously with its core Quicken business.
The company made a number of investments around this time. Among others, it purchased a large stake in Excite and acquired Lacerte Software, a Dallas -based developer of tax preparation software used by tax professionals.
It also divested itself of its online bill payment service unit and extended and strengthened its partnership with CheckFree. Smith will remain chairman of Intuit’s board of directors. Intuit formerly offered a free online service called TurboTax Free File as well as a similarly named service called TurboTax Free Edition which is not free for most users.
TurboTax Free File was developed as part of an agreement whereby members of the Free File Alliance would offer tax preparation for individuals below an income threshold for free in exchange for the IRS not providing taxpayers with free pre-filled forms. As of , Intuit is the subject of multiple lawsuits and is under investigation by the FTC and several state attorneys general.
Intuit Canada ULC , an indirect wholly owned subsidiary of Intuit, is a developer of financial management and tax preparation software for personal finance and small business accounting. Services are delivered on a variety of platforms including application software , software connected to services , software as a service , platform as a service and mobile applications.
Intuit Canada has employees located all across Canada, with offices in Edmonton , Alberta , and Mississauga , Ontario. Intuit Canada traces its origins to the acquisition by Intuit of a Canadian tax preparation software developer.
In , they agreed to be acquired by Chipsoft, manufacturer of the U. Intuit Canada quickly became the hub for international development at Intuit, producing localized versions of Quicken and QuickBooks for Canada in French and English and the United Kingdom.
The U. Changes made by the Canada Revenue Agency forced Intuit and other tax preparing software companies to limit the number of returns available from their software to Intuit Canada has since announced that for the tax year, they will discontinue use of the name QuickTax and replace it with the name TurboTax — thus bringing the product in line with Intuit’s American tax-filing software.
Intuit has several online communities, some of which offer integration or cross-sells into its other products. Each consists of blogs, an expert locator map and event calendar, forums and discussion groups, podcasts, videocasts and webinars, and other user-created content. Free tools and services include an interactive business planner, online training for developing a successful business plan, starting costs calculator, cash flow calculator, break-even calculator, templates for business planning and sample business plans.
TaxAlmanac is a free online tax research resource. The product made the short list as one of the 7 in the collaboration category. Intuit shut down TaxAlmanac effective June 1, Zipingo was a free website where users could rate services such as contractors , restaurants , and other businesses.
Ratings and comments were either entered from the website or through Quicken and QuickBooks. The site was closed by Intuit on August 23, In , Intuit acquired Chipsoft, a tax preparation software company based in San Diego. In , it acquired Lacerte Software Corp.
It is generally used by larger firms with more complex workflows and clients. This acquisition allowed Intuit to offer a payroll processing platform through its QuickBooks software program. The company was renamed Quicken Loans. In , the firm acquired Management Reports International , a Cleveland-based real estate management software firm.
The acquisition gave Intuit the ability to process credit cards through its core product, QuickBooks, without the need for hardware leasing. They can also provide traditional terminal-based credit card processing and downloading transactions directly into the QuickBooks software. In November , Intuit acquired MyCorporation. In December , it acquired Electronic Clearing House  to add check processing power. In April , it acquired Boorah, a restaurant review site. On January 15, , Intuit Inc.
This acquisition is expected to position Intuit as the largest online and mobile technology provider to financial institutions. On May 18, , it. On August 15, , it announced an agreement to sell their ‘Grow Your Business’ business unit to Endurance International. In August , Intuit Inc. In May , Intuit Inc. In March , Intuit Inc. In January , Intuit Inc. On May 1, , Intuit announced it was selling TruPay.
Intuit acquired Bankstream in Joseph Bankman, professor of tax law, Stanford Law School, and advocate of simplified filing, believes that the campaign warned politicians that if they supported free filing, Intuit would help their opponents. On March 26, , ProPublica reported that the company lobbied against return-free filing as recently as An antitrust lawsuit [ non-primary source needed ] and a class-action suit relating to cold calling employees of other companies were settled out of court along with Apple and Google.
In March , The Washington Post and computer reporter Brian Krebs reported that two former employees alleged that Intuit knowingly allowed fraudulent returns to be processed on a massive scale as part of a revenue-boosting scheme.
Both employees, former security team members for the company, stated that the company had ignored repeated warnings and suggestions on how to prevent fraud. One of the employees was reported to have filed a whistleblower complaint with the US Securities and Exchange Commission. From Wikipedia, the free encyclopedia.
American financial software company. This article is about the software company. For other uses, see Intuit disambiguation. The lead section of this article may need to be rewritten. Use the lead layout guide to ensure the section follows Wikipedia’s norms and is inclusive of all essential details.
March Learn how and when to remove this template message. Intuit headquarters in Mountain View. Traded as. Scott Cook Tom Proulx. Sasan Goodarzi CEO. Scott Cook Chairman. Personal finance Accounting software Tax return software.
Operating income. Net income. This section contains information of unclear or questionable importance or relevance to the article’s subject matter. Please help improve this section by clarifying or removing indiscriminate details.
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San Francisco Bay Area portal Companies portal. Retrieved February 24, September 13, Retrieved December 5, Retrieved Thank TurboTax”. Retrieved April 9, Archived from the original on Inc42 Media. San Diego Magazine. Harvard Magazine. November 2, ISBN CBS Interactive. Retrieved 7 June Washington Post. ISSN Helping clinch the decision was a memo filed Friday by the Justice Department, which requested the date of the antitrust trial be postponed for two or three weeks.
Calculating just how long the case might drag on was “the thing that brought us to the decision not to continue forward,” said Bill Gates, chairman of Microsoft, in a telephone conference.