Intuit – Wikipedia

American fiscal software ship’s company
This article is about the software company. For other uses, see Intuit ( disambiguation ) Intuit Inc. is an american english business that specializes in fiscal software. The company is headquartered in Mountain View, California, and the CEO is Sasan Goodarzi. As of 2019, more than 95 % of its revenues and earnings come from its activities within the United States. [ 3 ] Intuit ‘s products include the tax cooking application TurboTax, personal finance app Mint and the small business accounting program QuickBooks. Intuit has lobbied extensively against the IRS providing taxpayers with free pre-filled forms, as is the average in other grow countries. [ 4 ] [ 5 ] Intuit offers a free on-line service called TurboTax Free File deoxyadenosine monophosphate well as a similarly named service called TurboTax Free Edition which is not loose for most users. TurboTax Free File was developed as separate of an agreement whereby members of the Free File Alliance would offer tax homework for individuals below an income threshold for rid in exchange for the IRS not providing taxpayers with free pre-filled forms. [ 6 ] [ 7 ] In 2019, investigations by ProPublica found that Intuit intentionally steered taxpayers from the free TurboTax Free File to the paid TurboTax Free Edition using tactics including research locomotive delist and a deceptive discount rate targeted to members of the military. [ 8 ] [ 9 ] subsequent investigations by the Senate Committee on Homeland Security and Governmental Affairs and the New York State Department of Financial Services reached similar conclusions, the latter reason that Intuit engaged in “ unfair and abusive practices ”. [ 10 ] [ 11 ] [ 12 ] [ 13 ]

As of 2021, Intuit is the subject of multiple lawsuits, state-level investigations, and is under investigation by the FTC. [ 14 ] [ 15 ]

history [edit ]

The party was founded in 1983 by Scott Cook and Tom Proulx in Palo Alto, California. [ 16 ] [ 17 ] [ 18 ] [ 19 ] Intuit was conceived by Scott Cook, whose anterior ferment at Procter & Gamble helped him realize that personal computers would lend themselves towards replacements for paper-and-pencil based personal accountancy. [ 20 ] On his quest to find a programmer he ended up running into Tom Proulx at Stanford. The two started Intuit, which initially operated out of a modest room on University Avenue in Palo Alto. The first version of Quicken was coded in Microsoft ‘s BASIC scheduling speech for the IBM personal computer and UCSD Pascal for the Apple II by Tom Proulx and had to contend with a twelve serious competitors. In 1991, Microsoft decided to produce a rival to Quicken called Microsoft Money. To win retailers ‘ loyalty, Intuit included a US $ 15 rabbet coupon, cashable on software customers purchased in their stores. This was the first time a software company offered a rebate. [ 21 ] [ 22 ] [ 23 ] [ 24 ] roughly around the like time the company engaged John Doerr of Kleiner Perkins and diversified its product lineup. In 1993 Intuit went populace and used the proceeds to make a key acquisition : the tax-preparation software company Chipsoft based in San Diego. The time after the IPO was marked by rapid growth and culminated with a buyout offer from Microsoft in 1994 ; at this time Intuit ‘s market capitalization reached US $ 2 billion. When the buyout fell through because of the United States Department of Justice ‘s disapproval, the company came under acute blackmail in the deep 1990s when Microsoft started to compete vigorously with its core Quicken occupation. [ 25 ] [ 26 ] In response, Intuit launched new web-based products and put more vehemence on QuickBooks and on TurboTax. The company made a number of investments around this meter. Among others, it purchased a boastfully stake in Excite and acquired Lacerte Software, a Dallas -based developer of tax preparation software used by tax professionals. It besides divested itself of its on-line circular payment serve unit and gallop and strengthened its partnership with CheckFree. In June 2013, Intuit announced it would sell its fiscal services unit to private equity firm Thoma Bravo for $ 1.03 billion. [ 27 ] In June 2015, the firm laid off approximately 5 % of its work force as partially of a company reorganization. [ 28 ] As of May 2018, Intuit had more than US $ 5 billion in annual tax income and a market capitalization of about US $ 50 billion. [ citation needed ] In August 2018, the party announced that Sasan Goodarzi would become Intuit ‘s drawing card and CEO at the begin of 2019. Smith will remain chair of Intuit ‘s board of directors. [ 29 ] [ 30 ] In August 2020, Intuit QuickBooks Canada was expected to reveal intentions to partner with Digital Main Street, as the company aims to help digitally turn canadian minor businesses. [ 31 ]

current products [edit ]

CEO Sasan Goodarzi oversees all productions in all countries .

TurboTax
Offered in Basic, Standard, Premier, and Home & Business versions, as well as TurboTax 20 for preparing multiple returns.[32]
QuickBooks
Small business accounting and financial management software, offered in EasyStart, Pro, and Premier versions.
QuickBooks Online
Web-based accounting software designed for companies to review business financials through live data and insights to help make clear business decisions.
Mint.com
Web-based personal finance service.
ProConnect
Professional tax products, including ProConnect Tax Online, Lacerte, ProSeries Professional, ProSeries Basic, and EasyAcct.
Credit Karma
Access to credit scores, reports, and monitoring.
QuickBooks Commerce
Open platform that consolidate sales channels into a central hub for product-based small businesses.[33]
Mailchimp
E-mail marketing platform.

International operations [edit ]

Canada [edit ]

Intuit Canada ULC, an indirect wholly owned auxiliary of Intuit, is a developer of fiscal management and tax readiness software for personal finance and small business accountancy. Services are delivered on a assortment of platforms including application software, software connected to services, software as a servicing, 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 1993 acquisition by Intuit of a canadian tax cooking software developer. In 1992, Edmontonians and University of Alberta graduates Bruce Johnson and Chad Frederick had built a tax readiness merchandise called WINTAX – Canada ‘s first [ citation needed ] Microsoft Windows -based personal tax readiness software. In 1993, they agreed to be acquired by Chipsoft, manufacturer of the U.S. personal income tax software TurboTax. shortly after the WINTAX acquisition, Chipsoft agreed to merge with Intuit, the developer of the Quicken fiscal software. [ 34 ] Intuit Canada continued to update and support the WINTAX software, which was renamed QuickTax in 1995 and then renamed TurboTax in 2010. Intuit Canada cursorily became the hub for international development at Intuit, producing localize versions of Quicken and QuickBooks for Canada ( in French and English ) and the United Kingdom. The U.K. version of Quicken was discontinued in 2005. [ 35 ]

current products of Intuit Canada [edit ]

  • TurboTax (formerly QuickTax) – offered in Basic, Standard, Premier, and Home & Business versions, as well as TurboTax 20 for preparing multiple returns.[32]
  • ImpôtRapide – French-language version of TurboTax – offered in de base, de luxe, premier and particuliers et entreprises versions.
  • TurboTax online – Online versions of Free, Student, Standard, Premier and Home & Business.
  • ImpôtRapide en ligne – Online versions of ImpôtRapide gratuit, étudiant, de luxe, premier and particuliers et entreprises.
  • SnapTax – an iPhone app that allows users to complete their income tax return on their iPhone
  • TurboTax Refund Calculator – an iPad app that estimates tax returns and illustrates how changes, such as having a baby, can impact your income tax return
  • QuickBooks – Small business accounting and financial management software, offered in EasyStart, Pro and Premier versions.
  • QuickBooks Payroll Solutions – extends QuickBooks Pro and Premier into an in-house payroll solution.[ buzzword]
  • Intuit Merchant Service for QuickBooks – lets you process credit and debit transactions directly in any version of QuickBooks.
  • QuickBooks Enterprise Solutions – for midsized companies that require more capacity, functionality and support than is offered by traditional small business accounting software; includes QuickBooks Payroll.
  • QuickBooks Online – an online small business accounting and financial management solution[ buzzword], offered in EasyStart, Essentials, and Plus versions.
  • Intuit GoPayment – process and receive payments on the go through your mobile device.
  • QuickBooks Succès PME – French-language version of QuickBooks, offered in Succès PME, Succès PME Pro, and Succès PME Premier versions
  • QuickBooks Succès PME Service de paie – French-language version of the Payroll Solutions
  • ProFile Basic and Premier Editions – Professional Tax Preparation Packages

Discontinued products of Intuit Canada [edit ]

  • TaxWiz – Tax preparation software – the company purchased in 2002, discontinued in 2007[ citation needed]
  • WillExpert – A software package for preparing personal wills (for use within all of Canada with the exception of Quebec, due to specific provincial legislation)

In 2008, Intuit Canada discontinued the TaxWiz software and added QuickTax Basic to their batting order. 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 20. This caused Intuit Canada to stop propose QuickTax Pro50 and Pro100 products, and they now offer QuickTax 20 as an alternative. Intuit Canada has since announced that for the 2010 tax year, they will discontinue use of the name QuickTax and replace it with the appoint TurboTax – frankincense bringing the merchandise in line with Intuit ‘s american tax-filing software. [ 36 ]

Online communities [edit ]

Intuit has several on-line communities, some of which offer integration or cross-sells into its other products. These include QuickBooks online community for QuickBooks users and little clientele owners, Quicken Online Community for Quicken users and those who need help with the personal finances, and the Accountant Online Community and Jump Up. Each consists of blogs, an adept locator map and event calendar, forums and discussion groups, podcasts, videocasts and webinars, and other user-created subject. [ citation needed ] JumpUp ( once JackRabbit Beta ) is a exempt social network and resources site for little clientele owners and/or start-ups. free tools and services include an synergistic business planner, on-line train for developing a successful commercial enterprise plan, starting costs calculator, cash run calculator, break-even calculator, templates for business design and sample business plans. [ citation needed ] TaxAlmanac is a detached on-line tax inquiry resource. The site includes information including the Internal Revenue Code, Treasury Regulations, Tax Court Cases, and a diverseness of articles. Modeled after English Wikipedia, TaxAlmanac was launched in May 2005. The June 6, 2005 edition of Time magazine featured an article entitled “ It ‘s a Wiki, Wiki World ” [ 37 ] about English Wikipedia in which TaxAlmanac was highlighted as “ A Community of Customers ”. The November 21, 2005 edition of Business Week [ 38 ] featured an article titled “ 50 Smart Ways to Use the Web ” in which TaxAlmanac was selected as one of the 50. The product made the short list as one of the 7 in the collaboration class. Intuit shut down TaxAlmanac effective June 1, 2014. [ 39 ] Many of the users have migrated to a new web site called TaxProTalk.com. [ 40 ] Zipingo was a rid web site where users could rate services such as contractors, restaurants, and other businesses. Ratings and comments were either entered from the web site or through Quicken and QuickBooks. The site was closed by Intuit on August 23, 2007. [ 41 ]

Finances [edit ]

For the fiscal year 2021, Intuit reported earnings of US $ 2.062 billion, with an annual gross of US $ 9.633 billion, an increase of 25.4 % over the former fiscal cycle. Intuit ‘s shares traded at over $ 498.18 per contribution and entire external internet gross was less than 5 % of total net tax income .

Year Revenue
in mil. USD$
Net income
in mil. USD$
Total Assets
in mil. USD$
Price per Share
in USD$
Employees
2005[42] 1,993 382 2,716 20.90 7,000
2006[43] 2,293 417 2,770 27.15 7,500
2007[44] 2,673 440 4,252 27.52 8,200
2008[45] 2,993 477 4,667 25.51 8,200
2009[46] 3,109 447 4,826 25.23 7,800
2010[47] 3,403 574 5,198 36.26 7,700
2011[48] 3,449 634 5,110 46.85 8,000
2012[49] 3,808 792 4,684 54.68 8,500
2013[50] 3,946 858 5,486 61.67 8,000
2014[51] 4,243 907 5,201 77.91 8,000
2015[52] 4,192 365 4,968 93.97 7,700
2016[53] 4,694 979 4,250 104.02 7,900
2017[54] 5,177 971 4,068 133.65 8,200
2018[55] 5,964 1,211 5,178 194.12 8,900
2019[56] 6,784 1,557 6,283 277.31 9,400
2020[57] 7,679 1,826 10,931 286.29 10,600
2021[58] 9,633 2,062 15,516 498.18 13,500

Acquisitions and carve-outs [edit ]

1990s [edit ]

In 1993, Intuit acquired Chipsoft, a tax preparation software caller based in San Diego. [ citation needed ] In 1994, the tauten acquired the tax cooking software division of Best Programs of Reston, VA. [ 59 ] In the same year, Intuit acquired Parsons Technology from Bob Parsons for $ 64 million. [ 60 ] In 1996, it acquired GALT Technologies, Inc of Pittsburgh, PA. [ 61 ] In 1998, it acquired Lacerte Software Corp., which immediately operates as an Intuit subsidiary company. [ 62 ] The Lacerte auxiliary focuses on tax software used by professional accountants who prepare taxes for a life. It is broadly used by larger firms with more complex workflows and clients.

On March 2, 1999, Intuit acquired Computing Resources Inc. of Reno, Nevada for approximately $ 200 million. This learning allowed Intuit to offer a payroll serve platform through its QuickBooks software plan. [ 63 ] In December 1999, Intuit purchased Rock Financial for a sum of $ 532M. The company was renamed quicken Loans. In June 2002, Rock Financial founder Dan Gilbert led a humble group of individual investors in purchasing the quicken Loans subsidiary company back from Intuit. [ 64 ]

2000s [edit ]

In 2001, Intuit invested in UK marketplace, hiring a local management team led by Stephen Lee, managing director, and Neil Atkins, market director, with an calculate to become Europe ‘s leading B2B & B2C packaged accounts solution. [ citation needed ] In 2002, the tauten acquired Management Reports International, a Cleveland-based real number estate of the realm management software firm. The tauten was renamed Intuit Real Estate Solutions ( IRES ) and offers real estate of the realm management products for Windows and the web. [ citation needed ] In 2002, it acquired Eclipse ERP for $ 88 million, a real-time transaction processing accounting software used for order fulfillment, armory control, report, buy, and sales [ 65 ] In 2003, it acquired ‘Innovative Merchant Solutions ‘ ( IMS ) .a firm that provided merchant services to all types of businesses nationally. The skill gave Intuit the ability to process credit cards through its core product, QuickBooks, without the necessitate for hardware leasing. They can besides provide traditional terminal-based credit menu processing and downloading transactions directly into the QuickBooks software. [ citation needed ] In November 2005, Intuit acquired MyCorporation.com, an on-line business document file serve, for $ 20 million from original founders Philip and Nellie Akalp. [ 66 ] In September 2006, it acquired StepUp Commerce, an on-line localize product number syndicator, for $ 60 million in cash. [ 67 ] In December 2006, it acquired Digital Insight, a supplier of on-line bank services. [ 68 ] [ 69 ] On August 17, 2007, Intuit sold Eclipse ERP to Activant, for $ 100.5 million in cash. [ 70 ] In December 2007, it acquired Electronic Clearing House [ 71 ] to add check processing power.In December 2007, it acquired Homestead Technologies [ 72 ] which offers web locate universe and e-commerce tools targeted at the belittled clientele market, for $ 170 million. In April 2009, it acquired Boorah, a restaurant review site. [ 73 ] On June 2, 2009, it announced the bless of a definitive agreement to purchase PayCycle Inc., an on-line payroll services, in an all-cash transaction for approximately $ 170 million. [ 74 ] On September 14, 2009, Intuit Inc. agreed to acquire Mint.com, a free on-line personal finance service, for $ 170 million. [ 75 ] [ 76 ]

2010s [edit ]

On January 15, 2010, Intuit Inc. spun off Intuit Real Estate Solutions ( which Intuit acquired in 2002 ) as a stand-alone company. [ 77 ] The newfangled company took on its former nickname, and is now known as MRI Software. [ 78 ] On May 21, 2010, Intuit acquired MedFusion, a Cary, NC leader of Patient to Provider communications for approximately $ 91 million. [ 79 ] On August 10, 2010, it. acquired the personal finance management app Cha-Ching. [ 80 ] On June 28, 2011, it acquired the Web trust technology assets of Mobile Money Ventures, a mobile finance provider, for an undisclosed amount. This acquisition is expected to position Intuit as the largest on-line and mobile technology supplier to fiscal institutions. [ 81 ] On May 18, 2012, it. acquired Demandforce, an automated small commercial enterprise marketing, and customer communications SaaS supplier for approximately $ 423.5 million. [ 82 ] On August 15, 2012, it announced an agreement to sell their ‘Grow Your Business ‘ occupation whole to Endurance International. The sale included the Intuit Websites and Weblistings products which had been formed from the Homestead Technologies and StepUp Commerce acquisitions. [ 83 ] [ 84 ] On July 1, 2013, it announced an agreement to sell their Intuit Financial Services ( IFS ) business unit ( once known as Digital Insight ) to Thoma Bravo for more than $ 1.03 billion. [ 85 ] On August 19, 2013, it announced that they had sold their Intuit Health clientele unit of measurement ( once known as MedFusion ) spinal column to MedFusion ‘s founder, Steve Malik. [ 86 ] In August 2013, Intuit Inc. acquired tax plan software Good April for an undisclosed amount. [ 87 ] On October 23, 2013, it acquired Level Up Analytics, a data consult firm. [ 88 ] On October 30, 2013, it acquired Full Slate, a developer of appointment schedule software for minor businesses. [ 89 ] In May 2014, Intuit Inc. bought Invitco to help bookkeepers put bill process in the cloud. [ 90 ] In May 2014, it acquired Check for approximately $ 360 million to offer placard pay across small business and personal finance products. [ 91 ] In December 2014, it. acquired Acrede, UK-based supplier of global, cross-border and cloud-based payroll services. [ 92 ] In March 2015, Intuit Inc. acquired Playbook HR. [ 93 ] In January 2016, Intuit Inc. announced an agreement to sell Demandforce to Internet Brands. [ 94 ] On March 3, 2016, Intuit announced plans to sell Quicken to H.I.G. Capital. [ 95 ] On March 8, 2016, it announced plans to sell Quickbase to secret equity firm Welsh, Carson, Anderson & Stowe. [ 96 ] On May 1, 2017, Intuit announced it was selling TruPay. [ citation needed ] Intuit acquired Bankstream in 2017. [ citation needed ] On December 5, 2017, Intuit announced its acquisition of TSheets for $ 340 million. [ 97 ]

2020s [edit ]

On February 24, 2020, Intuit CEO and drawing card Sasan Goodarzi announced that it planned to acquire Credit Karma for $ 7.1 billion. [ 98 ] On August 3, 2020, Intuit announced its learning of TradeGecko for $ 100 million. [ 99 ] On September 13, 2021, Intuit announced its acquisition of Mailchimp for $ 12 billion. [ 100 ]

Lobbying [edit ]

In 2007, Intuit lobbied to make certain taxpayers can not electronically file their tax returns directly to the IRS by negotiating a hand preventing the IRS from setting up its own vane portal for e-filing. [ 101 ] In 2009, the Los Angeles Times reported that Intuit spent about $ 2 million in political contributions to eliminate release on-line state tax file for low-income residents in California. [ 102 ] According to the New York Times, from 2009 to 2014, Intuit spent about $ 13 million lobby, as reported by Open Secrets, a a lot as Apple. Intuit spent $ 1 million on the race for the California country accountant to support Tony Strickland, a Republican who opposed ReadyReturn, against John Chiang, a Democrat who supported ReadyRun ( and won ). Joseph Bankman, professor of tax law, Stanford Law School, and preach of simplify file, believes that the campaign warned politicians that if they supported free filing, Intuit would help their opponents. [ 103 ] [ 104 ] On March 26, 2013, ProPublica reported that the company lobbied against return-free filing vitamin a recently as 2011. [ 5 ] One year belated, ProPublica reported that the company appeared to be linked to a number of op-eds and letters to Congress in a crusade advocating against direct tax filing backed by the Computer & Communications Industry Association, an advocacy organization of which Intuit is a member. [ 105 ]

Awards [edit ]

2020
2021

Lawsuits [edit ]

An antimonopoly lawsuit [ non-primary source needed ] and a class-action befit relating to cold calling employees of other companies were settled out of court along with Apple and Google. [ 106 ] In March 2015, The Washington Post and calculator reporter Brian Krebs reported that two erstwhile employees alleged that Intuit wittingly allowed deceitful returns to be processed on a massive scale as function of a revenue-boosting scheme. Both employees, early 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 whistle blower complaint with the US Securities and Exchange Commission. [ 107 ] [ 108 ]

See besides [edit ]

References [edit ]

Citations [edit ]

General references [edit ]

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