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37°25′38″ N. 122°5′47″ W. / 37.42722° N. 122.09639° W. -122.09639 Coordinates: 37°25′38″N 122°5′47″W / 37.42722°N 122.09639°W / 37.42722; -122.09639
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Intuit Inc. is an American business software company specializing in financial software. The company is headquartered in Mountain View, California, and its CEO is Sasson Goodarzi. Intuit’s products include tax preparation software TurboTax, personal finance software Mint, small business accounting software QuickBooks, credit monitoring service Credit Karma,
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Intuit offers a free online service called TurboTax Free File, as well as a service called TurboTax Free Edition, which is not free for most users.
A 2019 investigation by ProPublica found that Intuit steered taxpayers away from the free TurboTax Free File to the paid TurboTax Free Edition, including search bar searches and fraudulent military discounts.
Intuit has lobbied hard against the IRS to provide taxpayers with free forms like in developed countries.
Intuit was invented by Scott Cook, whose previous work at Procter & Gamble helped him understand how personal computers had replaced paper-and-pencil personal accounting.
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While looking for a programmer, he ran into Tom Pruhl at Stanford. The two founded Intuit, which initially operated out of a modest space on University Avenue in Palo Alto. The first version of Tez was coded in the Microsoft BASIC programming language for the IBM PC and UCSD Pascal for the Apple II by Tom Pruhl and had to compete against dozens of serious competitors.
In 1991, Microsoft decided to launch a competitor called Microsoft Money. To win the loyalty of retailers, Intuit introduced a $15 off coupon that can be used toward software purchases in their stores. This is the first time a software company has offered a discount.
At the same time, the company tied up John Deere Kleiner Perkins and diversified its product line. In 1993, Intuit went public and used the proceeds to make a major acquisition: Chipsoft, a San Diego-based tax preparation software company. The post-IPO period was marked by rapid growth, culminating in an acquisition offer from Microsoft in 1994. so far, Intuit’s market capitalization has reached US$2 billion.
The company came under severe pressure in the late 1990s due to a purchase approved by the US Department of Justice when Microsoft began to compete fiercely with its core business.
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Intuit responded by launching new web products and putting more emphasis on QuickBooks and TurboTax. During this time, the company made several investments. Among other things, it acquired a large stake in Excite and Lacerte Software, a Dallas-based developer of tax preparation software used by tax professionals. It also spun off its online payments division and expanded and strengthened its partnership with CheckFree.
In June 2013, Intuit announced that it would sell its financial services division to private equity firm Thoma Bravo for $1.03 billion.
In June 2015, the company laid off about 5% of its workforce as part of a company restructuring.
As of May 2018, Intuit exceeded US$5 billion and had a market capitalization of approximately US$50 billion.
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In August 2018, the company announced that Sasan Gudarzi would become the leader and CEO of Intuit in early 2019. Smith will remain chairman of Intuit’s board of directors.
In August 2020, Intuit QuickBooks is expected to announce a partnership with Digital Main Street Canada as the company helps Canadian small businesses go digital.
In the past, Intuit offered a free online service called TurboTax Free File, as well as a service called TurboTax Free Edition, which is not free for most users. TurboTax was developed as part of the Free File Alliance, in which members of the Free File Alliance will offer tax preparation services to lower-income people without providing free forms to taxpayers.
Investigations by the National Security and Regulatory Commission and the New York State Department of Financial Services reached a similar conclusion, with the latter concluding that Intuit engaged in “unfair and abusive practices.”
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As of 2022, Intuit is the subject of several lawsuits and is under investigation by the FTC and several state attorneys general.
In Basic, Standard, Premier, Home & Business editions, TurboTax 20 is also offered for multiple tax preparation.
Web-based accounting software is designed to provide companies with financial information and support for business decisions.
Intuit Canada ULC, a wholly owned subsidiary, is a developer of financial management and tax preparation software for personal finance and small business accounting. The Services are available on a variety of platforms, including application software, software connected to the Services, software as a service, platform as a service, and mobile applications. Intuit Canada has offices across Canada, with offices in Edmonton, Alberta and Toronto, Ontario.
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Intuit Canada traces its origins to the 1993 acquisition of Canadian tax preparation software developer Intuit. In 1992, Edmonton and Alberta graduates Bruce Johnson and Chad Frederick developed a tax preparation product called WINTAX, Canada’s first
Microsoft Windows-based personal tax preparation software. In 1993, they agreed to be acquired by Chipsoft, the maker of TurboTax, the US income tax system. Shortly after acquiring WINTAX, Chipsoft agreed to merge with Intuit, a developer of instant financing software.
Intuit Canada continued to update and support the WINTAX software, releasing QuickTax in 1995 and TurboTax in 2010. ) and Great Britain. The US version of Quick was discontinued in 2005.
In 2008, Intuit Canada discontinued TaxWiz and added QuickTax Basic to its line. The Canada Revue Agcy changes have forced Intuit and other tax preparation companies to limit the number of returns from their programs to 20. Intuit has stopped offering the QuickTax Pro50 and Pro100 products in Canada, and they are now offering QuickTax 20 as an alternative. . After that, Intuit Canada will stop using the QuickTax name for the 2010 tax year and replace it with the TurboTax name, bringing the product in line with Intuit’s US tax filing software.
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Intuit has several online communities, some of which offer integration or cross-selling of other products. These include the QuickBooks Online Community for QuickBooks users and small business owners, the QuickBooks Online Community for QuickBooks users and those in need of personal financial assistance, and the Accountants Online Community and Jump. Each consists of blogs, expert cards and forums, forums and discussion groups, podcasts, videocasts and webinars, and user-generated content.
JumpUp (formerly JackRabbit Beta) is a free social network and resource site for small business owners and/or startups. Free tools and services include an interactive business planner, online training for creating a successful business plan, an expense calculator, a cash flow calculator, a break-even calculator, business planning templates, and sample business plans.
TaxAlmanac is a free online tax resource. The site includes articles on the Internal Revenue Code, Treasury Regulations, Tax Litigation and more.
Modeled after Wikipedia, TaxAlmanac was launched in May 2005. On June 6, 2005, Time magazine published an article titled “This is Wiki, Wiki World.”
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TaxAlmanac is Glick’s Wikipedia, listed as “Customer Community”. Business week of November 21, 2005
An article titled “50 Smart Ways to Use the Internet” was published, in which TaxAlmanac was selected as one of the 50. The product was shortlisted as one of 7 in the collaboration category. Intuit discontinued TaxAlmanac effective June 1, 2014.
Zipingo was a free website where users could rate services such as contractors, restaurants and other businesses. Ratings and comments are submitted from the site or through Quick and QuickBooks. The site was shut down by Intuit on August 23, 2007.
For fiscal 2021, Intuit reported revenue of $2.062 billion, an annual revision of $9.633 billion, an increase of 25.4% compared to the previous fiscal cycle. Intuit shares rose to $498.18 per share, with international net revisions accounting for less than 5% of total net revisions.
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The Lacerte division specializes in tax programs where professional accountants prepare taxes for a living. It is used by larger firms with more complex workflows and clichés.
On March 2, 1999, Intuit acquired Computing Resources Inc. of Nevada for approximately $200 million. The acquisition allowed Intuit to offer its payroll processing platform through QuickBooks software.
In December 1999, Intuit acquired Rock Finance for $532 million. Fast loans company. In June 2002, Rock Finance founder Dan Gilbert a
