Wikipedia

Intuit

This article is about the software company. For other uses, seeIntuit (disambiguation).
Not to be confused withInuit.

Intuit Inc.is an American multinationalbusiness softwarecompany that specializes infinancial software.The company is headquartered inMountain View, California,and the CEO is Sasan Goodarzi. Intuit's products include thetax preparationapplicationTurboTax,thesmall businessaccounting programQuickBooks,the credit monitoring and personal accounting serviceCredit Karma,[2]and email marketing platformMailchimp.[3]As of 2019,more than 95% of its revenues and earnings come from its activities within theUnited States.[4]

Intuit Inc.
Company typePublic
ISINUS4612021034
IndustryEnterprise software
Founded1983;41 years ago(1983),inPalo Alto, California,U.S.
Founders
HeadquartersMountain View, California,U.S.
37°25′38″N122°5′47″W/ 37.42722°N 122.09639°W/37.42722; -122.09639
Key people
Products
Services
RevenueIncreaseUS$16.29 billion (2024)
IncreaseUS$3.630 billion (2024)
IncreaseUS$2.963 billion (2024)
Total assetsIncreaseUS$32.13 billion (2024)
Total equityIncreaseUS$18.44 billion (2024)
Number of employees
18,800 (2024)
Websiteintuit
Footnotes / references
Financials as of July 31, 2024.[1]

Intuit offered a free online service called TurboTaxFree Fileas well as a similarly named service called TurboTax Free Edition which is not free for most users.[5][6]In 2019, investigations byProPublicafound that Intuit deliberately steered taxpayers from the free TurboTax Free File to the paid TurboTax Free Edition using tactics includingsearch engine delistingand a deceptive discount targeted to members of the military.[7][8]As of the 2021 tax filing season, TurboTax no longer participates in theFree File Alliance.[9]

Intuit has lobbied extensively against theIRSproviding taxpayers with free pre-filled forms, which is the norm in developed countries.[10][11]

History

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The company was founded in 1983 byScott CookandTom ProulxinPalo Alto, California.[12][13][14][15]

Intuit was conceived by Scott Cook, whose prior work at Procter & Gamble helped him realize thatpersonal computerswould lend themselves towards replacements for paper-and-pencil based personal accounting.[16]On his quest to find a programmer, he ended up running intoTom ProulxatStanford University.The two started Intuit, which initially operated out of a modest room on University Avenue in Palo Alto. The first version ofQuickenwas coded in Microsoft'sBASICprogramming language for the IBM PC andUCSD Pascalfor theApple IIby Tom Proulx and had to contend with a dozen serious competitors.

In 1991, Microsoft decided to produce a competitor toQuickencalledMicrosoft Money.To win retailers' loyalty, Intuit included a US$15 rebate coupon, redeemable on software customers purchased in their stores. This was the first time a software company offered a rebate.[17][18][19]

Roughly around the same time the company engagedJohn DoerrofKleiner Perkinsand diversified its product lineup. In 1993 Intuit went public and used the proceeds to make a key acquisition: the tax-preparation software company Chipsoft based inSan Diego.[20]The time after theIPOwas marked by rapid growth and culminated with a buyout offer fromMicrosoftin 1994; at this time Intuit'smarket capitalizationreached US$2billion.[21]However, theUnited States Department of Justicesued to block the acquisition.[22][23]

The company came under intense pressure in the late 1990s when Microsoft started to compete vigorously with its core Quicken business.[18][23]In response, Intuit launched new web-based products and put more emphasis on QuickBooks and on TurboTax. The company made a number of investments around this time. Among others, it purchased a large stake inExcite[24]and acquired Lacerte Software, aDallas-based developer of tax preparation software used by tax professionals.[25]It also divested its online bill payment service unit in exchange for an equity stake inCheckFree.[26]

In June 2013, Intuit announced it would sell its financial services unit to private equity firmThoma Bravofor $1.03 billion.[27]

As of May 2018, Intuit had more than US$5 billion in annualrevenueand a market capitalization of about US$50 billion.[citation needed]In August 2018, the company announced that Sasan Goodarzi would become Intuit's leader and CEO at the beginning of 2019. Previous CEO Brad Smith will remain chairman of Intuit's board of directors.[28][29]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 small businesses.[30]

In July 2024, Intuit announced it would lay off 1,800 employees, or 10% of its workforce, in order to refocus resources on generative AI initiatives.[31]

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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.[5][6][7][8]TurboTax Free File was developed as part of an agreement whereby members of theFree File Alliancewould offer tax preparation for individuals below an income threshold for free in exchange for the IRS not providing taxpayers with free pre-filled forms.[5][6]In 2019, investigations byProPublicafound that Intuit deliberately steered taxpayers from the free TurboTax Free File to the paid TurboTax Free Edition using tactics includingsearch engine delistingand a deceptive discount targeted to members of the military.[7][8]Subsequent investigations by theSenate Committee on Homeland Security and Governmental Affairsand theNew York State Department of Financial Servicesreached similar conclusions, the latter concluding that Intuit engaged in "unfair and abusive practices".[32][33][34][35] As of 2022, Intuit is the subject of multiple lawsuits and is under investigation by theFTCand severalstate attorneys general.[36][37]On May 4, 2022, Intuit agreed to pay a $141 million settlement over misleading advertisements.[38]

Current products

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CEO Sasan Goodarzi oversees all products in all countries.

TurboTax
Offered in Basic, Standard, Premier, and Home & Business versions, as well as TurboTax 20 for preparing multiple returns.[39]
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.
ProConnect
Professional tax products, including ProConnect Tax Online, Lacerte, ProSeries Professional, ProSeries Basic, and EasyAcct.
Credit Karma
Access to credit scores, reports, and monitoring. As of 2024, Credit Karma as includes the personal account capabilities of former Intuit Mint.[40]
QuickBooks Commerce
Open platform that consolidate sales channels into a central hub for product-based small businesses.[41]
Intuit Prosperity Hub Program[42]
Empowering local economies by creating new job opportunities, preparing students for jobs of the future and supporting small businesses. (which includes theSaverLifeSolutions platform[43])
Mailchimp
E-mail marketing platform.

International operations

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Canada

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Intuit Canada ULC,an indirectwholly owned subsidiaryof Intuit, is a developer of financial management and tax preparation software forpersonal financeandsmall businessaccounting.Services are delivered on a variety of platforms includingapplication software,software connected to services,software as a service,platform as a serviceandmobile applications.Intuit Canada has employees located all across Canada, with offices inEdmonton,Alberta,andToronto,Ontario.

Intuit Canadatraces its origins to the 1993 acquisition by Intuit of a Canadiantax preparation softwaredeveloper. In 1992, Edmontonians andUniversity of AlbertagraduatesBruce Johnsonand Chad Frederick had built atax preparationproduct called WINTAX – Canada's first[citation needed]Microsoft Windows-based personal tax preparation software. In 1993, they agreed to be acquired by Chipsoft, manufacturer of the U.S. personal income tax softwareTurboTax.Shortly after the WINTAX acquisition, Chipsoft agreed to merge with Intuit, the developer of theQuickenfinancial software.[44]Intuit Canada continued to update and support the WINTAX software, which was renamed QuickTax in 1995 and then renamed TurboTax in 2010. Intuit Canada quickly became the hub for international development at Intuit, producing localized versions of Quicken andQuickBooksfor Canada (in French and English) and the United Kingdom. The U.K. version of Quicken was discontinued in 2005.[45]

Current products of Intuit Canada

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  • TurboTax(formerly QuickTax) – offered in Basic, Standard, Premier, and Home & Business versions, as well as TurboTax 20 for preparing multiple returns.[39]
  • TurboImpôt(formerlyImpôtRapide) – 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.
  • TurboImpôt en ligne(formerlyImpôtRapide en ligne) – Online versions ofTurboImpôtgratuit, 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

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  • TaxWiz – Tax preparation software – the company purchased in 2002, discontinued in 2007.[46]
  • 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 lineup. Changes made by theCanada Revenue Agencyforced 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 offering 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 nameTurboTax– thus bringing the product in line with Intuit's American tax-filing software.[47]

Online communities

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Intuit has had several online communities, some of which offer integration or cross-sells into its other products. These include the QuickBooks and TurboTax online communities for QuickBooks users and small business owners and tax payers respectively, Quicken Online Community for Quicken users and those who need help with the personal finances, and the Accountant Online Community and Jump Up. These communities have consisted of blogs, an expert locator map and event calendar, forums and discussion groups, podcasts, videocasts and webinars, and other user-created content.[48]

JumpUp (formerly JackRabbit Beta) was a free social networking and resources site for small business owners and/or start-ups. Free tools and services included 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.[citation needed]

TaxAlmanac was a free online tax research resource. The site included information including the Internal Revenue Code, Treasury Regulations, Tax Court Cases, and a variety of articles. This site was up for closure but due to massive feedback, has reminded up. It has however been archived since June 2014, meaning the existing content can be accessed and viewed but no new posts or comments can be made after this archival.[49]

Modeled afterEnglish 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"[50]about English Wikipedia in which TaxAlmanac was highlighted as "A Community of Customers". The November 21, 2005 edition ofBusiness Week[51]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 category. Intuit archives TaxAlmanac effective June 1, 2014.[52]Many of the users have migrated to a new site called TaxProTalk.[53]

Zipingo was a freewebsitewhere users could rate services such ascontractors,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, 2007.[54]

Finances

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For the fiscal year 2021, Intuit reported earnings of US$2.062 billion, with an annual revenue of US$9.633 billion, an increase of 25.4% over the previous fiscal cycle. Intuit's shares traded at over $498.18 per share and total international net revenue was less than 5% of total net revenue.

Year Revenue
in mil. US$ 		Net income
in mil. US$ 		Total assets
in mil. US$ 		Avg price per

share in US$

Employees
2005[55] 1,993 382 2,716 20.90 7,000
2006[56] 2,293 417 2,770 27.15 7,500
2007[57] 2,673 440 4,252 27.52 8,200
2008[58] 2,993 477 4,667 25.51 8,200
2009[59] 3,109 447 4,826 25.23 7,800
2010[60] 3,403 574 5,198 36.26 7,700
2011[61] 3,449 634 5,110 46.85 8,000
2012[62] 3,808 792 4,684 54.68 8,500
2013[63] 3,946 858 5,486 61.67 8,000
2014[64] 4,243 907 5,201 77.91 8,000
2015[65] 4,192 365 4,968 93.97 7,700
2016[66] 4,694 979 4,250 104.02 7,900
2017[67] 5,177 971 4,068 133.65 8,200
2018[68] 5,964 1,211 5,178 194.12 8,900
2019[69] 6,784 1,557 6,283 277.31 9,400
2020[70] 7,679 1,826 10,931 286.29 10,600
2021[71] 9,633 2,062 15,516 498.18 13,500
2022[72] 12,726 2,066 27,734 423.03 17,300
2023[73] 14,368 2,384 27,780 446.52 18,200
2024[1] 16,285 2,963 32,132 18,800

Acquisitions and carve-outs

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1990s

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In 1993, Intuit acquired Chipsoft, a tax preparation software company based in San Diego.[74]

In 1994, the firm acquired the tax preparation software division of Best Programs of Reston, VA.[75]In the same year, Intuit acquired Parsons Technology fromBob Parsonsfor $64 million.[76][77]

In 1996, it acquired GALT Technologies, Inc of Pittsburgh, PA.[78]

In 1998, it acquiredLacerteSoftware Corp., which now operates as an Intuit subsidiary.[79]The Lacerte subsidiary focuses on tax software used by professional accountants who prepare taxes for a living. It is generally used by larger firms with more complex workflows and clients.

On March 2, 1999, Intuit acquired Computing Resources Inc. ofReno, Nevadafor approximately $200 million. This acquisition allowed Intuit to offer a payroll processing platform through its QuickBooks software program.[80]In December 1999, Intuit purchased Rock Financial for a sum of $532M. The company was renamedQuicken Loans.In June 2002, Rock Financial founderDan Gilbertled a small group of private investors in purchasing the Quicken Loans subsidiary back from Intuit.[81]

2000s

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In 2001, Intuit invested in UK market, hiring a local management team led by Stephen Lee, managing director, and Neil Atkins, marketing director, with an aim to become Europe's leading B2B & B2C packaged accounts solution.[citation needed]

In 2002, the firm acquiredManagement Reports International,a Cleveland-based real estate management software firm. The firm was renamed Intuit Real Estate Solutions (IRES) and offers real estate management products for Windows and the web.[82]In 2002, it acquiredEclipse ERPfor $88 million, a real-time transaction processing accounting software used for order fulfillment, inventory control, accounting, purchasing, and sales[83]

In 2003, it acquired 'Innovative Merchant Solutions' (IMS).a firm that provided merchant services to all types of businesses nationwide. 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.[citation needed]

In November 2005, Intuit acquired MyCorporation, an online business document filing service, for $20 million from original founders Philip and Nellie Akalp.[84]

In September 2006, it acquired StepUp Commerce, an online localized product listing syndicator, for $60 million in cash.[85]In December 2006, it acquiredDigital Insight,a provider of online banking services.[86][87]

On August 17, 2007, Intuit soldEclipse ERPtoActivant,for $100.5 million in cash.[88]

In December 2007, it acquired Electronic Clearing House[89]to add check processing power.In December 2007, it acquiredHomestead Technologies[90]which offers web site creation and e-commerce tools targeted at the small business market, for $170 million.

In December 2008, it acquiredEntellium,a by-then bankrupt software company that had developed on-demand customer relationship management software.[91]

In April 2009, it acquired Boorah, a restaurant review site.[92]On June 2, 2009, it announced the signing of a definitive agreement to purchase PayCycle Inc., an online payroll services, in an all-cash transaction for approximately $170 million.[93]On September 14, 2009, Intuit Inc. agreed to acquireMint,a free online personal finance service, for $170 million.[94][95]

2010s

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On January 15, 2010, Intuit Inc. spun off Intuit Real Estate Solutions (which Intuit acquired in 2002) as a stand-alone company. The new company took on its previous moniker, and is now known asMRI Software.[96]

On May 21, 2010, Intuit acquired MedFusion, a Cary, NC leader of Patient to Provider communications for approximately $91 million.[97]On August 10, 2010, it. acquired the personal finance management app Cha-Ching.[98]On June 28, 2011, it acquired the Web banking technology assets of Mobile Money Ventures, a mobile finance provider, for an undisclosed amount. This acquisition is expected to position Intuit as the largest online and mobile technology provider to financial institutions.[99]

On May 18, 2012, it. acquired Demandforce, an automated small business marketing, and customer communications SaaS provider for approximately $423.5 million.[100]

On August 15, 2012, it announced an agreement to sell their 'Grow Your Business' business unit toEndurance International.The sale included the Intuit Websites and Weblistings products which had been formed from the Homestead Technologies and StepUp Commerce acquisitions.[101]

On July 1, 2013, it announced an agreement to sell their Intuit Financial Services (IFS) business unit (formerly known as Digital Insight) toThoma Bravofor more than $1.03 billion.[102]On August 19, 2013, it announced that they had sold their Intuit Health business unit (formerly known as MedFusion) back to MedFusion's founder,Steve Malik.[103]

In August 2013, Intuit Inc. acquiredtax planningsoftware Good April for an undisclosed amount.[104]On October 23, 2013, it acquired Level Up Analytics, a data consulting firm.[105]On October 30, 2013, it acquired Full Slate, a developer of appointment scheduling software for small businesses.[106]In November 2013, Intuit acquired Prestwick Services, LLC, and incorporated TruPay into its Employee Management Solutions Division.[107]

In May 2014, Intuit Inc. bought Invitco to help bookkeepers put bill processing in the cloud.[108]In May 2014, it acquired Check for approximately $360 million to offer bill pay across small business and personal finance products.[109]In December 2014, it. acquired Acrede, UK-based provider of global, cross-border and cloud-based payroll services.[110]

In March 2015, Intuit Inc. acquired Playbook HR.[111]

In January 2016, Intuit Inc. announced an agreement to sell Demandforce toInternet Brands.[112]On March 3, 2016, Intuit announced plans to sell Quicken toH.I.G. Capital.[113]On March 8, 2016, it announced plans to sellQuickbaseto private equity firmWelsh, Carson, Anderson & Stowe.[114]In October 2016, Intuit acquired Bankstream to integrate direct bank feeds into QuickBooks.[115]

On May 1, 2017, Intuit announced it was selling TruPay.[116]On December 5, 2017, Intuit announced its acquisition of TSheets for $340 million.[117]

2020s

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On February 24, 2020, Intuit CEO and leader Sasan Goodarzi announced that it planned to acquireCredit Karmafor $7.1 billion.[2]On August 3, 2020, Intuit announced its acquisition ofTradeGeckofor $100 million.[118]

On September 13, 2021, Intuit announced its acquisition ofMailchimpfor $12 billion.[3]

In January of 2024, Intuit integrated some of the functions of its personal accounting software Mint intoCredit Karma's net worth product line and retired Mint.[119][120]

Lobbying

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Intuit has lobbied extensively against theIRSproviding taxpayers with free pre-filled forms, as is the norm in developed countries.[10][11][121]

In 2009, theLos Angeles Timesreported that Intuit spent nearly $2 million in political contributions to eliminate free online state tax filing for low-income residents in California.[122]According to theNew York Times,from 2009 to 2014, Intuit spent nearly $13 million lobbying, as reported byOpenSecrets,as much asApple.Intuit spent $1 million on the race for the California state comptroller to support Tony Strickland, a Republican who opposedReadyReturn,againstJohn Chiang,a Democrat who supported ReadyRun (and won). 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.[123][124]

On March 26, 2013,ProPublicareported that the company lobbied against return-free filing as recently as 2011.[11]One year later, ProPublica reported that the company appeared to be linked to a number ofop-edsand letters toCongressin a campaign advocating against direct tax filing backed by theComputer & Communications Industry Association,an advocacy organization of which Intuit is a member.[125]

In October 2019, Propublica reported again that Intuit used "lobbying, therevolving dooranddark patterncustomer tricks "to fend off the US government's attempts to make tax filing free and easy, and created its multi-billion-dollar franchise.[126]

Lawsuits

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Main article:High-Tech Employee Antitrust Litigation

An antitrust lawsuit and a class-action suit relating tocold callingemployees of other companieswere settled out of courtalong withAppleandGoogle.[127]

In March 2015,The Washington Postand computer reporterBrian Krebsreported 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.[128][129]

FTC Lawsuit Over Intuit's 'Free' Tax Filing Claims - pending

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The Federal Trade Commission (FTC) has taken legal action against Intuit Inc., the maker of TurboTax software, for deceptive advertising practices. They allege that Intuit's "free" tax filing claims are misleading, as they are not accessible to a significant number of taxpayers, including gig economy workers and those with farm income. To prevent further harm, the FTC has filed both an administrative complaint and a federal district court complaint, seeking to halt Intuit's deceptive advertising. The outcome of this legal action will determine the company's accountability in the matter.[130]

See also

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References

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Citations

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General references

edit
edit
  • Official website
  • Business data for Intuit Inc.:
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