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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. 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. 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. Previous CEO Brad Smith will remain chairman of Intuit's board of directors. In August 2018, the company announced that Sasan Goodarzi would become Intuit's leader and CEO at the beginning of 2019. Īs of May 2018, Intuit had more than US$5 billion in annual revenue and a market capitalization of about US$50 billion. In June 2015, the firm laid off approximately 5% of its workforce as part of a company reorganization. In June 2013, Intuit announced it would sell its financial services unit to private equity firm Thoma Bravo for $1.03 billion. It also divested itself of its online bill payment service unit and extended and strengthened its partnership with CheckFree.
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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. The company made a number of investments around this time.
In response, Intuit launched new web-based products and put more emphasis on QuickBooks and on TurboTax. When the buyout fell through because of the United States Department of Justice's disapproval, the company came under intense pressure in the late 1990s when Microsoft started to compete vigorously with its core Quicken business.
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. In 1993 Intuit went public and used the proceeds to make a key acquisition: the tax-preparation software company Chipsoft based in San Diego. Roughly around the same time the company engaged John Doerr of Kleiner Perkins and diversified its product lineup. This was the first time a software company offered a rebate. To win retailers' loyalty, Intuit included a US$15 rebate coupon, redeemable on software customers purchased in their stores. In 1991, Microsoft decided to produce a competitor to Quicken called Microsoft Money.
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The first version of Quicken was coded in Microsoft's BASIC programming language for the IBM PC and UCSD Pascal for the Apple II by Tom Proulx and had to contend with a dozen serious competitors. The two started Intuit, which initially operated out of a modest room on University Avenue in Palo Alto. On his quest to find a programmer he ended up running into Tom Proulx at Stanford. Intuit was conceived by Scott Cook, whose prior work at Procter & Gamble helped him realize that personal computers would lend themselves towards replacements for paper-and-pencil based personal accounting. The company was founded in 1983 by Scott Cook and Tom Proulx in Palo Alto, California.
Intuit has lobbied extensively against the IRS providing taxpayers with free pre-filled forms, as is the norm in developed countries. As of the 2021 tax filing season, TurboTax no longer participates in the Free File Alliance. In 2019, investigations by ProPublica found that Intuit deliberately steered taxpayers from the free TurboTax Free File to the paid TurboTax Free Edition using tactics including search engine delisting and a deceptive discount targeted to members of the military. Intuit 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. As of 2019, more than 95% of its revenues and earnings come from its activities within the United States. 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.
The company is headquartered in Mountain View, California, and the CEO is Sasan Goodarzi. is an American business software company that specializes in financial software.
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