TER BUSH MOVES TO LEXISNEXIS Charles Ter Bush, an industry veteran who has been president of STF Corp., has been named vice president for the tax and accounting market segment at LexisNexis.
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Ter Bush is responsible for tax and accounting product and content development, and for market strategy. Before joining STF, which is owned by the Bureau of National Affairs, he worked for 10 years at CCH in a variety of positions.
CSI BUYS ACCOUNTWARE
Creative Solutions has acquired AccountWare, a Cincinnati-based company that makes business tax preparation software. Terms were not disclosed.
AccountWare was founded in 1989 by two CPAs who wrote a software program for preparation of Ohio property tax returns. The AccountWare product line includes federal 1120, 1120S, and 1065 forms, along with the Ohio, Ohio cities, and property return data.
INTUIT OFFERS PROSERIES FREEZE
Intuit has offered ProSeries users a three-year price freeze if they renewed their tax preparation software by June 30.
Eric Rosado, director of marketing for Intuit's ProTax group, gave the following reason for the recently expired offer, which is unusual for pricing for professional tax preparation software. "Because we have multiple tax products designed for different types of tax professionals, we have more flexibility to tailor our offers," said Rosado. "Plus, the three-year price freeze is just one of many ways we're trying to thank customers for their loyalty."
TAXWORKS FOUNDER DIES
Wayne L. Bates, the president, CEO, and founder of TaxWorks, a Kaysville, Utah-based company that makes the TaxWorks tax preparation line, died in April after battling cancer at the age of 70.
Bates, worked as a software engineer for the United States government for 29 years, founding the company that would become known as TaxWorks in 1971. The original organization was called Basic Computer Services. His son, David Wayne Bates, has taken over the job of president, after serving as senior vice president.
WK REVENUE DROPS
Wolters Kluwer, which owns CCH Tax and Accounting, reported a 2 percent loss in earnings on a 2 percent decline in earnings before tax and amortization for its tax, accounting, & legal division in North America.
The unit had a nine percent increase in organic revenue, which rose to $215 million from $207 million a year ago, while EBITA fell to $62 million from $64 million for last year's corresponding period. A divestiture depressed the revenue total, while the weak dollar pushed the results down when translated into Euros for the Dutch company. Worldwide, WK revenue fell by 1 percent, although they were up 3 percent in constant currencies.
PAYCYCLE GETS FUNDING
PayCycle, which provides online payroll processing, has received $8.5 million in Series D funding led by DCM-Doll Capital Management, a technology venture capital firm.
Other investors include Jim Heeger, who became PayCycle's CEO this year, and previous investors August Capital, Conning Capital Partners, Total Technology Ventures, and Irwin Ventures. Funds will be used to expand PayCycle's operations.
DRAKE NAMES HUBBS
Drake Software, which makes professional tax software, has named Tim Hubbs president and CEO of the Franklin, N.C.-based company. Hubbs previously served as chief operating officer.
The company is also preparing major enhancements to its tax line for the next season, including the addition of the DataFile Access Driver, to help tax and accounting firms manage electronic documents.
CCH LINKS TO FAS
CCH Tax & Accounting has taken the second step in a product alliance with Best Software by establishing integration with ProSystem fx Tax business tax forms and Best's FAS fixed assets line.
Last year, Best dropped its CPASoftware tax software line,encouraging its users to migrate to ProSystem fx Tax and integrating CPAPractice with ProSystem Tax "Our first integration went extremely well," said Mike Sabbatis, vice president of sales and marketing for CCH. Now, FAS will integrate with the CCH partnership, corporation, S corporation, and consolidated corporation forms.