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TAXWISE TO MARKET BASIC ACCOUNTING TaxWise, a Rome, Ga.-based company that has historically been known for its tax preparation software, has launched a product called Basic Accounting, designed for non-CPAs who have primarily been preparing taxes.

"It gives someone a chance to start," says Gene Goldenberg, vice president of marketing for TaxWise. The package does not have a conversion module or a flexible report writer. It prepares balance sheets, income statements, and after-the-fact payroll. Basic Accounting is priced at $795 for a single user and $895 for five seats.

WK PROFITS DROP

Partner Insights

While Wolters Kluwer says its cost-savings plan is working, the company saw net in-come drop to about $194.8 million for the first half ended June 30, down from $185 million a year earlier.

Revenue was also off, falling to $1.94 billion, down 1.4 percent from $1.98 billion for last year's corresponding period. Although the Dutch company reported strong customer demand it its tax and accounting business, its tax, accounting, and legal division, which includes CCH Tax and Accounting, saw EBITA drop to $36 million, down 14.2 percent from $42 million a year ago. TAL revenue hit $180 million, a 4.7 percent rise from $172 million last year.

MORNINGSTAR SUBPOENAED

Morningstar Associates, a registered investment advisor that is owned by Morningstar Inc., has received a second subpoena from the Securities and Exchange Commission regarding services offered to retirement plan providers.

Morningstar, based in Chicago, says that the SEC request was virtually identical with a February subpoena that asked for a voluntary production of documents. The services under scrutiny include fund lineup recommendations for retirement plan sponsors.

1ST GLOBAL PICKS ALBRIDGE

1st Global has selected Albridge Systems to deliver a data access, collection, and reporting system to its advisors via 1st Global's Global Access system. Global Access utilizes Albridge's data aggregation and performance technology.

Albridge, based in Lawrenceville, N.J., markets performance reporting and portfolio accounting systems.

ADVENT TURNS PROFIT

Advent Software used the gain of a sale of a private equity investment to rebound to earnings of $3.3 million for its second quarter ended June 30, compared to a loss of $9.2 million a year ago

Net income included a $3.6 million gain on the investment sale. Meanwhile, revenue rose to $41.2 million in the recently ended quarter, up 14.4 percent from $36 million in last year's corresponding quarter.

THOMSON BUYS IMMEDIATECH

The Thomson Corp. has acquired Immediatech, a Fort Lee, N.J. company that markets GoFileRoom, a Web-based document management system.

Immediatech will operated by Thomson's Creative Solutions unit. The company will continue to market both GoFileRoom and the company's File Cabinet Solution, which stores documents on users' local hard drives, says CSI marketing vice president Jack LaRue.

BENNETT BONUS SET

Intuit has awarded Stephen M. Bennett, its president and CEO, a bonus of $2,772,000 for the fiscal year ended July 31, compared to a bonus of $2,560,000 that he received for fiscal 2004.

Bennett received a base salary of $990,000 in 2004 and in 2005. That has been raised to $1.1 million for the year ending July 31, 2006. In 2004, he also received a $100,000 contribution to the executive deferred compensation plan, and an option on 225,000 shares of Intuit stock and a restricted stock award of 25,000 shares. For 2005, he received another 50,000 shares of restricted stock units subject to meeting 2006 goals.

Intuit Announces Bonuses for Fiscal 2005

PERSON Title Amount
 
Robert "Brad'" Henske senior vice president $475,000
Scott D. Cook chairman $400,000
Richard W. Ihrie senior vice president $400,000
Brad Smith senior vice president $485,000
 
Intuit has handed out bonuses for senior executives for its fiscal year that ended July 3. CEO Steve Bennett is covered by a different plan.
Source: Intuit

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