Tax & Financial Planning News


ADP BUYS TAXWARE ADP Employer Services has acquired Taxware, which markets a variety of sales and use tax applications, from First Data Corp.

The Roseland, N.J.-based payroll processing division of Automatic Data Processing, paid $125 million in cash for Taxware. The product line includes Taxware Enterprise, Taxsolver, the Sales and Use Tax Solution, and SMB Solutions.


Partner Insights

Tax Analysts has begun offering free access to its Financial Reporting Watch tax publication to subscribers of its online Tax Notes Today.

Financial Reporting Watch includes news and coverage of relevant regulatory agencies, along with financial reporting articles. There is also a database of tax disclosures made in SEC filings by large companies.


Thomson Tax & Accounting has acquired ePropertyTax, an Arizona company that provides Internet-based property software services to corporate tax departments in the United States and Canada.

Financial terms of the transaction were not disclosed. EPropertyTax content is updated automatically each night and is designed for commercial property taxpayers from industries such as real estate, manufacturing, and financial services.


Ken Crutchfield has joined the Research and Guidance group of Thomson Tax and Accounting as a VP of strategic marketing. His focus is marketing efforts for the professional market segment.

Crutchfield departed ATX not long after its acquisition by CCH.


Early shipments of QuickBooks 2007 spurred Intuit's revenue to climb by 16.5 percent, hitting $212.4 million for the first quarter ended Oct. 31, compared to $182.5 million in last year's corresponding period.

Meanwhile, in a quarter that normally produces red ink, Intuit lost $59 million, up from $45.8 million a year earlier. However, the year ago losses were held down by $11.8 million in income from discontinued operations. Revenue for the company's QuickBooks segment was $133.7 million, a 28 percent rise from last year's corresponding quarter. Payroll and payment processing revenue increased to $125.5 million, up 21 percent.


A jury trial was scheduled to begin last month as litigation stemming from Paychex's acquisition of Rapid Payroll in 2001 continued to move through a variety of steps, including appeals.

The case, Bruskill Associates Inc. et al., vs. Rapid Payroll et al was scheduled to be heard as a breach of contract case. However, the plaintiffs asked the Superior Court to reinstate a claim of tortuous interference with a contract against Paychex. Paychex is carrying a $19.6 million legal reserve for all litigation.


Intuit continued its move into financial services with its purchase late in 2006 of Digital Insight, which provides online banking services to 1,760 financial institutions.

Intuit, based in Mountain View, Calif., is paying about $1.35 billion in cash and stock to acquire Digital Insight of Calabasas, Calif. Jeff Stiefler, the founder and CEO of Digital Insight, would be president of Intuit's newly formed financial institutions business division.


CCH has combined the former ATX and TaxWise companies that it acquired last year into a single unit, which is being led by industry veteran Jeff Gramlich.

Gramlich, who was named president of the CCH Small Firm Services group, was formerly executive vice president of business development. He also spent several years at Thomson's Practitioners Publishing Co. operations.

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