Tax & Financial Planning News


BENNETT QUITTING INTUIT Intuit CEO Steve Bennett, in an unexpected move, has announced his intention to leave his position in January, after more than seven years on the job.

Bennett will be replaced by SVP Brad Smith. Bennett made his announcement when the company reported its Fiscal 2008. He gave a brief statement that "It's the right time for me to take some time off and explore the next challenge in my life."


Partner Insights

Sales-and-use tax software specialist Avalara has acquired Trustfile, a Baton Rouge, La.-based company that provides Internet-based filing and paying of sales taxes in 13 states.

Trustfile provides services in Texas, Oklahoma, Minnesota, Iowa, Tennessee, Alabama, Georgia, Florida, South Carolina, New Jersey, Pennsylvania, Connecticut and Wisconsin.


eMoney Advisor, which provides wealth management software, is expanding its call center operations in Mount Laurel, N.J.

Customer service calls will be handled as part of the infrastructure of Commerce Bank, eMoney Advisor's parent company, to provide support 24 hours a day.


PayCycle has begun a 12-month free trial of its online payroll services for accounting professionals.

The offer is open only to those accountants who have not previously been PayCycle customers and who sign up by Dec. 31. They can enroll by visiting Services available include direct deposit and submission of tax payments and electronic filing, along with the ability to export payroll data to accounting software packages.


BNA has launched the BNA Tax and Accounting Center, which consolidates BNA's tax and accounting content on one platform.

The site replaces the BNA Tax Management Library and includes the company's best-known content, including the Tax Management Portfolios and BNA's Daily Tax Report.


Gilman+Ciocia has sold 40 million shares of its stock at 10 cents per share to a group of investors.

The investors include Wynnefield Small Cap Value Offshore Fund and two related funds, along with the WebFinancial Corp. The closing was contingent on the purchase of another 40 million shares at the same price or the conversion of debt or other liabilities by other purchasers, including Prime Partners II, a holding company partly owned by G+C's CEO Michael P. Ryan.


Intuit rode its QuickBooks and TurboTax franchises to net income of $440 million for the year ended July 31, a 6 percent increase from 2006, while revenue rose 17 percent.

Revenue hit $2.67 billion for the most recently ended year, compared to $2.29 billion for 2006. Consumer tax revenue was $812.9 million, a 12 percent increase over the prior year while QuickBooks revenue was $598.7 million, an 11 percent rise from 2006. QuickBooks' market share in units remained at 89 percent, but its share of the segment's dollars rose to 94 percent, up from 92 percent a year earlier. Acting CFO Kiran Patel says the company forecasts 2008 revenue growth of 12 percent to 14 percent.


Peninsula Software of Virginia has signed a deal with InterceptEFT, based in Fargo, N.D., to provide credit-card processing to its customers.

Under the arrangement, users of PenSoft applications can set up one-time or recurring payments and can ensure acceptance of major credit, debit and loyalty cards. Peninsula markets PenSoft Payroll Plus, which processes payroll for organizations with one to 2,000 employees.


Thomson Tax & Accounting has signed an agreement with Orbitax to offer the International Tax Expert on Thomson's Internet-based Checkpoint research platform.

ITE Online displays cross-border income tax rates, calculates payments made between multiple foreign entities and uses content from the International Bureau of Fiscal Documentation. An advanced version, ITE Enterprise, adds features including a modeling and optimization engine.

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