INTUIT CUTS JOBS Intuit is slashing 575 positions, or 7 percent, of its job force in a move designed to redeploy resources out of the back office.
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The company said it would take a pre-tax charge of about $22 million for the fourth quarter ended July 31. Intuit said it would also reallocate resources from general and administrative functions to key growth businesses. Intuit, whose revenues are overwhelmingly from the United States, said it would focus on traditional and new markets across the globe and would also follow social networking and mobile technology trends.
HUBBS LEAVES DRAKE
Tim Hubbs, CEO of Drake Software, has left the Franklin, N.C.-based software company to become CEO of Angel Medical Center, which is located in the same town.
Before joining Drake in 1992, Hubs was vice president and chief financial officer of East Tennessee Children’s Hospital. He became CEO and president of Drake in 2005. In December he was named chairman of the Electronic Tax Advisory Committee of the Internal Revenue Service.
CASHEDGE NAMES VP
CashEdge has named Thomas Roberts as senior vice president and general manager of the company’s brokerage and wealth management business division.
Roberts is responsible for all sales, marketing and client management for CashEdge’s Brokerage and Wealth Management business, which serves brokerages, wealth management firms, private banks and financial. Roberts was previously vice president for corporate services at E-Trade.
VERTEX BUYS GTO
Vertex, which makes sales and use tax applications, has acquired the Global Tax Office from Levyti Consulting. GTO is an enterprise tax accounting system.
Web-based, GTO supports integration of the global tax compliance, controversy, and tax planning processes into a single portal and is designed for corporations with multi-national tax functions.
BNA PICKS MARKETING DIRECTOR
BNA has named Lisa A. Fitzpatrick as director of marketing for BNA’s tax and accounting product line, including its Tax Management Portfolios.
Fitzpatrick was most recently vice president of marketing at MarketResearch .com. She has previously worked at the Thompson Publishing Group and Cowles Magazines.
SABRIX ADDS CANADIAN COMPLIANCE
Sabrix, which provides sales and use tax applications, has added compliance to Canadian rules to the latest release of the Sabrix Managed Tax Service.
The Summer ’08 Release support requirements faced by organizations doing business in Canada, including tax laws about GST, HST, PST, QST and RST. The Sabrix Managed Tax Service is available on a subscription basis.
LIBERTY TAX NET UP
Liberty Tax Service, an operation of JH Tax, reported a 7.2 percent increase in net income on a 16.8 percent increase in revenue for the year ended April 30.
Net income rose to $16.9 million for fiscal 2008, compared to $15.7 million the prior year. Revenue reached $87.6 million, up from $75.1 million. The revenue boost stemmed from a 26 percent rise in royalties and advertising fees, which hit $26.3 million, and a 25.3 percent increase in bank product and tax discounting revenue, which rose to $22.5 million.
ONESOURCE TAX ENHANCED
- An enhanced calendar application has been released by the Tax & Accounting business of Thomson Reuters for integration in the OneSource Tax platform.
PAYCHEX HAS GOOD YEAR
Paychex reported a 12 percent rise in net income on a 10 percent increase in revenue for the year ended May 31.
The earnings for fiscal 2008 were $576.1 million, compared to $515.4 million the prior year. Revenue was $2.07 billion, compared to $1.89 billion from the prior year. Human resource services revenue rose 19 percent to $471.8 million.