TAX & FINANCIAL PLANNING NEWS

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INTUIT GOES GLOBAL

Intuit followed two years of hints about international plans with the announcement of its Global Business Division, which will be based in Mumbai, India.

CEO Brad Smith said the division will create indigenous products for the Web and mobile devices for India. The company plans to expand into other Asian countries. Marketing in India will be lead by Umang Bedi, managing director of Intuit India. Lindsey Argalas has been named as vice president of new market development for emerging markets.

Partner Insights

BEAR MARKET HELP OFFERED

IEmerging Information Systems, which markets NaviPlan and Profiles financial planning software, formulated a package of advisory services called Bear Market Plan.

Available to software users at no charge, the plan offers tips and tools, including a whitepaper about retirement distribution planning, Web-based training, along with sample letters and email. The information can be viewed as http://support.eisi.com/standard/bear_market.

BNA INVESTS IN LLESIANT

BNA has invested in Llesiant, an Austin, Texas-based company that developed technology utilized in Convergence, BNA's information filtering application, which was introduced last year.

BNA, which provides the content for Convergence, will be represented on Llesiant's board of directors.

The companies will cooperate in building capabilities for filtering and delivering what they described as on-demand executive intelligence.

PAYCHEX NET DROPS

Payroll provider Paychex reported net income of $130.8 million, down from $142.5 million as revenue fell to $528.6 million, down from $532.2 million for the third quarter ended Feb. 28.

Although payroll revenue rose by 2 percent, and human resource was up 9 percent, falling interest rates cut revenue from interest on funds held by clients to $16.4 million in the most recently ended period, down from $37.4 million a year ago.

CASEWARE SEEKS INJUNCTION

CaseWare International, a Canadian software vendor, and two affiliated companies, have sued the Securities and Exchange Commission for allegedly infringing on its Idea trademark.

CaseWare markets the Idea data analysis software, which is developed by CaseWare Idea and distributed in the United States by Audimation Services, which are also parties to the law suit.

The action was taken because the SEC has adopted the name Idea for its software and services. CaseWare said it registered the name with the U.S. Patent and Trademark Office in 2001.

AVALARA LAUNCHES USE TAX SERVICE

Avalara, which markets Web-based sales-and-use tax applications, has launched AvaTax CU, which calculates use tax obligations and identifies major tax audit risks.

AvaTax CU integrates with e-commerce, ERP and accounting applications and supports data imports.

According to Marshall Kushniruk, executive vice president of the Bainbridge, Wash.-based company, tax calculations can be made to fit filing schedules and batch processed.

SMARTPROS NET RISES

Tax issues drove net income for continuing education provider SmartPros down to $1.6 million for the year ended Dec. 31, down 26 percent from $2.17 million.

SmartPros has utilized most of its operating income tax loss carryfowards so that the benefit for the most recent year declined to just over $98,000 for 2008, down from $590,792 in 2007, which contributed to the drop in earnings. Revenue rose to $18.26 million, up from $15.2 million as it realized revenue from sales to accountants from Loscalzo, acquired in 2008.

CERIDIAN GOES INTO RED

Ceridian, which markets payroll processing and human resource services, reported a loss of $92.5 million for the year ended Dec. 31, a swing from earnings of $83.1 million a year earlier.

Meanwhile, revenue for the most recently ended year fell to just over $1.56 billion, down from $1.64 billion in 2007. A good part of that increase stemmed from the drop in income from payroll processing and tax filing services, which fell to $1.09 billion in 2008, down from $1.13 billion a year earlier.

The company attributed the decline largely to a $46.5 million drop in interest earned on invested customer funds.

(c) 2009 Accounting Technology and SourceMedia, Inc. All Rights Reserved.

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