A federal judge has ruled against H&R Block to prevent the tax prep giant from moving forward with its $287.5 million acquisition of 2SS Holdings, whose 2nd Story Software unit develops TaxAct software, after the Justice Department objected to the deal.
The Justice Department had filed suit in May to block the acquisition on antitrust grounds, arguing that it would substantially lessen competition in the do-it-yourself tax prep software market (see DOJ Files Suit to Stop H&R Block from Buying TaxAct). Block’s consumer tax prep package, H&R Block At Home (formerly known as TaxCut), is the second most popular in the market next to Intuit’s best-selling TurboTax, with TaxAct in third place.
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