INTUIT'S 3Q REVENUE GROWS; UNVEILS 2-FOR-1 STOCK SPLIT: Spurred by a double-digit increase in its Consumer Tax unit, accounting software provider Intuit Inc. posted a 14 percent gain in third-quarter revenue, to $956 million, versus the year-ago period. Intuit said that its revenues from its Consumer Tax arm jumped 19 percent versus the 2005 third quarter, to $499 million. Meanwhile, revenue from its QuickBooks arm rose 8 percent, to $212 million.In addition, Intuit's board approved a two-for-one stock split payable July 6, 2006, to stockholders of record on June 21, as well as a stock repurchase plan for up to $500 million over the next three years.
"The Consumer Tax business had a record season, with great execution across the board, and our QuickBooks businesses continued to perform very well. We're on track to deliver another year of double-digit revenue growth," said Intuit chief executive Steve Bennett.
AVALARA CERTIFIED AS STREAMLINED SALES TAX SOFTWARE PROVIDER: Sales tax and compliance software provider Avalara revealed its streamlined sales tax certified editions of AvaTax, a sales tax automation solution line, for Sage Software's enterprise resource planning applications - MAS 90, MAS 200, MAS 500 and Accpac.
Avalara, based in Bainbridge Island, Wash., made the announcement at Insights 2006, Sage's fourth annual business partner conference.
There are 19 states in the Streamlined Sales Tax Program that have implemented sales and use tax regulations. Avalara was chosen by the SST Governing Board as one of three software companies focused on small and midsized businesses that are certified to collect and report on participating companies in SSTP member states.
Companies taking part in the SSTP can outsource their sales and use tax compliance and reporting functions to Avalara with the certified AvaTax version. As an incentive to use AvaTax, Avalara will take responsibility for audit issues and any liability created by mistakes in calculations, and the software will be provided at no charge to all companies with amnesty from the SST Governing Board.
ITERATION2 AND BKD TECHNOLOGIES JOIN CCH PARTNER PROGRAM: Iteration2, a provider of enterprise-wide software, and BKD Technologies, a division of CPA and business advisory firm BKD LLP, have joined the Preferred Partner Program of tax and business information concern CCH to provide their clients with sales tax solutions built on CCH's CertiTax and ZIPSales Returns offerings.
BKD Technologies had developed a custom front-end solution for CCH's ZIPSales database that will assist clients with sales tax issues due to nexus in multiple states. Now they will offer an end-to-end solution using CertiTax with ZIPSales Returns and the new CertiTax plug-ins for Microsoft Dynamics GP and AX. When used in concert with the CCH ZIPSales Returns product, sales tax liability can be aggregated from any input source, including batch input from legacy, point-of-sale and general ledger systems. The aggregated liability is then automatically transferred to the appropriate forms for each jurisdiction where taxes are owed. In states that accept third-party filing via EDI or E-File, returns can be automatically filed.
THOMSON BUYS TELECOM COMPLIANCE SERVICES: The Thomson Corp. has acquired Telecom Compliance Services, a regulatory compliance services firm for the telecommunications industry based in Atlanta.
TCS will join the Corporate Software & Services business of Thomson Tax & Accounting, which provides software, information solutions and services to tax professionals in accounting firms and corporations.
Founded in 1995, TCS leverages proprietary technology and specialized domain expertise to relieve clients of the administrative burdens of Federal Communications Commission, Public Utility Commission and Secretary of State reporting.
"Adding the TCS specialized telecom compliance service to our sales, use and telecom tax compliance solutions will enable us to offer a more complete service offering to our clients, in addition to providing a much-needed service to the telecom market at large," said executive vice president and general manager of TTA's Corporate Software & Services Brian Peccarelli, in a statement.
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access