Great Article : Intuit TurboTax Huge Profit & Lobbying

Software. Marketing. Training. Running your business.
#1
Posts:
154
Joined:
13-May-2016 9:21pm
Location:
SF Bay Area
Great Article: Intuit’s Huge Profits & Huge Lobby Effort. This is a good article about how Intuit makes billions off TurboTax & an in depth look at their lobbying to influence the government.

https://www.propublica.org/article/insi ... s-for-free

( You might have to click through pay pop up box to get online subscription - that up to you , this organization does solid reporting though )
 

#2
makbo  
Posts:
6840
Joined:
23-Apr-2014 3:44pm
Location:
In The Counting House
See this thread from earlier this year on the same topic, with a link to another Propublica article on the same topic.

viewtopic.php?f=10&t=15517

From previous comments:

So, they [Propublica] don't like the voluntary Free File Alliance, they don't want it made permanent, and in fact that want it replaced by IRS-developed software (yeah, what could go wrong with that? :roll: ) Yet, they criticize two vendors for not sufficiently promoting their voluntary participation in the Free File Alliance. Talk about a mixed message...

Oh, and if they really wanted to put the taxpayer "first", why did Congress yet again fail to authorize regulation of tax preparers?

"The sticking point in the first version passed by House, the codification of the Free File Alliance available from tax prep software companies, was removed after a series of reports by ProPublica. The investigative news site claimed this would prevent the IRS from developing software of its own. Congress bowed to the pressure."

And if the IRS were to develop its own 1040 filing software, would it be as aggressive as Turbotax/H&R in helping taxpayers find deductions? Would they be able to flag certain situations as "not common" and thereby hint to the taxpayer that it's OK to skip that part of the interview? Would they be able to provide an estimate of the likelihood of being audited based on entries in the software, as the commercial products do?"
 

#3
makbo  
Posts:
6840
Joined:
23-Apr-2014 3:44pm
Location:
In The Counting House
News update: the Free File MOU has been updated as of last week.

https://www.propublica.org/article/irs- ... h-turbotax

Now that the government has eliminated the "carrot" (agreement not to compete for free file with commercial products), why should the industry continue to accept the "stick" (onerous regulation of their voluntary Free File service, see the MOU addendum linked in the article)?
 


Return to Business Operations and Development



Who is online

Users browsing this forum: No registered users and 41 guests