Financial services giant Inuit, which has products like TurboTax and Mint, is close to a deal to buy Credit Karma for US$7 billion.
There is a potentially significant business opportunity for Intuit if it completes a deal. For example, Intuit could try to match all the tax data its TurboTax customers provide with the credit-scoring data that Credit Karma holds.
That could let Intuit serve up better customer prospects to credit card issuers — and eventually let Intuit charge lenders more for access to its hoard of data.
On Monday the IRS announced changes to its deal with the tax filing industry. For years the agency was prohibited from creating its own free tax filing system, like other countries do. In exchange for not competing, the tax industry promised to make free versions of its software if you make below a certain amount of income. But companies like Intuit and H&R Block added code to their web pages to make it harder for their free products to appear on Google. But now it all changes.
“The improved process will make Free File stronger and give taxpayers another reason to consider this valuable software option,” IRS Commissioner Chuck Rettig said in a statement. The agency hopes the changes will make the free option more accessible for taxpayers in the 2020 filing season, he said.
The company has three different version of the accounting and billing software, Quicken Starter, Quicken Deluxe, and Quicken Premier.