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TaxACT

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TaxACT

TaxACT
TaxACT Logo
Developer(s) TaxACT, Inc.
Type Tax software
License Proprietary
Website .com.taxactwww

TaxACT is an American tax preparation software package. The predecessor to TaxACT was known as Personal Tax Edge by Parsons Technology. In 1994, Intuit purchased Parsons Technology and dissolved Personal Tax Edge. TaxACT, then known as 2nd Story Software, was founded in 1998 by employees who previously worked on Personal Tax Edge.[1]

Overview

TaxACT is available in online, software, tablet and smartphone versions.[2] Online and tablet app products include Free Federal Edition, Deluxe (Federal) and Ultimate Bundle (Deluxe + State). Software versions include Free Edition, Deluxe, Ultimate Bundle, and Home & Business. The TaxACT Express app is for filing simple federal and state tax returns on a smartphone. TaxACT also offers a suite of federal and state solutions for small businesses and professional preparers.[3]

In tax year 2014, TaxACT also introduced Form 1041 - Estates & Trusts return preparation and e-filing solutions for consumers and professionals.

TaxACT is a member of the Free File Alliance, a free federal tax preparation and electronic filing program for eligible individual taxpayers developed through a partnership between the IRS and a group of private sector tax software companies.[4]

In October 2010, H&R Block said it would pay $287.5 million in cash to acquire the parent firm of TaxACT. In May 2011 the U.S. Department of Justice attempted to stop the acquisition in an antitrust lawsuit.[5][6] In November 2011, a federal judge sided with the Justice Department, and both companies mutually terminated the contract.[7]

Blucora, then Infospace, acquired TaxACT in January 2012.[8]

See also

References

  1. ^ TaxACT About Us
  2. ^ TaxACT Consumer Products
  3. ^ TaxACT Professional
  4. ^ Members of Free File Alliance (2011)
  5. ^ "U.S. Seeks to Halt H&R Block’s Deal for Rival". The New York Times. May 23, 2011. 
  6. ^ Justice Department Files Antitrust Lawsuit to Stop H&R Block Inc. from Buying TaxACT; Deal Would Substantially Reduce Competition in Sale of Digital Do-It-Yourself Tax Preparation Products and Result in Higher Prices and a Reduction in Innovation and Quality, Department of Justice, Office of Public Affairs, Press Release, May 23, 2011
  7. ^ United States v. H&R Block, Inc., 2SS Holdings, Inc., and TA IX L.P., Memorandum Opinion (November 10, 2011)
  8. ^ M&A: January 9, 2012

External links

  • TaxACT Official site
  • TaxACT Professional site
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