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NEW YORK (AP) — U.S. regulators have barred TurboTax maker Intuit Inc. from advertising its services as “free” unless they are free for all customers, or if eligibility is clearly disclosed. The order also bars Intuit from “misrepresenting any material facts about its products or services,” including refund policies and price points. There was no financial penalty in the FTC's order, but Intuit has previously faced hefty charges over the marketing of “free” services. In a 2022 settlement signed by the attorneys general of all 50 states, Intuit agreed to suspend TurboTax’s “free, free, free” ad campaign and pay $141 million in restitution to nearly 4.4 million taxpayers nationwide. Those impacted were low-income consumers eligible for free, federally-supported tax services — but paid TurboTax to file their federal returns due to “predatory and deceptive marketing,” New York Attorney General Letitia James said.

Persons: Michael Chappell, TurboTax’s, Letitia James Organizations: —, Intuit Inc, Federal Trade Commission, Intuit, Associated Press, ” New York Locations: — U.S, California

☆ TurboTax can't keep advertising itself as 'free' when many people have to pay, FTC rules
▼ + stars: | 2024-01-23 | by ( Associated Press | ) www.businessinsider.com time to read: +3 min

The FTC targeted Intuit ads that claimed consumers can file taxes for free using TurboTax. The FTC ruled that Intuit can't advertise free services unless all customers qualify or it clearly says who does. Intuit has previously faced hefty charges over the marketing of "free" services. AdvertisementU.S. regulators have barred TurboTax maker Intuit Inc. from advertising its services as "free" unless they are free for all customers, or if eligibility is clearly disclosed. In a 2022 settlement signed by the attorneys general of all 50 states, Intuit agreed to suspend TurboTax's "free, free, free" ad campaign and pay $141 million in restitution to nearly 4.4 million taxpayers nationwide.

Persons: Michael Chappell, Letitia James Organizations: FTC, Intuit, Intuit Inc, Federal Trade Commission, Associated Press, New York Locations: U.S, California

☆ Intuit beats first-quarter estimates on resilient demand for financial products
▼ + stars: | 2023-11-28 | by ( ) www.reuters.com time to read: +1 min

The logo of financial software company Intuit is displayed at the Collision conference in Toronto, Ontario, Canada June 23, 2022. REUTERS/Chris Helgren Acquire Licensing RightsNov 28 (Reuters) - Accounting software-maker Intuit (INTU.O) on Tuesday beat Wall Street estimates for first-quarter profit and revenue, on resilient demand for its artificial intelligence infused products that help businesses manage their financial needs. Products offered by Intuit include tax-preparation software TurboTax, personal finance portal Credit Karma, and QuickBooks that help small businesses. The company posted adjusted profit of $2.47 per share for the first quarter, compared with analysts' estimates of $1.98 per share. In the reported quarter, revenue at Credit Karma fell 5% to $405 million, while revenue at its Consumer Group rose 25% to $187 million.

Persons: Chris Helgren, Jaspreet Singh, Shailesh Organizations: Intuit, REUTERS, Products, Credit Karma, Consumer, Thomson Locations: Toronto , Ontario, Canada, View , California, Bengaluru

REUTERS/Yuri Gripas/File Photo Acquire Licensing RightsCompanies Intuit Inc FollowWASHINGTON, Sept 8 (Reuters) - The Federal Trade Commission's (FTC) administrative law judge ruled on Friday that Intuit Inc., the maker of the popular TurboTax tax filing software, engaged in deceptive advertising and deceived consumers when it ran ads for “free” tax products and services, the FTC said in a statement. Intuit had revealed the ruling last week and the FTC statement confirmed the findings on Friday. The company must also disclose whether any good or service is not free to a majority of U.S. taxpayers, it said. Intuit on Friday called the ruling "groundless" and said it will appeal. "Intuit has always been clear, fair, and transparent with our customers and we remain committed to providing free tax preparation," it said in a statement.

Persons: Yuri Gripas, Michael Chappell, Doina, Jasper Ward, Aurora Ellis Organizations: Federal Trade Commission, REUTERS, Intuit, WASHINGTON, Federal Trade Commission's, Intuit Inc, FTC, Internal Revenue Service, Thomson Locations: Washington , U.S, U.S

☆ US IRS to launch free tax e-file pilot program in 2024
▼ + stars: | 2023-05-16 | by ( David Lawder | ) www.reuters.com time to read: +3 min

WASHINGTON, May 16 (Reuters) - The Internal Revenue Service on Tuesday said it would launch a free, government-provided direct tax filing option next year, which could lead to the full-scale launch of an IRS filing system that would compete with private tax preparers. The IRS said in an exploratory report to Congress that 72% of American taxpayers surveyed said they were "very interested in" or "somewhat interested in" using a government tool to electronically file their tax returns. The size, scope and complexity of the pilot program, to be available in the 2024 tax filing season, has yet to be determined, IRS Commissioner Danny Werfel told reporters, adding that Treasury Secretary Janet Yellen directed the IRS to launch the pilot after reviewing the report. "Americans will be powerless when the IRS completely controls the tax filing process from start to finish," Smith said in a statement. Werfel noted that all filing options would continue, including free e-file options from private firms and non-profit tax advocacy services, paid filing by tax preparers, and free paper filing to the IRS.

☆ Intuit Names Next CFO Following Michelle Clatterbuck’s Planned Departure
▼ + stars: | 2023-02-23 | by ( Denny Jacob | ) www.wsj.com time to read: 1 min

Intuit Inc. on Thursday named Sandeep Singh Aujla as its next chief financial officer following Michelle Clatterbuck’s pending departure. The tax preparation software maker said Mr. Aujla, currently senior vice president of finance of its small business and self-employed group as well as its technology organization, will take over as CFO effective Aug. 1. Ms. Clatterbuck, who has served as CFO since February 2018, plans to step down on July 31. Write to Denny Jacob at denny.jacob@wsj.comCopyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

☆ Business Technology Chiefs Question ChatGPT’s Readiness for the Enterprise
▼ + stars: | 2023-02-15 | by ( Angus Loten | Chris Bedi | ) www.wsj.com time to read: +7 min

Yet some business-technology professionals are uneasy about integrating it into the enterprise stack, citing concerns over its use of online data and security risks. But at the moment, ChatGPT “should be used with caution in an enterprise business setting,” she said. Newsletter Sign-up WSJ | CIO Journal The Morning Download delivers daily insights and news on business technology from the CIO Journal team. For now, Mr. Schmidt said, generative AI capabilities should be reserved for writing corporate boilerplate—product or service announcements, or other promotional materials. For enterprise information-technology, “ChatGPT use cases might be a smaller universe than people are imagining,” he said.

☆ The 2023 Super Bowl Ads Will Feature Booze, Betting and Jesus
▼ + stars: | 2023-02-10 | by ( Megan Graham | Patrick Coffee | ) www.wsj.com time to read: +10 min

The Super Bowl ads on Sunday are poised to promote an unusual mix of alcohol brands, gambling and Jesus. The Super Bowl still regularly draws an audience of around 100 million people, making it TV’s biggest event of the year and advertising’s biggest night. Planters’ Super Bowl ad features comedians mocking Mr. Peanut. The ads are likely to strike a lighter tone than the occasionally somber messages of Super Bowl ads in recent, highly politicized years or the early pandemic, said Anjali S. Bal, an associate professor of marketing at Babson College. Many Super Bowl advertisers have again released their ads well before Super Bowl Sunday to increase their chances of being seen.

☆ Uncertain Economy Spurs Growth in AI-Powered Office Automation
▼ + stars: | 2023-02-02 | by ( Angus Loten | ) www.wsj.com time to read: +6 min

Corporate technology leaders are leaning on artificial intelligence and other software automation tools to help companies grow without hiring additional workers anytime soon. Diogo Rau, chief information and digital officer at Eli Lilly. The reports are often filled with scientific terms that require professionals to decipher, Mr. Rau said. Similarly, Mr. Rau is applying natural-language models to produce in-house clinical reports, replacing on-staff medical writers. All told, Gartner expects global enterprise spending on AI and other software automation systems this year to reach $728.9 billion, up from $643.3 billion in 2022.

☆ FTX money trails leading to politicians, media, and other crypto exchanges point to the deep influence of Sam Bankman-Fried
▼ + stars: | 2023-01-19 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

Here's what Bankman-Fried seemed to be aiming at: Stash money with all the right people, while lobbying for policy favorable to FTX. As CoinDesk reported this week, 37% of Congress took money from Bankman-Fried and other FTX executives. House Speaker Kevin McCarthy and Senate Majority Leader Chuck Schumer were among the 196 senators and representatives that received funds. Other lawmakers included some who were just sworn into congressional ranks this month, which points to Bankman-Fried possibly seeking to hold sway over new members. GOLDMAN SACHS stock price on Jan. 19, 2023 Markets Insider10.

☆ Football and Finances: NFL's Ndamukong Suh teaches kids money smarts
▼ + stars: | 2023-01-18 | by ( Chris Taylor | ) www.reuters.com time to read: +5 min

That would be Ndamukong Suh, 36, an American football star who strikes fear into the hearts of opposing teams. Some NFL players and other well-paid professional athletes run into money troubles after their playing careers end. But Suh did fall into a typical money trap early in his career, spending more than he should have. Personally I made the mistake of going out to nightclubs and spending $25,000 to $50,000, versus taking that money and investing it." It is his hope that beyond the current target cities, the money smarts initiative with Intuit will go global.

☆ CIOs Nominate Their Favorite Reads of 2022
▼ + stars: | 2022-12-28 | by ( Tom Loftus | ) www.wsj.com time to read: +9 min

Chief information officers, ever alert to any development in a field that only hurtles forward, largely reflected that alacrity in their choice of reading during 2022. PREVIEWChris Bedi, chief digital information officer, ServiceNow Inc. Photo: IBM Corp.Ron Guerrier, chief information officer, HP Inc. Photo: Cisco Systems Inc.Fletcher Previn, chief information officer, Cisco Systems Inc. Photo: Home Depot Inc.Fahim Siddiqui, chief information officer, Home Depot Inc.

☆ Edgy Campaigns Are Out, TikTok Won’t Stop and Other 2023 Predictions for Marketers
▼ + stars: | 2022-12-19 | by ( Patrick Coffee | ) www.wsj.com time to read: +11 min

Newsletter Sign-up WSJ | CMO Today CMO Today delivers the most important news of the day for media and marketing professionals. Most campaigns will focus on discounts to customers or showcase the usefulness of a company’s products, he said. Under this form of marketing, ad firms generally get paid upon completion of a desired end, such as a sale or download. In short, consumers should expect less “vacuous virtue-signaling” from marketers in the coming months, according to Mr. Proulx. But these platforms’ very struggles could result in ad bargains for marketers, said Mr. Solomon of Therabody.

☆ Here’s how China’s COVID lockdown protests are sparking unrest across markets and rattling the global investing landscape.
▼ + stars: | 2022-11-29 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

Today we're going over what the ongoing protests in China mean for markets and investors. While the protests in China have been largely peaceful, some protesters have been met with violence from the authorities. Anti-government protests have erupted from Shanghai to Beijing as citizens rise up in opposition of China's zero-COVID policies. "Markets don't like bad news, and protests are bad news," Laffer told me on a phone call yesterday. China protests over lockdown measures could mean inflation gets stuck at 4%, according to Mohamed El-Erian.

☆ More Companies Pause Deal-Making Amid Market Volatility, High Inflation
▼ + stars: | 2022-10-10 | by ( Kristin Broughton | ) www.wsj.com time to read: +7 min

Many companies are taking a pause on acquisitions as a cocktail of worrying economic factors, including high inflation, rising interest rates and market volatility, is sapping the confidence of buyers and sellers. Deal-making activity is expected to remain tepid overall during the fourth quarter compared with 2021, barring an improved economic outlook and lower inflation readings, M&A advisers said. For instance, spinoffs or divestitures could become more popular deal structures as companies review their business models, Refinitiv’s Mr. Toole said. Even a number of early M&A discussions, including about possible financing options, are drying up, M&A advisers said. During the latest quarter, Adobe acquired 5.1 million shares at a cost of $1.8 billion, it said.

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