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An agreement TurboTax, rival H&R Block, and other preparers signed with the government back in 2002 expressly banned the IRS from offering a free tax-filing option that would compete with private ...
The Federal Trade Commission (FTC) issued a final order on Jan. 22, that Intuit, the maker of TurboTax, engaged in "deceptive advertising in violation of the FTC Act." It added that it "deceived...
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. In an opinion and ...
TurboTax is a software package for preparation of American and Canadian income tax returns, produced by Intuit. TurboTax is a market leader in its product segment, competing with H&R Block Tax Software and TaxAct. [1] TurboTax was developed by Michael A. Chipman of Chipsoft in 1984 and was sold to Intuit in 1993. [2] [3]
A flow-through entity (FTE) is a legal entity where income "flows through" to investors or owners; that is, the income of the entity is treated as the income of the investors or owners. Flow-through entities are also known as pass-through entities or fiscally-transparent entities .
Instead, the owners of the entity pay tax on their "distributive share" of the entity's taxable income, even if no funds are distributed by the partnership to the owners. Federal tax law permits the owners of the entity to agree how the income of the entity will be allocated among them, but requires that this allocation reflect the economic ...
According to the FTC, approximately two-thirds of tax filers could not use TurboTax’s free product in 2020. Intuit issued a statement claiming no wrongdoing. TurboTax products sit on display at ...
An entity, which is eligible to make an election, is referred to as an eligible entity. Generally, a corporation organized under U.S. federal or state statute (and referred to as a corporation, body corporate or body politic by that statute) is not an eligible entity. However, the following types of business entity are treated as eligible ...