Intuit Inc - INTU STOCK NEWS

Credit Karma has launched a new tax experience for U.S. members, integrating with Intuit's TurboTax. The new service simplifies tax filing, offering early access to refunds through Credit Karma Money's refund advance programs. Members filing simple tax returns can do so directly in the Credit Karma app and receive their refunds earlier. The platform aims to provide valuable financial insights and tools, helping users manage their money effectively. The integration is designed to enhance user experience and provide greater visibility into personal finances.

Intuit (NASDAQ: INTU) enhances its QuickBooks Checking with new features aimed at small businesses. Over 150,000 businesses have adopted this banking solution since its 2020 launch, with a 4x increase in active customers since January 2021. Key offerings include mobile check deposit, a virtual debit card, and a competitive 1.00% APY on balances. Additionally, the Cash Flow Planner and Envelopes features provide financial planning tools. This initiative supports small businesses by increasing cash flow visibility and management capabilities.

Intuit QuickBooks forecasts a surge in small business formations in 2022, predicting up to 17 million new enterprises, spurred by the pandemic's influence on work aspirations. A survey of 8,000 U.S. employees revealed that 83% accelerated their entrepreneurial plans due to COVID-19. The report emphasizes small businesses' vital role in job creation, with 5.6 million expected to hire employees. An overwhelming 57% of consumers intend to support small businesses financially. Additionally, the importance of an online presence is paramount, with 88% of small businesses prioritizing online sales.

Intuit's recent survey shows that 93% of mid-sized businesses (10-100 employees) have outgrown some digital tools. Despite this, 79% feel underserved by small business tools, while large enterprise solutions are too complex. The survey of 1,000 owners revealed that 49% view Enterprise Resource Planning (ERP) systems as a growth avenue, yet 47% believe they overpay for unused ERP features. QuickBooks Online Advanced offers a tailored solution for these businesses, aiming to simplify the transition without the high costs of traditional ERPs.

Intuit (NASDAQ: INTU) has launched new products for tax year 2021, enhancing the TurboTax experience with AI-powered expert matching to connect users with tax professionals tailored to their unique tax situations. TurboTax Live offers various services including expert consultations and comprehensive tax preparation. The new features include personalized guidance, year-round tax advice, and a 100% Expert Approved Guarantee. These innovations aim to improve taxpayer confidence and ease the filing process, ensuring maximum credits and deductions are obtained.

Intuit Accountants has announced new updates for its tax software products, including ProConnect Tax Online®, ProSeries®, and Lacerte®, to prepare tax professionals for the upcoming tax season. Key enhancements include features like direct data import, smart navigation, work management tools, and improved eSignature capabilities. The updates aim to streamline workflows and improve efficiency for tax professionals. Additionally, Intuit introduced a new guide, 'Path to Advisory,' to help firms transition to advisory services.

Intuit has announced the pricing of an underwritten secondary offering of 1,548,700 shares of its common stock at $668.95 per share. This offering, representing around 15.3% of shares issued in connection with the acquisition of Mailchimp, will be conducted by entities related to co-founder Dan Kurzius. Proceeds will fulfill tax obligations and estate planning purposes for the Selling Stockholder, who will receive all net proceeds. Intuit will not sell shares or receive any proceeds from this offering, with delivery expected by December 1, 2021.

Intuit (NASDAQ: INTU) announced an underwritten secondary offering of 1,548,700 shares of its common stock, representing approximately 15.3% of shares issued due to its acquisition of Mailchimp. The Selling Stockholder, affiliated with co-founder Dan Kurzius, will receive the net proceeds, with sales aimed at satisfying tax obligations and estate planning. Intuit is not selling any shares and will not receive proceeds from this offering. Goldman Sachs & Co. LLC acts as the sole book-running manager for the offering.