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Intuit Responds To Court Decision Barring IRS From Regulating Tax Preparers

Stocks in this article: INTU

Intuit Inc. (Nasdaq: INTU) responded today to a decision of the U.S. District Court for the District of Columbia that prevents the Internal Revenue Service from regulating non-professional tax return preparers.

The ruling, issued Jan. 18, could affect up to 700,000 tax return preparers who won’t have to obtain credentials, ranging from independent preparers to employees at national storefronts, such as H&R Block.

The following statement can be attributed to Dan Maurer, senior vice president and general manager of Intuit’s Consumer Tax Group:

"Intuit supports efforts to strengthen and enhance the tax preparation services industry and is disappointed in the court decision regarding IRS industry oversight. The public interest is best served when all competing tax service providers meet high standards. Intuit testified in support of the IRS effort at the public hearing IRS conducted in Chicago in September 2010.

"For almost 30 years, Intuit's TurboTax® has been dedicated to delighting customers through innovation, quality and ease of use, putting the power in peoples’ hands to help them keep more of their hard-earned money. All TurboTax tax experts are highly qualified certified public accounts, IRS enrolled agents and tax attorneys. That’s why more Americans trusted their federal taxes to TurboTax last year than H&R Block stores and all other major tax stores combined.

"We believe the drive toward raising overall tax industry standards must and will continue and the recent court decision is not the end of this important national journey. In the meantime, we will continue to comply, as we always have, with return preparer requirements and other regulations issued by IRS as they apply to Intuit's tax products and services."

About Intuit

Intuit Inc. is a leading provider of business and financial management solutions for small and mid-sized businesses; financial institutions, including banks and credit unions; consumers and accounting professionals. Its flagship products and services, including  QuickBooks®,  Quicken® and  TurboTax®, simplify  small business management and  payroll processingpersonal finance, and  tax preparation and filingProSeries® and  Lacerte® are Intuit's leading tax preparation offerings for professional accountants.  Intuit Financial Services helps banks and credit unions grow by providing on-demand solutions and services that make it easier for consumers and businesses to  manage their money.

Founded in 1983, Intuit had annual revenue of $4.15 billion in its fiscal year 2012. The company has approximately 8,500 employees with major offices in the  United States, Canada, the  United KingdomIndia and other locations. More information can be found at  www.intuit.com.

Intuit, the Intuit logo and TurboTax, among others, are registered trademarks and/or registered service marks of Intuit Inc. in the United States and other countries.

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