He indicated it will be developed further for the 2015 tax season. Smith described the program as one in which customers start by using Intuit’s TurboTax software and then go to a CPA to finish the return. The satisfaction of customers with the program has resulted in a NetPromoter score that is 25 percent higher than the ratings of the overall category of professional preparers. NetPromoter is a metric in which the number of customers who would not buy a product or service again is subtracted from the number who would.
As described on the program’s website, taxpayers can get estimates on having their returns prepared by a CPA. Consumers answer a series of questions on the web site at https://turbotaxcpaselect.intuit.com before proceeding to chose a preparer. Questions include states in which the consumer earned income, whether that person had many deductions or investment income.
During the webcast, Smith noted the recent report from the Internal Revenue Service that the number of returns filed by professional preparers is off by 5.4 percent for the tax season through February 15 when, compared to last year’s corresponding period. In general, he said Intuit and its do-it-yourself software has gained marketshare over categories that include professional preparers and tax stores. Intuit says the number of TurboTax units sold grew by 7 percent during the period.
The company’s results for the second quarter ended January 31 reflected the impact of the delayed start of the tax season, whose opening coincided with the quarter’s ended. Intuit $37 million in the most recently ended period, compared to net income of $71 million in last year’s corresponding period. Revenue for the quarter was $782 million, off 12 percent from $884 million a year earlier.
However, Intuit said the lost revenue will be shifted to the current quarter as consumers prepare their returns. The company expects $120 million will be recognized during the third quarter, $80 million as a result of the federal delay and $40 million related to state returns received, but no processed before January 31