Estimated reading time: 1 minute, 41 seconds

The extension of the income tax filing season  from April 15 to July 15 removed a chunk of revenue from Intuit’s results for the third quarter ended April 30. Consumer tax revenue was off by 15 percent and professional tax revenue by 17.8 percent.

 

Intuit should recoup most of that in the current quarter. But for the moment it dented the financial results for the for the most recently ended period.

Revenue for the Strategic Partner group, the professional tax business, fell to $193 million from $235 for last year’s corresponding period. Consumer tax revenue fell to $1.83 billion, a decline of 15 percent from $2.15 billion. 

The result was net income fell to $1.1 billion for the most recently ended period, down 21.3 percent from $1.38 billion a year ago. Revenue reached slight. More than $3 billion, down 8.5 percent from $3.227 billion. 

Revenue for the Small Business and Self-Employed group rose to $982 million,  an increase of 10.7 percent from last year’s $887 million. However, that segment was not immune as the payroll business suffered after mid-March. During the first half of the quarter, payroll was up 30 percent but it was flat for the second half and while the number of workers paid through Intuit systems was up 20 percent in the first half, it was down 10 percent in the second.

Bob Scott
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards.  Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He  has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that.  A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind
Last modified on Monday, 25 May 2020
Read 223 times
Rate this item
(0 votes)

Visit other PMG Sites:

click me
PMG360 is committed to protecting the privacy of the personal data we collect from our subscribers/agents/customers/exhibitors and sponsors. On May 25th, the European's GDPR policy will be enforced. Nothing is changing about your current settings or how your information is processed, however, we have made a few changes. We have updated our Privacy Policy and Cookie Policy to make it easier for you to understand what information we collect, how and why we collect it.
Ok Decline