Photo by Kimberly White/Getty Images for TurboTax
Intuit’s $7.1 billion purchase of Credit Karma earlier this year is now subjected to review by the US Department of Justice. The department is concerned about possible antitrust issues if Intuit — owner of TurboTax, QuickBooks, and Mint — is allowed to take over a former rival that offered free tax preparation tools that were directly in competition with Intuit’s own offering, according to a report from ProPublica.
In a memo obtained by ProPublica, the DOJ’s lawyers are apparently concerned about “the influence that Intuit’s purchase of Credit Karma will have on consumer tax preparation platforms and [the] software market.” Currently, the DOJ has requested Intuit and Credit Karma provide more information before it rules on whether to…
The Department of Justice is reviewing TurboTax maker Intuit’s .1 billion purchase of its free competitor
Source: New feed
