Intuit chart shows that they never really let dot bomb unwind (Author thinks Intuit INTU is a $10 stock).

The Captain for Economati writes: This is my first post on Intuit (ticker: INTU), a company which seems well run but which is grossly overpriced by most historical metrics.  Its share looks like so many others out there right now.  Folks, your 401K, pension fund, insurance annuity, etc.is chock full of this kind of puffed up paper asset.  This is an ending diagonal which is finishing with an ending diagonal (nice example of EW fractals).  It will take some time to come back down to Earth but indeed it will, probably all the way back down to $10 or less.  Yes, the market is that overvalued.
But why oh why can I say that with such certainty?  Simply because it is obvious that the con men running the show saw things collapsing back in dot bomb and they pulled out a lot of stops, lowered interest rates and created the housing bubble, etc.  Now we are in a stock bubble of historic proportions and when the credit defaults begin to happen we will see forced margin calls happening which will require selling every kind of stock.  The baby out with bathwater syndrome.  When we see cliff diving happening across the board rest assured that the asset managers are not selling because they want to.  They are selling because the margin calls are demanding it.  A little selling will turn into a lot of selling because all the real players know it is a pump and dump pyramid scheme wherein the last folks left in the game get left holding an empty paper bag.  When they reach into that bag for the pension or annuity payment they will pull out a handful of air.

Again, I am not writing this post for the current reader.  This stock is at an all time high and everything I'm writing appears to be wild speculation.  But I just want future readers to know that a lot of people saw this coming so don't say that nobody did.  Also, a lot of us know WHY it got this ridiculous: a fraudulent money supply consisting of fiat currency and fractional reserve banking drives the prices up and then asset managers buy this overpriced junk using your retirement money.  Then when it all collapses, you end up with a vanishing retirement just when you go to collect it (just as George Carlin warned about back in 2008 before he passed on).

PwC suggests a check to see if you're an 'accidental American' / Canadians should double-check their citizenship status, warning there may still be thousands of accidental Americans in Canada oblivious to their U.S. tax obligations.

BARRIE MCKENNA for the Globe & Mail writes: A leading accounting firm is taking the unusual step of urging Canadians to double-check their citizenship status, warning there may still be thousands of accidental Americans in Canada oblivious to their U.S. tax obligations.

PricewaterhouseCoopers LLP plans to issue an alert on the subject Wednesday, less than a month after the United States put in place a sweeping law aimed at enlisting foreign financial institutions in a global crackdown on tax evasion.

In spite of a wave of publicity and controversy over the new U.S. law, PwC officials said they are still getting numerous inquiries from American-born individuals who are confused about their tax and citizenship status. Unlike virtually all other countries, the U.S. imposes taxes based on citizenship, not where people live.

“There hasn’t been truly a focus on these accidental Americans – people who don’t realize they are actually American,” explained Chantal Farrell-Carter, a partner at PwC.

There is a new urgency because of the July 1 implementation of the U.S. Foreign Account Tax Compliance Act. Under a deal struck with the Canadian government, the law will eventually require Canadian banks and other financial institutions to identify all U.S. account holders and remit information to the U.S Internal Revenue Service via the Canada Revenue Agency.

Allison Christians, an international tax law expert and associate law professor at McGill University, said such warnings from accounting firms may be overly alarmist. She said it’s not clear the IRS is eager to pursue middle-class “accidental Americans.” The problem, she said, is that risk-averse Canadian financial institutions may go beyond what the law requires in their efforts to identify U.S. account holders. “You are going to see banks over-react,” she said.

Many financial institutions are already moving now to identify American customers, making it tougher for taxpayers to stay in the shadows.

Most individuals born in the U.S. are automatically Americans, unless their parents were stationed there as diplomats. Many others with at least one U.S.-born parent may also have inadvertently acquired U.S. citizenship, depending on what year they were born and how long their parents lived in the United States.

“We get people who call us all the time who simply aren’t aware they are U.S. citizens,” said Ife Ashabo, a manager in PwC’s immigration practice and a U.S. immigration lawyer. “This is particularly common with older individuals who have lived all their lives in Canada and immigrated when they were very young.”

U.S. immigration law is complex and often murky, making it difficult for people to accurately determine their citizenship, Mr. Ashabo said. He cited the example of a PwC client, who left the United States at the age of two, believing he had relinquished his citizenship because he was a dual Canadian-American citizen at the time. But Mr. Ashabo pointed out that U.S. law changed in 1978, recognizing dual nationals. Without obtaining a “certificate of loss of nationality,” U.S. authorities may now deem the individual an American, he said.

PwC is urging people who determine if they are American to take advantage of a recently announced IRS amnesty program, which makes it easier for “non-wilful” tax payers to get up to date on their U.S. tax filings without facing steep penalties. Under the amnesty program, individuals must still file three years of back taxes and six years of foreign bank account reports (FBARs).

As times goes by it’s going to be increasingly difficult for people to argue their ongoing failure to file is “non-wilful,” PwC’s Ms. Farrell-Carter said.

Using the services of accountants and lawyers can be steep. PwC said a “plain vanilla” tax filing could cost a minimum of $15,000, even when no tax is owed. Anything more complex, including individuals with registered retirement savings plans and several mutual funds, could cost $20,000 to $30,000. “People are very hesitant when they see how much it’s going to cost them,” Ms. Farrell-Carter acknowledged.

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India : Intuit acquires KDK Softwares (Tax Services) to provide end-to-end workflow of integrated accounting and tax capability

Intuit Inc today announced that it has entered into an agreement to acquire Jaipur-based KDK Software. The deal size was not disclosed. KDK Software provides professional tax solutions in India.

Intuit looks to add a base of over 20,000 of KDK Software customers. According to a company release, with its current market base KDK Software is serving 1 in 5 practicing chartered accountants in India.

Intuit will also expand its portfolio of offerings to include simplified tax filing for accountants, bookkeepers and their small business clients. KDK Software is a provider of professional tax computation and e-filing solutions, both in desktop and cloud models, with a base of over 100 channel partners in over 60 cities in India.

With this acquisition and its integration with the popular worldwide solution Intuit Quick Books, Intuit will be able to offer a solution for accounting, tax computation and e-filing. QuickBooks is used by more than 5 million users worldwide, including 300,000 accountant users. “Our vision is to become the ecosystem behind the success of Indian small businesses and accountants. By 2020, we want one in four small businesses in India to use Intuit products,” said Nikhil Arora, Vice-President and Managing Director, Intuit India.

The acquisition is the first in India by the Mountain View, California-based Intuit. "With this acquisition, we will in the near term be able to provide our customers with an end-to-end workflow of integrated accounting and tax capability," said Nikhil  

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Intuit acquires Jaipur based KDK Softwares to provide an integrated solution to accountants

Subodh Kolhe for YourStory.com writes: Intuit Inc  has entered into an agreement to acquire KDK Softwares India Private Limited a market leader in providing professional tax solutions in India. This acquisition will further strengthen Intuit’s commitment of becoming the ecosystem behind small business success and establishes a strong position for the company to reach accountants in India. Intuit looks to add a significant base of over 20,000 of KDK Softwares’ customers.   KDK Softwares states that with its current market base it is serving 1 in 5 practicing chartered accountants in India.

Established in 2003 as Software Development Company, KDK Softwares India Private Limited, is a fast growing company committed to providing reliable and cost-effective software solutions to Tax Professionals and SMEs all over India. Headquartered in Jaipur, Rajasthan, KDK Softwares puts emphasis on quality, world-class human resources and cutting edge solutions to help small businesses file their taxes efficiently. With a successful track record of serving over 22,000 satisfied accountants and customers, KDK Softwares has more than 100 active partners across India.

Intuit will also expand its portfolio of offerings to include simplified tax filing for accountants, bookkeepers and their small business clients. KDK Softwares is a leading provider of professional tax computation and e-filing solutions, both in desktop and cloud models, with a base of over 100 channel partners in over 60 cities in India.

With this acquisition and its integration with the popular worldwide solution Intuit QuickBooks, Intuit will be able to offer a robust solution for accounting, tax computation and e-filing. Accountants usually spend 50 percent of their time filing taxes. The newIntuit QuickBooks will create significant time savings by improving their workflow and the ability to complete a tax return in a single step.

The closing of the acquisition is subject to the satisfaction of certain customary closing conditions by the parties.

Intuit is the world leader in business and financial management solutions for small businesses and accountants. QuickBooks is used by more than 5 million users worldwide, including 300,000 accountant users.

Nikhil Arora, Vice President and Managing Director, Intuit India speaking about the acquisition said

Our vision is to become the ecosystem behind the success of Indian small businesses and accountants.  By 2020, we want one in four small businesses in India to use Intuit products. With this acquisition, we will in the near term be able to provide our customers with an end-to-end workflow of integrated accounting and tax capability which would be the first of its kind in the country. The addition of KDK Softwares builds on Intuit’s QuickBooks small business ecosystem offering in India, providing for the first time a seamless and collaborative tax filing solution.

Read more –  Intuit wants to get one in every four Indian SMEs to use their products. Detailed interview with Nikhil Arora, Intuit India MD.

Kapil Goyal, Founder and Managing Director of KDK Softwares,

KDK Softwares is committed to partnering with small businesses and accountants across India and providing them with solutions that makes tax filing easy and compliant.  Today we serve 1 in 5 practing chartered accountants in India and we are very excited to join Intuit. Together we will be able to add  efficiency, ease-of-use and time savings for small business ecosytem in India.  Also, KDK Softwares accountants are early adopters of online solution and thus are an ideal fit to take advantage of the QuickBooks integration.

This is a good acquisition for Intuit considering the fact that this accountant market is very fragmented and needs to be digitalised soon.