Press Release PeopleSoft and Intuit Team to Make Taxes Less Taxing PeopleSoft MarketPlace Links to Quicken TurboTax to Simplify Tax Preparation for Employees PLEASANTON, Calif.--(BUSINESS WIRE)--Oct. 17, 2000--PeopleSoft and Intuit are teaming up to simplify the tax preparation process for employees.
PeopleSoft Inc. (Nasdaq:PSFT - news) Tuesday announced an alliance with Intuit Inc. (Nasdaq:INTU - news) that will enable employees of PeopleSoft clients to electronically import their W-2 tax information directly into Intuit's Quicken� TurboTax� via PeopleSoft MarketPlace, PeopleSoft's comprehensive business-to-business (B2B) and business-to-employee (B2E) internet trading network.
The solution gives users of PeopleSoft's ePay, one of PeopleSoft's collaborative applications, access to payroll information online. This allows them to view payroll-related data and manage information such as direct deposits, voluntary deductions and payroll tax withholding. PeopleSoft MarketPlace, in turn, will facilitate the downloading of W-2 information into TurboTax.
Tax filers can then review the information and approve the import with a click of their mouse, effectively avoiding the task of organizing year-end W-2 tax data in the proverbial ``shoebox.''
The offering is part of Intuit's latest tax preparation innovation, Automated Tax Return (ATR), which is designed to make electronic tax preparation and filing easier and more convenient.
PeopleSoft expects to offer this solution for the 2000 tax filing year.
``Our alliance with Intuit demonstrates the power of PeopleSoft MarketPlace and the PeopleSoft ePay application to easily deliver internet access to complex information wherever it's located,'' said Jim Petraglia, vice president and general manager of HRMS for PeopleSoft.
``By providing simple electronic access to W-2 information, PeopleSoft and Intuit can now help taxpayers prepare and file their taxes in a fully integrated end-to-end electronic process, saving time and increasing the accuracy of returns.''
``Our alliance with PeopleSoft is a win all the way around,'' said Bob Meighan, vice president of the Intuit Consumer Tax Group.
``The Automated Tax Return helps strengthen PeopleSoft's growing B2E network, offering employees in participating companies an additional benefit -- the ease and convenience of automatically importing tax information into TurboTax. By working together, we're delivering a service that will further simplify the lives of consumers.''
The name of the game is to build partnerships and/or alliances that enable both partners to gain from the transaction. It's like liscensing in a sense, I suppose. This cuts out the middlemen and reduces expenses. It's the new paradigm shift.