Intuit to Divest Tax Business in Credit Karma Buy

Intuit must divest Credit Karma’s tax business to buy that company for $7.1 billion, DOJ said Wednesday. The divestiture will “preserve competition for digital do-it-yourself” tax preparation products, DOJ said. Intuit, creator of TurboTax, would need to divest the tax business to Square, the department said: “Today’s divestiture to Square, another highly successful and disruptive fintech company, ensures that taxpayers will continue to both benefit from this competition and benefit from new innovative financial service offerings from both Intuit and Square.” Intuit is “very excited to reach this important milestone,” said CEO Sasan Goodarzi.