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Tax Act


artp

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Just be aware that both Tax Act and Drake are now both owned by Cinven, a international private equity firm, so there are changes coming both Tax Act and Drake including larger annual price increases.

         Cinven announcement dated November 1,2022, London England:

 "International private equity firm, Cinven, today announces that it has reached an agreement to acquire TaxAct for approximately $720 million. Following closing of the transaction, Cinven will bring the business together with existing portfolio company Drake Software ("Drake" or the "Company") under a single holding company. This will create a full-service tax ecosystem provider with the scope to use the resources and shared principles of the combined businesses to innovate and support their complementary professional tax preparer and individual tax filer customer bases."

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I used TaxAct well over 20 years ago, and liked it. At the time, it rapidly became too limited for me because it did not, back then, support non-resident or part-year state returns. Jumped ship for ATX, and then to Drake in 2013 during the 2012 filing season fiasco. So my information is decidedly non-current

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Thanks for the feedback and heads up on the Cinven connection. I in the process of demoing TaxAct since I am basically concentrating on individual returns. So far the cost savings may not justify the lost of features in Drake and the effort to learn a new software system in this stage of my career.

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I certainly sympathize with anyone learning a new software system--I tried OLT two years ago (I put about half my clients on OLT and left half on ATX) and was not unhappy with the product, but it certainly raises the stress-level messing with new software.  When I demoed Drake years ago, I quickly found I was not in the mood to learn a new system.  So there is a big intangible benefit to keeping the same software (which the software companies are well aware of). 

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