The move is meant to head off potential antitrust objections to the personal-finance portal’s pending $7.1b sale to TurboTax maker Intuit. A sale of the unit would require approval from the Justice Department, which is concerned that bringing together Credit Karma’s small but growing tax-preparation business with industry-leading TurboTax would leave taxpayers with fewer, and potentially pricier, e-filing options.
| less than a minute read
Credit Karma in talks to sell tax-preparation business to Square
The department needs to “take a fresh look at how new technologies are changing the competitive dynamics in these industries, particularly the financial-services industry that is key to every American consumer and small business,” Assistant Attorney General Makan Delrahim told The Wall Street Journal in August.
