MEMPHIS, Tenn.--(BUSINESS WIRE)--Jan. 20, 1999--First Tennessee (NASDAQ/NMS:FTEN) today announced an agreement with Intuit to offer WebTurboTax to its customers through First Tennessee's Website, www.ftb.com, allowing easy access to the Web-based version of the popular TurboTax personal tax preparation software program.
WebTurboTax allows taxpayers to easily complete all the same Federal and State income tax returns as with TurboTax desktop software, but with the added convenience of preparing and filing their tax returns on the Web. Because the tax return is being prepared on an encrypted Intuit server, users benefit by being able to tackle their taxes anytime, and anywhere, in a Web-browser format familiar to millions of Americans.
Intuit Inc., a financial software and Web-based services company, develops and markets Quicken, the leading personal finance software; TurboTax, the best-selling tax preparation software; and QuickBooks, the most popular small business accounting software.
Because no downloading or software installation is necessary, users can log on to WebTurboTax from anywhere, anytime, to prepare their taxes. Taxpayers simply create a secure user name and password, which allows them to access their return from any computer. This also gives users the option of exiting the program at one point in the return and then logging back in from anywhere to pick up where they left off. In addition, taxpayers can prepare their State returns with WebTurboTax in all 44 states that require an income tax, as well as the District of Columbia. WebTurboTax easily transfers relevant Federal information to the State return, thus saving time and increasing accuracy for users.
The fee to prepare and file personal Federal returns (electronically or by mail) is $9.95-19.95, depending on the complexity of the return. State returns can be prepared and filed for any state requiring an income tax for $9.95-19.95 each (including electronic filing).
Intuit has worked with leading companies in the field of Internet security and uses only the latest in SSL encryption technology to design a secure system to protect taxpayers' returns, and all personal information associated with them, during preparation and transmission. When filing electronically, Intuit sends all returns directly to IRS computers, removing the risk of loss or mishandling inherent with paper returns. The IRS also sends an electronic date stamp for each return successfully filed, which Intuit forwards to its users.
Taxpayers who file electronically receive proof from the IRS, an electronic data and time stamp, that their return was received on time. In addition, the IRS processes electronically filed tax returns much faster than mailed returns, with refunds arriving as soon as 10 to 17 days after filing. Also, electronically filed returns have a less than 1 percent error rate, compared to 20 percent with manually prepared returns.
As with all TurboTax programs, Intuit guarantees that its WebTurboTax software calculations are accurate. In the unlikely event that users are assessed an IRS or state penalty due to a calculation error in the software, Intuit will pay the customer the penalty plus any interest that may be charged.
Lisa Menuskin or Kim Cherry, 901/523-4726
First Tennessee, Memphis