Square Is Officially Getting Into the Tax Prep Business
It has been rumored for a few weeks that Square (NYSE: SQ) had been in talks to acquire Credit Karma's tax prep business, and now it's official. Square's Cash App announced today that it has agreed to acquire Credit Karma Tax for $50 million in cash.
Credit Karma Tax provides a free tax-filing service for consumers that has helped more than 2 million people file their tax returns. That's roughly 2.5% of the estimated 80 million taxpayers who filed their tax returns electronically and without professional assistance in the 2020 tax filing season.
Image source: Getty Images.
Source Fool.com
