GOVERNMENT INTERVENES: The Department of Justice is trying to prevent H&R Block Inc. from acquiring the creator of TaxACT Software. The government on Monday filed an antitrust lawsuit, arguing the deal would leave just two major competitors in do-it-yourself tax preparation.
PROPOSED TIE-UP: H&R Block announced plans in October to pay $287.5 million in cash to acquire the parent of privately held 2nd Story Software, which created TaxACT.
MARKET COMPETITION: Regulators say Intuit Inc., H&R Block and TaxACT account for 90 percent of tax prep software sales. Intuit is the market leader, followed by H&R Block and TaxACT.