Intuit
INTU
Information Technology
2
exclusion reasons
1 theme
This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Intuit Inc. was found by the FTC to have engaged in deceptive advertising in violation of Section 5 of the FTC Act through its "free" TurboTax marketing campaigns. The FTC's Chief Administrative Law Judge ruled in September 2023 that Intuit's advertisements misled consumers into believing they could file taxes for free when most filers — including those with 1099 forms or farm income — were ineligible for the free product. The full FTC Commission affirmed the ruling in January 2024 and issued a cease-and-desist order. A multi-state settlement totalling $141 million compensated consumers who paid for products that should have been free. Intuit's conduct fits a pattern of steering low-income filers away from the IRS Free File program into paid products, which ProPublica documented extensively from 2019 onward.
Intuit Inc. was found by the FTC to have engaged in deceptive advertising in violation of Section 5 of the FTC Act through its "free" TurboTax marketing campaigns. The FTC's Chief Administrative Law Judge ruled in September 2023 that Intuit's advertisements misled consumers into believing they could file taxes for free when most filers — including those with 1099 forms or farm income — were ineligible for the free product. The full FTC Commission affirmed the ruling in January 2024 and issued a cease-and-desist order. A separate multi-state settlement reached $141 million to compensate consumers who paid for products that should have been free. The Fifth Circuit vacated the FTC's cease-and-desist order on constitutional grounds (internal adjudication), but the underlying factual findings of deception and the $141 million consumer payout stand.
Research Sources
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Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
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