:max_bytes(150000):strip_icc()/GettyImages-2021273212-a68655c81a5c48a098f871060420f455.jpg?w=1500&resize=1500,1000&ssl=1 "H&R Block, Intuit Stocks Slump as Trump’s ‘DOGE’ Leaders Mull Free Tax-Filing App | Global News Avenue")
H&R Block, Intuit Stocks Slump as Trump’s ‘DOGE’ Leaders Mull Free Tax-Filing App
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Main points
- Shares of tax preparation companies H&R Block and Intuit fell on Tuesday amid reports that the Trump administration may create an app that would allow users to file taxes for free.
- Leaders of Trump’s new Department of Government Effectiveness held “highly preliminary” discussions on the topic, washington post reported.
- The app will compete with H&R Block and Intuit, which offer free and paid tax preparation software.
Shares of tax preparation company H&R Block (HRB) and intuition (Yingtu) fell on Tuesday, following washington post The incoming Trump administration is reportedly considering creating a mobile app that would allow users to file their taxes for free.
President-elect Donald Trump’s new leader Department of Government Efficiency (DOGE)Tesla CEO Elon Musk and Entrepreneurs Vivek Ramaswamythe possibility was discussed in what the report described as “highly preliminary” talks.
Such an app could compete with H&R Block and Intuit, which offer free and paid tax preparation software. H&R Block shares fell more than 8% on Tuesday, while Intuit shares fell more than 5%.
IRS reports after making free direct filing program permanent this year
The news comes months after U.S. Internal Revenue Service (IRS) Free forever direct file program Use from Inflation Reduction Act of 2022.
The IRS said it intends to expand the program, which is available to eligible users in 12 states as part of a pilot program and only provides solutions for a limited range of tax situations.
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