Important points
- Shares of tax preparation companies H&R Block and Intuit fell on Tuesday after reports that the Trump administration may develop an app that allows users to do their taxes for free.
- Leaders of President Trump's newly created Department of Government Efficiency held “very 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 companies H&R Block (HRB) and Intuit (INTU) fell on Tuesday. washington post It is reported that the incoming Trump administration is considering creating a mobile app that will allow users to pay their taxes for free.
The leaders of President-elect Donald Trump's new Department of Government Efficiency (DOGE), Tesla CEO Elon Musk, and entrepreneur Vivek Ramaswamy met in what the report described as a “highly preliminary” meeting. We discussed that possibility.
Such apps could compete with H&R Block and Intuit, which offer free and paid tax preparation software. On Tuesday, H&R Block stock fell more than 8% and Intuit stock fell more than 5%.
Report released after IRS makes free direct file program permanent this year
The news comes months after the Internal Revenue Service (IRS) made permanent the Free Direct File program it launched using funds from the Inflation Control Act of 2022.
The IRS said it intends to expand the program, which was made available to eligible users in 12 states as part of a pilot program that only offered solutions for a limited range of tax situations.
