'IRS opening free online tax filing program to all states' - Axios
Portfolio Pulse from Benzinga Newsdesk
The IRS is launching a free online tax filing program available to all states, which could impact companies like H&R Block and Intuit that offer paid tax filing services.
May 30, 2024 | 5:31 pm
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NEGATIVE IMPACT
H&R Block may face increased competition as the IRS launches a free online tax filing program available to all states.
H&R Block generates significant revenue from its tax filing services. The introduction of a free alternative by the IRS could lead to a loss of customers and revenue.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Intuit, the maker of TurboTax, may experience a negative impact due to the IRS's new free online tax filing program.
Intuit's TurboTax is a leading paid tax filing service. The IRS's free program could attract customers away from TurboTax, impacting Intuit's revenue.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80