Look out TurboTax Trump government efficiency team is reportedly considering
a free tax-filing app

Date:
Wed, 20 Nov 2024 17:01:10 +0000

Description:
A free tax-filing app is under consideration from the proposed Department of Government Efficiency.

FULL STORY

Shares in tax software giants Intuit and H&R Block have fallen after reports claimed Donald Trumps administration advisory team could be exploring
creating a new, free tax-filing app.

The Washington Post reported that Trumps proposed Department of Government Efficiency (DOGE), an external advisory body led by Elon Musk, could be considering the app as part of plans to streamline government operations.

The two software companies, which currently dominate the tax-filing market, would face major competition if the US government were to introduce a free alternative.

Trump and Musk considering free tax-filing app

While discussions surrounding the app appear to be in their early stages, the prospect has raised concerns among private tax-preparation firms which make a profit off US citizens filing their taxes.

The IRS currently offers free filing options to eligible taxpayers earning
less than $79,000. The agency has also launched Direct File, a pilot program that its trialling across 12 states to give 18 million taxpayers free access
to online tax-filing services.

The DOGE-backed app would build on these existing efforts, which have been driven under the Biden-Harris administration. Its unclear whether the app
would become available for all US taxpayers.

Intuit spokesperson Tania Mercado commented (via CNBC ): For decades, Intuit has publicly called for simplifying the U.S. tax code so individuals,
families, and small businesses can better understand their finances.

The Federal Trade Commission recently confirmed it would be taking action against H&R Block for deceptively marketing their products as free when they were not free for many consumers, among other concerns. The proposed
settlement would see H&R Block liable to paying out $7 million.

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Link to news story: https://www.techradar.com/pro/trump-government-efficiency-team-is-reportedly-c onsidering-a-free-tax-filing-app
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