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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