The stocks of H&R Block Inc. HRB, +1.23% and TurboTax parent Intuit Inc.
fell premarket Monday, ahead of the release this week of a government report on a proposal to let the IRS allow people prepare and file their taxes electronically and for free — directly with the agency. The report comes after last year’s Inflation Reduction Act earmarked $80 billion for the IRS to upgrade its operations and enforcement and consider adding a direct filing option. The Biden administration will then decide whether to move ahead with the proposal.