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H&R Block’s and TurboTax parent Intuit’s stocks lower ahead of government report on proposal to let people file taxes directly to IRS for free

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H&R Block, Intuit shares lower ahead of report on filing taxes directly to IRS

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.

 

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