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Intuit, H&R Block stocks fall as IRS considers creating its own tax prep service

Yahoo Finance

Yahoo Finance Live's Julie Hyman discusses the drop in shares of Intuit and H&R Block shares after the Biden administration announces that the IRS is considering creating its own tax preparation service.

Video transcript

[MUSIC PLAYING]

JULIE HYMAN: Tax season may be over but our trading tickers today are tax-related. Intuit and H&R Block-- Intuit the parent of TurboTax-- they're falling this morning, after reports that the Biden administration is now considering creating a government-run alternative to the two companies. Democrats have been pushing for the IRS to offer free online tax filing on their website, claiming these services should be free for middle income Americans. The IRS is expected to release a report this week on a possible direct file system. And the Biden administration will then decide whether indeed to pursue it.