IRS to roll out pilot program for free tax filing option in 2024
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The Internal Revenue Service is officially planning to roll out a limited pilot program for a free tax filing system during next year's tax filing season, the agency said Tuesday in a release.
In mid-afternoon trading, shares of H&R Block (NYSE:HRB), -3.1%, and TurboTax owner Inuit (NASDAQ:INTU), -0.9%, extended their losses from the prior session, when the Wall Street Journal reported that the White House was considering creating a government-run tax filing portal that would compete with private tax preparation services.
Earlier, Bank of America said in a note that the paid and free filing offerings of TurboTax would not be materially impacted from a government-run tax preparation service. 
The IRS also released a cost and feasibility study, required by the Inflation Reduction Act, about creating a direct filing system. The report found that most U.S. taxpayers want to use a free government-provided tool to digitally prepare and file taxes. 
Operating the system would cost between $64.3M (assuming 5M users and a narrow scope of covered tax situations) and $248.9M (assuming 25M users and a broad scope of covered tax situations) a year, the IRS estimated in its report to Congress. 
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