Intuit, H&R Block shares fall after report that Trump government efficiency team is considering tax-filing app

The stock prices for H&R Block and Intuit fell after a report Tuesday said Trump's government efficiency team is considering creating a free tax-filing app.

Intuit, which makes the TurboTax tax-filing software, closed down 5%, marking its worst day since Aug. 23 when the stock price fell nearly 7%. H&R Block, meanwhile, closed down 8% and had its worst day since 2020.

President-elect Donald Trump's "Department of Government Efficiency" has held "highly preliminary" discussions about creating the free tax-filing app, The Washington Post reported. The so-called DOGE will not be an official government department but an outside advisory commission. It will be led by billionaire Elon Musk and former Republican presidential candidate Vivek Ramaswamy and aims to slash government spending.

Intuit spokeswoman Tania Mercado didn't directly address the prospect of a government tax-filing app, but told CNBC in a statement that, "For decades, Intuit has publicly called for simplifying the U.S. tax code so individuals, families, and small businesses can better understand their finances."

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