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BUZZ-Tax preparation stocks drop after report 'DOGE' planning tax filing app

Reuters
Nov 20, 2024

** Shares of tax preparation companies drop after report says President-elect Donald Trump's planned Department of Government Efficiency (DOGE) intends to have a new mobile app to file taxes

** H&R Block's shares down 7.9% to hit over 3-month low, Intuit's shares drop 6% to touch a two-week low

** Report says discussions for app are preliminary and could mean Americans will be able to file taxes for free without the use of preparers such as HRB and INTU

** DOGE to be headed by Tesla boss Elon Musk and former Republican candidate for the U.S. presidency Vivek Ramaswamy

** Trump says the department to help cut government spending and reduce federal regulations

** Up to last close, HRB up over 15.2% YTD; INTU rose by 2% YTD

(Reporting by Johann M Cherian in Bengaluru)

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