Level 15

Question

I wonder what this will do to the Intuit stock price

Forum|Forum|1 year ago
November 19, 2024
5 replies
21 views

In the news today:

Elon Musk and Vivek Ramaswamy are stepping into uncharted territory as they lead the Department of Government Efficiency (DOGE), a bold initiative under President-elect Donald Trump to overhaul federal processes. One of their headline-grabbing proposals is a free IRS mobile app to let Americans file taxes directly potentially cutting out private giants like Intuit (NASDAQ:INTU), the maker of TurboTax. Supporters see this as a huge win for taxpayers, especially low-income earners, but skeptics argue the complexity of the U.S. tax code isn't something an app can fix. Congressional approval would be needed to address deeper issues, and that's no small hurdle.

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BobKamman

Level 15

Intuit $641.96 -36.85(-5.43%)

H&R Block $55.44 -4.91(-8.14%)

IRonMaNAuthor

Level 15

Thanks Bob, but I was expecting to hear from Jim since he usually gives us the Intuit updates. Did he call in sick today?

Slava Ukraini!

BobKamman

Level 15

I think he's elsewhere bragging about his headcount. Intuit's earnings call is coming this week. I was thinking of buying puts when it was trading above $700, but at current price I just looked at calls. Both are too volatile for my style.

My percentage loss today on HRB is greater than Jim's on INTU, but I'll just buy back the covered calls I wrote at $60 and sell them at $55. My cost basis is $47, from earlier this year, and at that price it's paying a 3% dividend.

IRonMaNAuthor

Level 15

I'm guessing Elon is going to be working on a self driving tax app. You can do your tax return while either cruising in your self driving Tesla or maybe while traveling in your Space X capsule on your next summer vacation to Mars.

Slava Ukraini!

BobKamman

Level 15

I'm just glad he wasn't deported when he was an undocumented worker. Too bad about all the talent we might be losing soon. I'm sure some of them are great software engineers.

https://www.theguardian.com/technology/2024/oct/26/elon-musk-illegal-immigration

T

TaxGuyBill

Level 15

@IRonMaN wrote:

proposals is a free IRS mobile app to let Americans file taxes directly potentially

Wow, they are efficient; they were able to invent and implement IRS Free File even before they suggested it.

https://www.irs.gov/filing/irs-free-file-do-your-taxes-for-free

IRonMaNAuthor

Level 15

But that is a program instead of an app. Get with the program Bill 😜

Slava Ukraini!

Just-Lisa-Now-

Intuit Community Champion

There already is a free IRS app to file your taxes.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

IRonMaNAuthor

Level 15

But not as good as a Tesla app 😁

Slava Ukraini!

G

GeorgiaRe Tired

Level 4

I'll answer the same way I'll answer my kids. You want to give the Fox keys to the Henhouse? Your return will not be processed to your advantage ever using the IRS to calculate your tax. It will offer no wiggle room on grey areas and will firmly plant you on the side of the IRS.

Ask these two DOGE goons if they will let the IRS calculate their tax?

IRonMaNAuthor

Level 15

I thought I heard that folks that use the app were going to have their names thrown into a hat for a chance to win a million dollars....................... but maybe I heard wrong. 😀

Slava Ukraini!

Jim-from-Ohio

Intuit Community Champion

All eyes are on today's market close. INTU releases earnings. stock up over $ 22.00 a share today, back up to about $ 672.00 a share

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