TurboTax and other tax-prep companies made an extra $1 billion by charging 14 million Americans for services that should've been free
As a result, tax prep companies like Intuit — the maker of TurboTax — and H&R Block generated a whopping $1 billion in additional revenue, according toThe audit was designed to find out why few taxpayers use the Free File program, the product of a partnership between the IRS and private tax-prep companies.
"The process to participate in the Free File Program is fraught with complexity and confusion. IRS management seems unaware of the complexity and confusion taxpayers face," the audit said.
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Google Parent Alphabet Is No Longer A $1 Trillion Company After Latest Earnings MissI am a New York—based reporter for Forbes, covering breaking news—with a focus on financial topics. Previously, I've reported at Money Magazine, The Villager NYC, and The East Hampton Star. I graduated from the University of St Andrews in 2018, majoring in International Relations and Modern History. Follow me on Twitter skleb1234 or email me at sklebnikovforbes.com
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