Shares of tax prep companies H&R Block (HRB) and Intuit (INTU) dropped Tuesday following a Washington Post report the incoming Trump administration is considering creating a mobile app for users to file their taxes for free.

The leaders of President-elect Donald Trump's new 澳洲幸运5官方开奖结果体彩网:Department of Governm💛ent Efficiency (DOGE), Tesla CEO Elon Musk and entrepreneur 澳洲幸运5官方开奖结果体彩网:Vivek Ramaswamy, have🃏 discussed the possibility in what the report described as “highly preliminary” talks. 

Such an app could compete with H&R Block and Intuit, which offer both free and paid tax filing software. Shares of H&R Block droppeꦅd over♛ 8% Tuesday, while Intuit shares slid more than 5%. 

Report Comes Aft🐲er IRS Made Free Direct File🌳 Program Permanent This Year 

The news comes months after the 澳洲幸运5官方开奖结果体彩网:Internal Revenue Service (IRS) made permanent its free 澳洲幸运5官方开奖结果体彩网:Direct File program launched using funds from the 澳洲幸运5官方开奖结果体彩网:Inflation Reduction Act of 2022.

The IRS has said it intends to expand the program, which was made available to eligible users in 12 states as part of the pilot program and only offered solutions for a limited range of tax situations.