I wonder what this will do to the Intuit stock price

[IRonMaN]

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.

[BobKamman]

Intuit  $641.96  -36.85(-5.43%)

H&R Block   $55.44  -4.91(-8.14%)

[IRonMaN]

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

[BobKamman]

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.  

[IRonMaN]

My losses on both of those stocks today is zero so I think I did ok.

[BobKamman]

My AI stock popped today from $27 to $33, because of a deal with Microsoft.  Too bad I had calls written on it for 26.  But I bought those back (expiration 11/29) and sold new ones (expiration 12/20) at 33.  Only cost me $3.50 to buy $7 of equity.

[Jim-from-Ohio]

time is better than defending the BOI.. and yes. INTU releases earnings this week.. stock seems to dip on earnings release then builds up from there again.. looking to eclipse $ 700 a share soon.

[BobKamman]

@Jim-from-Ohio It eclipsed $705 last week.  Then investors had second thoughts, even before the Great Software Threat.  

[IRonMaN]

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.

[TaxGuyBill]

---

@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

[BobKamman]

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 

[IRonMaN]

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

[Just-Lisa-Now-]

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

[IRonMaN]

But not as good as a Tesla app 😁

[GeorgiaRe Tired]

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?

[IRonMaN]

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. 😀

[Jim-from-Ohio]

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

[IRonMaN]

My eyes are on Looney Tunes.  I hear Elmer Fudd is being considered as a potential pick to head up the Department of Agriculture.  I'm sure the cost of wabbits will go down if he gets the nod.

[Jim-from-Ohio]

market in general is soaring today! $ 677 on this one!

[IRonMaN]

But the higher something goes, the more it hurts when it falls back to earth. 😁

[Jim-from-Ohio]

been through some bumpy periods but overall trend has been up.. Bitcoin blew past 98,000 today.. I never did get in on that.  oh well, hit on some and miss some. 

[BobKamman]

Traded as high as $680 today, earnings were higher than expected but forecast was disappointing, dropped to $604 after hours but now bounced back to about $650.  

[Jim-from-Ohio]

I saw that.. it seems that INTU often drops even when they beat expectations. I look for it to build back up from here. NVIDA was down aftermarket yesterday but ended being up today