A new initiative by the Department of Government Efficiency (DOGE), led by entrepreneurs Elon Musk and Vivek Ramaswamy, aims to develop a mobile app allowing Americans to file their taxes for free directly with the IRS.

H&R Block's CEO and President Jeff Jones shares insights about this potential development on Market Domination. He points out that H&R Block already offers a free tax app which processed 3.5 million tax returns in 2023, covering both federal and state filings.

Jones emphasizes that the tax services market already includes approximately 30 players offering free tax filing options. More critically, he argues that what Americans truly need is not another free tax app, but a more effective Internal Revenue Service.

"What the American consumer needs the most.... is a high-functioning IRS," Jones states, adding that the agency should focus on improving core services, such as answering phone calls promptly, resolving taxpayer conflicts efficiently, and helping Americans track their tax refunds.

Jones highlighted the IRS's unique position, noting that it interacts with Americans more frequently than most other government agencies. However, he believes the agency currently "struggles to do their core job."

To watch more expert insights and analysis on the latest market action, check out more Market Domination here.

This post was written by Angel Smith