Intuit is leaving the IRS Free File program after 20 years because of “limitations of the Free File program and conflicting demands for those outside the program,” the company announced in a Thursday (July 15) blog post.
The Intuit announcement noted that more than 90 percent of U.S. taxpayers file their taxes electronically today and free tax preparation is available to all American taxpayers “through a combination of commercial, philanthropic, and IRS sponsored methods.”
Intuit’s withdrawal from Free File at the end of the tax season in October “will allow us to focus on further innovating in ways not allowable under the current Free File guidelines and to better serve the complete financial health of all Americans through all of our products and services, in tax preparation and beyond,” the company said in its announcement.
“Without the limitations of the Free File program, Intuit can provide more financial benefits and empower Americans of all income levels to take control of their finances at a time they need it most,” according to the Intuit announcement.
This includes better data collection and delivery, access to tax and finance experts, using artificial intelligence to help customers, depositing tax refunds into high-yield accounts for customers and extending free refund advances.
“Focusing on innovative technologies will enable us to help our customers and all Americans manage their finances themselves, beyond the tax return, so they can increase savings, increase income, pay down debt, and have faster access to their money,” per the announcement.
Earlier this year, Intuit released a new card reader product from QuickBooks designed to help small and medium-sized businesses (SMBs) get paid faster.
QuickBooks Card Reader allows SMB owners speed up in-person sales and get paid on the go. Their transactions can be automatically reconciled in QuickBooks, according to a company press release.
The new compact, contactless chip card reader can communicate the status of the reader and payments in process, showing a visual display and tipping, the release said.
Other features include an LED display that guides customers through a payment process, smart tipping functionality and connectivity and battery level indicators.