H&R Block and Intuit drop on a report that Elon Musk's DOGE may develop a new tax-filing app

H&R Block and Intuit shares dropped on Tuesday after the Washington Post reported that President-elect Donald Trump's Department of Government Efficiency, which is run by billionaires Elon Musk and Vivek Ramaswamy, is looking at developing a free app for people to file their taxes.

The publication cited two people, who spoke on the condition of anonymity, in reporting that the leaders of the incoming administration's DOGE discussed the idea of crafting a mobile app to file income tax returns with the Internal Revenue Service. 

H&R Block shares tumbled 8.2%, while Intuit shed 5.1% on Tuesday. As the dominant players in tax preparation, H&R Block and Intuit, the maker of TurboTax, generate billions in revenue annually by offering online and in-person services.