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Just for reference sake in this thread, TurboTax has around 40 million users each tax year. Around half of taxpayers use tools to file on their own. So they hav
by adventured 3y ago
Just for reference sake in this thread, TurboTax has around 40 million users each tax year. Around half of taxpayers use tools to file on their own. So they have around 1/4 of personal filings, and half the do-it-yourself market.
Most of Intuit's business is sheltered from the hit it will take when the IRS completes this system. They'll probably lose a couple billion in sales off the top (out of $13.6 billion the past four quarters).
You could probably take away 3/4 of their entire individual tax prep business and their overall business would still be larger than it was in 2020. I'll be interested to see if it pops the bubbly valuation the stock is carrying (~60 times earnings).