H&R Block Inc. (HRB) fell 16 percent in extended trading after the tax preparer announced preliminary profit and revenue that trailed analysts’ estimates, and said it would cut about 350 jobs and close offices.
...[HRB CEO] Cobb, 55, had increased spending on marketing and offered free services to recapture market share from competitors including TurboTax maker Intuit Inc. (INTU) H&R Block, the biggest U.S. tax preparer, also has grappled with the loss of revenue from refund-anticipation loans for the second year after U.S. regulators prompted HSBC Holdings Plc to stop offering them.
Most of the people that used HRB dont know how to do there taxes. Can you tell me why INTU would benefit from people that dont know how to do there taxes? I cant see them spending money and taking a risk when the really need there tax return back asap and dont know what they are doing. With this tax code, does anybody? Thanks