Elon Musk's Free Tax App Could Bankrupt 80% of Small Accounting Firms - Is Your Practice Next?
The Tax Industry's Nightmare: Tesla's Founder Takes Aim on Accounting Tech industry.
According to recent reports from Bloomberg and Reuters, Elon Musk's collaboration with the Department of Government Efficiency (DOGE) on a free tax preparation app has created significant market uncertainty in the financial services sector. The billionaire disruptor has a new target: the $11 billion tax preparation industry. TurboTax and H&R Block are already bleeding billions in market value – but they're just the beginning. Small accounting firms could be next on the chopping block.
Market Response and Initial Impact
- TurboTax maker Intuit CRASHED 5% in hours
- H&R Block PLUMMETED 8% - their worst nightmare since 2020
- Combined market capitalization loss exceeded $3.2 billion in 24 hours
Why Experts believe US Firms Are Panicking:
- Free Government Tax App Will:
- Kill basic tax return revenue
- Eliminate simple self-filing services
- Destroy small practice income streams
- The Big Players Are Already Wounded:
- TurboTax facing existential crisis
- H&R Block scrambling for survival
- Small US Accounting & Tax practices might facing extinction
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