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Timothy Geithner Gives H&R Block a Boost

Photo/C-Span Video & Intuit's TurboTax

H&R Block received an inadvertent boost during Wednesday's Senate confirmation hearings to appoint Treasury Secretary wannabee Tim Geithner. The future boss of the IRS said he messed up on paying his taxes from 2001 through 2004 because he misunderstood the tax rules.

Chuck Grassley (R-Iowa): Did you use tax software to prepare your taxes?

Geithner: "Yes, I did."

Grassley: "Which brand of tax software?"

Geithner: "I will answer that, but I want to say I take full responsibility. But I used TurboTax to prepare my returns."

Winner alert! H&R Block's TaxCut. Coincidentally, the next day, Thursday, TurboTax reported its retail market share falling 4 points while H&R Block's gained 4 points.

Realizing the gaff, Intuit, the maker of TurboTax, challenged Geithner's tax software skills and cast a shadow over the faux pas.

"TurboTax also has built-in error-checking tools that routinely catch common taxpayer mistakes. Federal law and our own privacy policy prohibit us from discussing specifics of any customer’s return.”

No comment at all from the accounting franchise chain H&R Block though. They just let shareholders do the talking.

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About Craig Hsueh

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After years of corporate life, I bit the bullet and bought a franchise, where I now happily live by hand to mouth week by week as my own boss and president of the company. Love it.

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