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