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CNN Live At Daybreak
IRS to Track Free File Users This Year
Aired January 09, 2004 - 06:18 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
CAROL COSTELLO, CNN ANCHOR: Time for a little 'Business Buzz' right now. It's almost tax time. You may think twice, though, before filing online this year.
Carrie Lee has more on the story from the Nasdaq market site.
What's up with this?
CARRIE LEE, CNN FINANCIAL NEWS CORRESPONDENT: Well, Carol, the IRS is planning to flag 2003 taxpayers who use its Free Electronic Filing program. Now the IRS launched its Free File program last year. This is its Free Electronic Tax Filing program. And it says it's going to flag these people, trying to simply seek routine information to try to improve upon and expand this program.
But some of the big companies that offer tax filing don't like this idea at all. For example, industry leader Intuit says it simply will not comply with an IRS directive to identify people by electronic code who use its tax -- TurboTax software. Also, TaxBrain says it's going to withdrawal from the IRS program. Now a couple of others, including H&R Block, say they are going to stick with the IRS Free File program.
The IRS spokesperson says he's really flabbergasted by this outcry here by privacy arguments.
I guess, Carol, people will have to decide for themselves whether they want to use this program and possibly have an electronic flag whether they feel comfortable with that idea or not.
COSTELLO: Quick look at the futures.
LEE: Things look a little bit weak this morning. We do have the big jobs report, the December unemployment rate coming out at 8:30 Eastern, so that's really going to set the trend for the trading session. Quite a nice day yesterday, though, the Nasdaq closing above the 2100 level for the first time in two-and-a-half years. The Dow, the S&P 500 also moving a bit higher.
Alcoa moving a bit to the upside last night. The first Dow component to report profits and they did beat the Street on the Wall Street expectation for Q4. So Alcoa a stock to watch today.
Carol, back to you.
COSTELLO: All right. Carrie, we'll get back to you in the next half hour. Thank you. TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
Aired January 9, 2004 - 06:18 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
CAROL COSTELLO, CNN ANCHOR: Time for a little 'Business Buzz' right now. It's almost tax time. You may think twice, though, before filing online this year.
Carrie Lee has more on the story from the Nasdaq market site.
What's up with this?
CARRIE LEE, CNN FINANCIAL NEWS CORRESPONDENT: Well, Carol, the IRS is planning to flag 2003 taxpayers who use its Free Electronic Filing program. Now the IRS launched its Free File program last year. This is its Free Electronic Tax Filing program. And it says it's going to flag these people, trying to simply seek routine information to try to improve upon and expand this program.
But some of the big companies that offer tax filing don't like this idea at all. For example, industry leader Intuit says it simply will not comply with an IRS directive to identify people by electronic code who use its tax -- TurboTax software. Also, TaxBrain says it's going to withdrawal from the IRS program. Now a couple of others, including H&R Block, say they are going to stick with the IRS Free File program.
The IRS spokesperson says he's really flabbergasted by this outcry here by privacy arguments.
I guess, Carol, people will have to decide for themselves whether they want to use this program and possibly have an electronic flag whether they feel comfortable with that idea or not.
COSTELLO: Quick look at the futures.
LEE: Things look a little bit weak this morning. We do have the big jobs report, the December unemployment rate coming out at 8:30 Eastern, so that's really going to set the trend for the trading session. Quite a nice day yesterday, though, the Nasdaq closing above the 2100 level for the first time in two-and-a-half years. The Dow, the S&P 500 also moving a bit higher.
Alcoa moving a bit to the upside last night. The first Dow component to report profits and they did beat the Street on the Wall Street expectation for Q4. So Alcoa a stock to watch today.
Carol, back to you.
COSTELLO: All right. Carrie, we'll get back to you in the next half hour. Thank you. TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
