H&R Block Introduces Industry-First Artificial Intelligence Technology that Finds Americans Tax Refunds Missed with TurboTax®
26 Januar 2023 - 03:15PM
H&R Block (NYSE: HRB) announces the launch of new artificial
intelligence-powered technology that automatically searches
customers’ last year TurboTax return for additional refunds when
they switch and file a return this year using H&R Block’s
Online DIY product. In initial modeling, this industry-first
approach identified millions in additional refunds in last year’s
returns filed with TurboTax.
“Every year, we work to get Americans every dollar of their tax
refund that they deserve,” said Jeff Jones, H&R Block President
and Chief Executive Officer. “Now we’ve taken a proactive approach
with breakthrough technology to make sure they received every
dollar last year using the competition’s product, too. It’s a
game-changer that brings a new level of accuracy and confidence to
taxpayers with a simple upload of last year’s TurboTax return.”
Through machine learning models trained with millions of tax
returns, AI algorithms, and technology such as optical character
recognition, last year’s TurboTax return uploaded by a customer is
automatically scanned for additional refunds when they complete a
tax return this year using H&R Block’s Online DIY product. The
return is then flagged, and the customer is notified. Customers
only pay if they choose to file an amended return to claim the past
refund amount that was missed.
“Our new technology demonstrates the power and efficiencies
artificial intelligence can provide, but it also blends technology
with human expertise and care that only H&R Block has delivered
for decades,” said Karen Orosco, H&R Block’s President of
Global Consumer Tax and Service Delivery. “For most people, their
tax refund is their single largest financial transaction of the
year. They can’t afford to leave any money behind. Now with just a
quick upload of last year’s TurboTax return, customers will know if
there are additional refunds from their past return. And as the
possibility of a recession looms, that’s a major benefit of
switching to H&R Block’s Online DIY product this year.”
The new capability builds upon the company’s Second Look
product. For nearly 20 years, customers have been able to use the
Second Look service, allowing an H&R Block tax pro to conduct a
manual review of past returns. While Second Look continues to be
available to all H&R Block customers, the new AI-powered
technology brings an automated review to Online DIY customers that
is free of charge.
H&R Block’s new AI-powered technology is available
immediately to all customers who used TurboTax last year and switch
to Block’s Online DIY product in 2023.
About H&R Block
H&R Block, Inc. (NYSE: HRB) provides help and inspires
confidence in its clients and communities everywhere through global
tax preparation services, financial products,
and small business solutions. The company blends digital
innovation with human expertise and care as it helps people get the
best outcome at tax time and also be better with money using its
mobile banking app, Spruce. Through Block
Advisors and Wave, the company helps small-business
owners thrive with innovative products like Wave Money, a
mobile-first, small-business bank account and bookkeeping solution,
that manages bookkeeping automatically. For more information, visit
H&R Block News.
For Further Information
Media Relations: Angela Davied, (913) 302-0032, angela.davied@hrblock.com
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