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Block and Yodlee Working on Tax Application

block logoTax chain H&R Block has teamed up with Yodlee, which make application tools and financial management application, that would pull data from a variety of financial sources and automatically populate tax forms. The application is expected to be ready for a market test in April and to be available for the 2011 tax season.

Customers will be able to access the application through online banking sites. Taxpayers would be access to populate returns with data from such sources as 1099 forms, tax-deductible transactions and business expenses.

Beginning next tax season, consumers will be able to use data from their personal financial accounts, including 1099 forms, tax-deductible transactions, and business expenses, to populate information in their H&R Block tax return, allowing them to automatically identify money-saving deductions.

This week Block also launched its previously announced Best of Both Worlds tax preparation platform, which combines online and in-office features. Taxpayers can prepare returns on the Web and have them reviewed by Block tax professional. The Block employee will review the returns, correct if necessary, sign the returns and efile them. The service is priced at $99.95.

 

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