H&R Block Chief reveals company’s stance on cryptocurrency
- Jeff Jones noted that H&R Block’s market share growth in 2021 has been the largest in ten years.
- Small businesses are responding to the changing digital landscape, which was helped by the pandemic.
- H&R Block is not yet into the business of crypto taxation, but the company may engage more crypto users soon.
Chief Executive Officer of H&R Block Jeff Jones recently discussed on CNBC, where he admitted that the company had grown in market share despite the COVID-19 pandemic. He also talked about taxes and how the company is responding to the cryptocurrency market.
Jones said 2021 was the taxation season of growth.“We achieved our largest market share gains in over a decade,” he reiterated, adding that the Do-it-Yourself (DIY) revenue was equally the largest.
Largest market share in ten years
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Jones said the company is in line to transform the business, and there has been good progress towards that line. Small businesses and consumers are responding to the changing digital landscape, which was ironically helped by the COVID-19 pandemic.
Jones said the company made huge strides in the first year of its Block Horizon strategy. He added that the firm is well-placed for long-term growth.
Jones also noted that the company’s market share growth was the largest it has been for ten years, with consumers embracing digital tools more than ever.
The consumers had so many uncertainties, including unemployment, stimulus payments, and so many other issues the consumer needed help with. Jones said they turned to H&R Block to get such help, which has enabled the company to surpass its growth forecast.
Stance on cryptocurrency in taxation
Jones was asked about his company’s take on cryptocurrencies and how taxation can be effective on realized gains from the market. He said crypto is an interesting thing for its business. However, he says the company is wary of engaging deeply with consumers in that aspect because it’s not properly regulated yet. He added that presently it’s not an area where the company engages with consumers much. But ultimately the company could help customers in crypto taxation in the future as regulation improves.