Most investors understand the key tenets of the recently passed Inflation Reduction Act. The legislation is beneficial for the renewable energy industry and the electric vehicle market. The bill also facilitates lower prescription-drug costs, while also expanding the IRS's capacity to enforce tax laws. Although it's been modestly criticized, most people can live with it, knowing many of its goals are ultimately for the best.

However, there is one group that may have quite a bit to complain about with the Inflation Reduction Act -- owners of H&R Block (NYSE: HRB) and Intuit (NASDAQ: INTU) stock. Although it's gone mostly unmentioned, the bill calls for -- and funds -- the exploration of an online federal tax-filing platform that has the potential to replace H&R Block and Intuit's for-pay tax-filing software. Both companies rely heavily on this business.

It's too soon to break out in a nervous sweat. The legislation only provides $15 million to the Internal Revenue Service (IRS) to study the idea and gives the IRS nine months to get back to Congress regarding what it finds. Then, being a government operation, it could take years to implement any actual changes in how consumers and corporations file their taxes.

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Source Fool.com