April 20, 2012
|CONTACT: Martha O’Gorman
Chief Marketing Officer
(800) 790-3863 ext. 8022
Liberty Tax’s Preliminary Tax Season Results Show a Competitive Industry Edge
Company Has Met Challenges of Increased Regulation in Several Areas
Beach, VA) Liberty Tax Service continued its growth in key
areas during the just-completed tax season, and successfully addressed major industry
changes in its operations. Throughout this decade, Liberty Tax Service has
demonstrated significant gains in an industry formerly dominated by tax giant
H&R Block (NYSE:HRB) and, during the 21st century, Liberty has
grown by more tax returns than both Jackson Hewitt (JHTXQ.PK) and H&R Block
Tax Service prepared 7.9% more returns through April 18, 2012, compared to the
same time period in 2011. Systemwide revenues increased 4.7% over the same
periods. In 2012, significant IRS delays
in return processing posed customer service challenges for the tax preparation
industry. The reduced importance of refund anticipation loans and ability to
offer financial products also were issues for the major tax players. However, the
Company continued to offer competitive choices, allowing its growing customer
base to choose between professional services in brick-and-mortar locations, and
do-it-yourself online tax preparation with its eSmart Tax product at www.esmarttax.com.
addition, this year the IRS officially started its tax preparer oversight
programs, and a further requirement that preparers pass a competency
test is on the horizon. As noted by Liberty Tax Service Founder
and CEO, John Hewitt, Liberty has been well-prepared for these changes:
tax season is unique for its challenges.
Our company’s success in triumphing over adversity in some tough years
demonstrates our ability to continue to climb to the pinnacle of this industry.
With an internal tax preparer
certification process in place for 5 years, we are embracing the IRS
requirements and applaud the positive effect these changes are having. Our
ability to strategize, prepare and respond quickly is a true to the ability of
our entire Liberty team,” Hewitt reflected.
marketing coupled with a strong commitment to customer service have been key
factors in building a successful brand in fourteen years. Since 1997, the
Company has grown from 119 offices located in Canada, to over 4,200 offices throughout
the U.S. and Canada today.
About Liberty Tax Service
Service is the
fastest-growing retail tax preparation company in the industry’s history.
Founded in 1997 by CEO John T. Hewitt, a pioneer in the tax industry, Liberty
Tax Service has prepared over 10,000,000 individual income tax returns. With 43
years of tax industry experience, Hewitt stands as the most experienced CEO in
the tax preparation business, having also founded Jackson Hewitt Tax Service.
Liberty Tax Service is the only tax franchise on the
recently released Forbes “Top 20 Franchises for the Buck.”