Liberty Tax's Preliminary Tax Season Results Show Solid Sustainable Growth
Company Has Responded to Changing Industry Landscape
April 22, 2011 // Franchising.com // (Virginia Beach, VA) Liberty Tax Service has demonstrated the ability to respond to a plethora of industry challenges and regulations during its most recent tax season and reports solid growth in both tax returns and revenue for the just-completed tax season. 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 21stcentury, Liberty has grown by more tax returns than both Jackson Hewitt (NYSE:JTX) and H&R Block combined.
Liberty Tax Service prepared 11% more returns through April 19, 2011,compared to the same time period in 2010. System wide revenues increased 12%. 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.
In 2011, change proved to be another of life's certainties, and the major tax players were faced with challenges of offering tax settlement products after the IRS cancelled the direct deposit indicator. The IRS also began phasing in increased regulations of tax preparers and their credentials. With a tax preparer certification process in place since 2007, Liberty Tax Servicewas poised for stricter IRS standards for tax preparers.
"We have rolled with the punches during this tax season. Tax preparer certification benefits not only the consumer, but the credibility of the tax industry and our collaborative effort to fight fraud.Liberty's continued ability to offer customers the range of filing and tax settlement product options they expect has been another factor in our success this year," Liberty Tax Service Founder and CEO, John Hewitt, reflected. "In addition, our execution and preparation paid off."
Aggressive 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 3,800 throughout the U.S. and Canada today.
About Liberty Tax Service
Liberty Tax Serviceis 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 8,000,000 individual income tax returns. With 42 years of tax industry experience, Hewitt stands as the most experienced CEO in the tax preparation business, having also founded Jackson Hewitt Tax Service.
The Liberty Tax Service franchise opportunity is #1 in the tax franchise category of the 2011 Entrepreneur "Franchise 500". Liberty Tax Service is the only tax franchise on the Forbes "Top 20 Franchises to Start." Each officeprovides computerized income tax preparation, electronic filing, and online filing through eSmart Tax. Other services include audit assistance, a money back guarantee, and free tax return checking.