Liberty Tax’s Preliminary Tax Season Results Show a Competitive Industry Edge
Company Has Met Challenges of Increased Regulation in Several Areas
VIRGINIA BEACH, Va.--(BUSINESS WIRE)--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 combined.
Liberty 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.
In 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:
“Each 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.
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 4,200 offices throughout the U.S. and Canada today.
About Liberty Tax Service
Liberty Tax 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.”
Liberty Tax Service
Chief Marketing Officer
800-790-3863 ext. 8022