Jackson Hewitt - Wikipedia The Free Encyclopedia

Jackson Hewitt Tax Service Inc. ( OTC MARKETS Group : JHTX is ) is the second largest tax preparation service in the United States. See Also loans up 2,500 . Responsible for preparing the federal individual income tax has been the computerization of more than 220 million, and state and local, it returns each year. On the basis of Parsippany, New Jersey , the company is currently in 48 states and the District of Columbia, we have operated stores and 724 franchise-owned offices in more than 5802. Jackson Hewitt office quarter is located roughly in the K-Mart stores and Wal-Mart. See Also mangum cash advance . Jackson Hewitt has provided representation tax refund preparation training, financing expected, free electronic filing, tax, tax investigation. [1]

In January 1998, Cendant Corporation conglomerate, the consumer, I bought a Jackson Hewitt in a contract worth $ 4.8 billion. [2] In 2004, Jackson Hewitt Tax Service Inc. was spun off as a separate company. [3]

[ edit history] [ edit was established]

Jackson Hewitt was founded in 1982 the original of H & R Block employee John Hewitt . After working in industry tax preparation for 13 years, because he can be improved by the preparation process of the tax to use the computer has reached the conclusion, and the father in order to design a program of the interview process for clients that are streamlining their worked together. However, he was not able to sell it. As a result, Hewitt and his wife went into business for themselves. Two people, purchase a 6-location assembly of a dozen investors, Norfolk, Virginia-based National Tax Agency of Mel Jackson was named and re-Jackson Hewitt. [4]

The next few years in the company have added a handful of additional outlets, increased gradually. [5]

[ edit extension]

Started experimenting with tax year 1986, IRS was first computerized in the same year, Jackson Hewitt, began selling the franchise. See Also fast cash loan. [6] , there were 22 offices in the following tax season. See Also instant cash loans south africa fully automated. Then in October 1989 Montgomery Ward department store chain is to open an office in 169 stores nationwide, a contract with Jackson Hewitt. Ward rival Sears, has been host to H & R Block of stores per year. Unfortunately, the rapidly growing fast-growing company, so to avoid bankruptcy by entering the Jackson Hewitt tax during the season was closed 67 of these offices, became too much to handle. See Also loans with saving account only . However, the company has opened several locations in Montgomery Ward store, however, and even went back to profitability by the end of 1990.

Jackson Hewitt in 1992, was preparing to return for the taxpayer 311,000 per year had 515 offices in nearly 30 states. See Also loans with no credit check . It has become a chain of the second largest tax preparation in the United States. The company has raised funds for the expansion, the following year moved to new headquarters in Virginia Beach, Virginia . In 1993, the company has offices in 37 states and 900. Check out also cash advance payda . Was published in January 1994. However, a new stock has not been issued, the share of private investors in the company's 700 has been converted to public only. During the same year, Jackson Hewitt, was an agreement to set up an office in Sam's Club stores on a trial basis. Test is successful, Jackson Hewitt of the year, we began plans to establish an office of 18 later of Wal-Mart to lease the space to be used as a site of complex business tax preparation and e-mail service, shop a.

[ edit Cendant]

Jackson Hewitt in December 1997, has announced that it has been acquired by HFS Inc. for $ 4.8 billion. Prior to the sale is completed, HFS has changed its name merged with another company Cendant Corporation . Cendant is up to the chain, such as Century 21 and Coldwell Banker from Avis car rental Ramada and Days Inn, was owned by the number of franchise operation. Jackson Hewitt, open a new office total of 1,000, began to experiment with the location of the kiosks in shopping malls and office in the Century 21 real estate agency under the Cendant. Jackson Hewitt tax season of 1999 below, start to get a tax preparation office to transfer the headquarters of home-based Cendant in Parsippany, NJ, through independent franchisees of its largest tax services, and the United States. On the other hand, the National Tax Service Liberty founder John Hewitt, the chain has grown to become the third largest tax preparation in the United States

Was started by opening an office in Jackson Hewitt begins in 2001 of K-Mart store. Saw, such as the issuance of, also 2001, the launch of several new initiatives of MasterCard , as well as the creation of Premier Tax Service for a return - Complex - cash card account refund to customers easily accelerated You will have to ensure access. Jackson Hewitt location, some began to provide the location of the client as well as ATM, can cash a refund check their on-site. Acquisition of tax services are independent, more than 3,300 establishments that are owned by 600 franchisees, was continued throughout the year. [7]

The company had 2.2 million tax returns to process the year before the end of this year. Check out also instant short term loans.

[ edit heyday]

Jackson Hewitt, the tax preparation company was the second largest in the United States, Jackson Hewitt Tax Service Inc., the company, including its location in the K-Mart, through the office of more than 7,400 company-owned franchise , prepare tax returns for some 3.4 million low-and middle-income customers, retailers and shopping mall kiosks in Wal-Mart.

- Operation franchise that consists of office preparation of income tax return of company-owned revenue and other fees and royalties associated with the business its franchise, marketing, advertising revenue, of financial products: Jackson Hewitt, maintain a business segment of two was. Responsibility for preparing the 87% of the total number of tax returns prepared by its network - in 2008, Jackson Hewitt, we have maintained an office of 28 company-owned U. Check out also same day payout loans.S. market, franchise office in 5763. Jackson Hewitt, Inc. operates as a wholly owned subsidiary of Jackson-Hewitt. Office of company-owned business is being conducted through a wholly owned subsidiary of Jackson Hewitt Tax Service Inc. Tax Services of America , Ltd.

The company has partnered with, recent Magic Johnson Foundation, you can create a Community Empowerment Center to provide resources for financial education seminars and a comprehensive tax information Sacramento, Houston, Chicago, New Orleans, in Cleveland. To provide individual tax information and budget planning of the resources of the basic region is not free seminar. For example, each attendee is Jackson Hewitt Money Manager, you will receive free access to the tools of Web-based budget home users to support the creation and management of budget and detailed savings plan. Check out also make quick cash illegally . [8]

[ edit default]

The company is negotiating outside of the default of debt in May 2009, (has been released within a week of "default" a contract with the Obligee) in technical default for several days in May 2010. [9]

The same was announced that it has agreed to an extension of 20 days of credit obligations under the contract and a variety of Wachovia Bank / Wells Fargo & Co. on May 4, 2011. The company said at that point are considering a number of options including a bankruptcy petition that has been packaged. On Friday, May 20, 2011, the expiration date of the extension expired, the company had announced the expansion of the debt of another, or to apply for bankruptcy protection.

May 7, 2011 Jackson Hewitt are no longer traded on the New York Stock Exchange. Closing stock price was $ 0.19. Stock symbol is changed to JHTX from JTX on May 9, 2011, has been listed on another stock exchange. May 24, 2011 (Tuesday), Jackson Hewitt, has officially filed for bankruptcy. [10]

[ edit Products and Services] [ edit preparation of declaration]

Jackson Hewitt is proud to offer our customers service tax preparation and electronic filing. Of their tax software, by using the profiler, the company has been prepared for federal income tax has been computerized, and provides a state income tax preparation services, personal income tax.

[ edit financial products]

Jackson Hewitt is to maintain an agreement with various financial institutions Santa Barbara Bank & Trust in the division of the (SBB & T), Pacific Capital Bank, NA HSBC in order to provide a lot of financial products including loans expected to refund Financial Services, Inc. taxpayer (HSBC), to our customers. [11] In August 2010, Internal Revenue Service has announced its intention to cancel the debt to the author provides an indication of the tax return form. See Also loans using debit cards . [12] indicator debt is an important part of the offer of loan funds expected to refund, the lack of availability, is expected to reduce the level of its availability and increase the cost of such products to consumers that.

[ edit franchise sales]

The company supports more than 5,763 franchise locations throughout the United States. Check out also loans soon as possible . Start-up cost of $ 100,000 ranging from about $ 50,000 franchise. Jackson Hewitt, maintain the Web portal of the franchisee ... [13]

[ edit survey]

On April 3, 2007, the U.S. Department of Justice , announced today that it has filed a lawsuit enjoined the federal government five citizen corporation that is owned by Farrukh Sohail owned or partially to claims of tax fraud. According to the lawsuit 4 was filed in Chicago, Atlanta, Detroit, Raleigh, in federal court in North Carolina, companies, the Justice Department, on September 28, 2007 announced that it has reached a settlement with each defendants in this case of operating under the franchise agreement with the company Jackson Hewitt Tax Service. The owner of the majority of each business, Farrukh Sohail, are prohibited from preparing a tax return for five years, employees of Sohail said about 15 has been enjoined from preparation of tax returns permanently in accordance with the Settlement Agreement. Check out also ma payday loans . You will be required to pay a monetary penalty show that did not go with the consent of the senior management of the business of Mr. Sohail is also committed fraud or the establishment of his business Mr. Sohail also, under the settlement agreement.

According to the complaint, the defendants and other Sohail of Farrukh Atlanta, one obviously "created to promote the business environment," in the franchise of Jackson Hewitt. "Preparation of tax returns invalid has been brilliant and encouraging" claiming the tax deduction unreasonable amount of fuel for customers who do not have the right also. Using the project cost companies and was prepared on the return to claim a deduction of fake, according to court documents, in case of suspicion of fraud, the returns false claims for refund based on the W-2 form of false large-scale fraud related to credit and the federal government's claim, filed include the earned income tax credit .

Company is prepared with the claim that the suit is that each of the five companies owned partially or completely of Sohail Farrukh, to submit a federal income tax return more than 105,000 in 2006. At five company can tell, has operated retail tax preparation stores in more than 125 Jackson Hewitt Atlanta, Detroit, Raleigh Durham, North Carolina, area, in Chicago. Check out also payday loans without a bank account dallas tx.

One complaint, prepared tax returns that Jackson Hewitt has stated, Jackson Hewitt franchise customer he was a barber fuel tax deduction for the purchase of 25,000 gallons of gasoline for off-highway business use have cited. Complaints, if a customer has to cut the hair at any time, every day (2200 km) a day, 7 days a week, and had to have driven 1,370 miles in order to leave a little bit, to consume fuel only of this in the past year argue that.

Suit. Suit claims that part of the Jackson Hewitt franchise owners and employees ", in order to help customers fraudulent tax returns, and received a rebate from our customers even further is coupled to the U.S. Treasury on the basis of fabricated and false. "We required a court order loss is claimed more than $ 70 million, from preparation of the declaration, to prohibit the defendant and other franchise on behalf of others, serious preparation of tax returns for federal income and "is against the law, the United States Assistant Attorney General Eileen O'Connor said in a statement.

After the investigation of tax fraud have appeared in more limited than initially feared, on April 4, 2007, the status of Jackson Hewitt, was repulsed [14]

On April 5, 2007, Jackson Hewitt Tax Services, has announced that it has hired Fred Goldberg , yuan to Commissioner to investigate the allegations of large-scale federal government of tax evasion. Check out also loans in the hour . "We have to investigate the specific allegations against any of the franchisee, this internal review was started," President and Chief Executive Officer Michael Lister, of Jackson Hewitt Tax Service (CEO) has said in a statement that. [15] of the internal probe, Skadden law firm have been carried out Fred Goldberg, by partners, Arp, Slate, Meagher & Flom in. Mr. Goldberg was IRS Commissioner from 1989 to 1992. He also was chief counsel of the Assistant Secretary of the Treasury for tax policy and the IRS.

Administrators [it] has been described in the employee that the (outlet) will lose business if customers were found to be fraudulent information provided by the [away frequently suspected. "In place of one of Jackson Hewitt, coated paper indicates that the quote of the United States today." . Administrator, therefore, directed employees not to turn away such customers questions and to prepare their tax returns, the applicant does not submit. " [16] they are now if you have direct knowledge of that, the rules of the IRS, tax return preparation to prevent the author from tax return tax, the tax is illegal. See Also loans off of car loan . from tax returns to prepare the return is simply believe that there is a possibility of fraud should not interfere with the author.

In June 2007, the federal government, Jackson Hewitt, which expanded its probe of whether the monkey was submitted a fraudulent advertising in order to obtain a refund large customers, the company, Jackson that an unspecified number of its franchise and company-owned stores and Hewitt is now being investigated by the IRS found in its SEC filing to regulatory authorities. [17]

September 6, 2007 Jackson Hewitt said, that the internal review, and found evidence that its employees knew the scheme has led to the U.S. Department of Defense of judicial litigation. . "Could not find evidence of knowledge of the tax return preparation activities or an illegal infringement, to participate in a company's employees ...": Fred Goldberg internal review committee led by former Internal Revenue Service [ 18]

[ edit Resources]
  1. ^ http://finance.aol.com/quotes/jackson-hewitt-tax-services-inc/jtx/nys
  2. ^ (November 20, 1997) Gilpin, Kenneth N.. "HFS purchase tax preparer $ 480 million, or a Jackson Hewitt", New York
  3. ^ http://www.jacksonhewitt.com/secondary.aspx?id=10294
  4. ^ Http://Hamptonroads.Com/2009/04/return-taxmaster
  5. ^ http://en.wikipedia.org/w/index.php?title=Jackson_Hewitt&action=submit # Cite_note-1
  6. ^ http://www.entrepreneur.com/franchises/jacksonhewitttaxservice/282470-0.html
  7. ^ http://www.answers.com/topic/jackson-hewitt-tax-service-inc
  8. ^ "Jackson Hewitt Tax Service (R), support the financial and Magic Johnson Foundation" . Reuters. February 19, 2009. http://www.reuters.com/article/pressRelease/idUS206621+19-Feb-2009+PRN20090219 .
  9. ^ 20
  10. ^ "Good riddance, Jackson Hewitt" . Crain's New York Business. May 24, 2011. http://mycrains.crainsnewyork.com/in_the_markets/2011/05/good-riddance-jackson-hewitt.php .
  11. ^ "Company Search" . Reuters. http://www.reuters.com/finance/stocks/companyProfile?symbol=JTX.N&rpc=66 .
  12. ^ up to 89 from IR-2010, August 5, 2010
  13. ^ http://www.franchise.org/Jackson_Hewitt_Tax_Service_franchise.aspx
  14. ^ "Jackson Hewitt rebound" . Forbes. April 4, 2007. http://www.forbes.com/2007/04/04/taxes-jackson-hewitt-markets-equity-cx_af_0404markets18.html .
  15. ^ Jackson Hewitt - Press Releases
  16. ^ (April 4, 2007) Johnson, Kevin. "Fed, say the tax author, and claimed a deduction of $ 70M in fake" . See Also no bank verification payday loans ontario. The United States today. schemes_N.htm fraud - http://www.usatoday.com/money/perfi/taxes/2007-04-03-tax .
  17. ^ (June 5, 2007) Johnson, Linda A.. "Jackson Hewitt, says the federal government's probe and spread" . See Also loans instant approval . Of the United States today. http://www.usatoday.com/money/economy/2007-06-05-4198962175_x.htm .
  18. ^ "UPDATE 2 - Jackson Hewitt was unable to detect the fraud is not in fraud probe" . Reuters. September 6, 2007. http://www.reuters.com/article/governmentFilingsNews/idUSBNG13044720070906 .
[ edit external link]

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