Tax season sales are down for tax preparation services
According to a Reuters News Release, H&R Block and Jackson Hewitt Tax Service sales dropped this tax season. The largest tax service, H&R Block Inc. (NYSE: HRB) based in Kansas City, MO, US with offices in the US, Canada, Australia, and the United Kingdom, reported a 5% drop in the number of tax returns filed for the 2009 tax year. The tax service giant and its chief competitor, Jackson Hewitt Tax Service (NYSE: JTX) located in Norfolk, VA, US continue to lose market shares to online software like Turbo Tax. Jackson Hewitt, with over 5,000 franchises in the US, was founded by John Hewitt, a former Block employee, in 1982. Turbo Tax is the tax preparation software product of Intuit Inc. (NASDAQ: INTU) headquartered in Mountain View, CA, US.