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H&R Block reported this week that the number of returns it had prepared through February 15 had risen by 2.5 percent with retail returns rising only a half a percent over the same period in 2011, Meanwhile, market's strong trend towards online preparation continued. Online returns rose by 28 percent while all digitally prepared returns, including those prepared via H&R Block's tax software, rose by 7.3 percent.
Still the pace places the company's growth far behind that reported for Liberty Tax which said its returns for the same period were up 14.2 percent. Rival Jackson Hewitt has yet to report early tax season results.
Still, CEO Alan Bennett said in prepared statement that Block gained clients, reversing losses in the last two years, and that the company gained market share in both the retail and online segments. These results offset declines in January and they came despite the fact that Block cannot provide refund anticipation loans, which are available at Liberty and Jackson Hewitt.
However, the issues that lead to delayed filings across the profession left the chain's preparation fees down by 7.5 percent since they disproportionately impact more complex returns.
Despite the delays in the acceptance of certain returns by the Internal Revenue Service, the season is approaching normal as filing has accelerated this month. Block said retail returns rose by 17 percent and online filing by 32 percent for February 1 through February 15.
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards. Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that. A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind
H&R Block
