The company said ExpressTax store operators prepared almost 100,000 tax returns during the 2011 tax season and generated $3 million in royalty fees for Block in fiscal 2011. Block acquired the operation in 2006.
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Block Drops ExpressTax
H&R Block says it is halting its ExpressTax brand, a service that helped people who filed their taxes early and wanted refunds quickly. The company said it would ask many of the franchisees who operate 269 ExpressTax offices to join its main tax store channel.
Block said it would record a pretax charge of 2 cents to 3 cents per share during its second quarter. In a prepared statement, CEO Bill Cobb said that service "was no longer a growth driver and therefore not a good fit for our company."
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