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Liberty Tax Service is utilizing outside legal counsel among other resources following accusations of fraud by some chain franchisees in Maryland. CEO John Hewitt said in the company's recent earnings webcast that it is evaluating the compliance process in what he said was "inappropriate activity" on the part of a small number of offices.
This need to evaluate the compliance process stemmed from action by Maryland State Comptroller Peter Franchot in late January and early February to stop accepting returns from 23 Liberty offices in that state.
Hewitt said beside the review and cooperation with authorities, Liberty's action include preventing some franchisees from filing returns, blocking others from filing certain kinds of returns and terminating others.
However, he said it is likely that the worst of fraud industry-wise is over. Because of those attempting to fraudulently utilize the Earned Income Tax Credit "most of the fraud is early season versus late season."
He told analysts that except for the impact of negative publicity, most of the impact from the activity in Maryland has passed.
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
