Ex-H&R Block CEO quits board, blasts strategy: HRB, TAXS, & RODM

July 16, 2010 - PRLog -- Recent News: Ex-H&R Block CEO quits board, blasts strategy

H&R Block, Inc.  recently reported consolidated net income for the fiscal year ended April 30, 2010 of $479.2 million, or $1.43 per share(1), down 1.3 percent from the prior year period of $485.7 million, or $1.45 per share. Net income from continuing operations fell 4.7 percent to $488.9 million, or $1.46 per share, compared to income of $513.1 million, or $1.53 per share in the prior year period. Total revenues declined 5.1 percent to $3.9 billion.

Tax preparer H&R Block Inc. reported that its general counsel, Brian Woram, will leave the company effective Friday for what it called “a new leadership opportunity.”

For More Information Visit: http://www.hrblock.com

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TAXS, TaxMasters (OTC BB:TAXS)

Last Price: $0.61

Latest News

TaxMasters, Inc. is an IRS tax relief company committed to to helping clients with encounters with debt and tax problems. TAXS has made strong progress this year as the company continues to grow revenue and net income, as well as corresponding shareholder value.

The largest growth driver for TaxMasters has been the increasing number of taxpayers who have issues dealing with the IRS and who are out of tax compliance. The recession and rising unemployment has increased the number of at-risk Americans, those who are most likely to have the severe financial difficulty that causes problems meeting IRS obligations.

Total operating expenses for the first quarter of 2010 were approximately $9.9 million, an increase of 62.9% compared to $6.1 million for the same period in 2009. For the first quarter of 2010, the company reported net income from operations of approximately $1.5 million, an increase of approximately 20% compared to approximately $1.2 million for the same period in 2009.

Our sources are reporting that Treasury inspectors have recently lambasted IRS agents for not effectively finding all the unpaid taxes of sole proprietors. The Treasury inspectors completed a study of correspondence examinations on 2007 tax returns only to find that IRS examiners missed more than $16 million in unpaid taxes on sole proprietors in their limited sample.

It seems the failures lie in the correspondence examination process.

In a face-to-face audits, the IRS process typically uncovers unfiled tax returns and unreported income. But with correspondence examinations, auditors failed to uncover these basic facts. As logic dictates, adding new steps to an already slow correspondence examination process will not speed up revenue collection for the IRS in a time when the tax gap continues to grow and the Treasury faces incredible pressure to generate additional revenue.

TaxMasters, Inc. the IRS tax relief company, is the first publicly traded tax resolution firm in the United States. Started by Patrick R. Cox in 2001, TaxMasters offers services and counsel to taxpayers across the country facing seemingly insurmountable tax problems, and relief from substantial federal tax debt. Employing over 300 people, TaxMasters leverages the expertise of ex-IRS agents, enrolled agents, attorneys, CPAs, and seasoned tax consultants ready to counsel and assist every day people with their specific tax issues.



www.txmstr.com/

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RODM, Rodman & Renshaw Capital Group, Inc.

Recent News: Rodman & Renshaw Once Again Ranked #1 Investment Bank in PIPE Market by Deal Volume

RODM through its principal subsidiary, Rodman & Renshaw, LLC, provides investment banking services to public and private companies operating in the life science/healthcare, energy, metals/mining, financial services, and cleantech sectors in the United States and China.

RODM reported that its broker-dealer subsidiary, Rodman & Renshaw, LLC maintained its leading position in PIPE transaction deal volume during the first half of 2010, gaining the top position in PlacementTracker’s PIPE Market League Tables, published by Sagient Research Systems. During the first half of 2010 Rodman completed 44 transactions raising a total of $596 million. Rodman was also the number one ranked PIPE advisor by deal volume for all of 2009, 2008, 2007, 2006 and 2005.

More about RODM at www.rodm.com.

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