TaxMasters, Inc. (OTC BB: TAXS.OB) 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.
TAXS recently filed a Current Report on Form 8-K to announce that Patrick Cox, its founder, CEO and majority shareholder, voluntarily entered into a Financial Reorganization Agreement in which Mr. Cox deposited 200 million shares of his TaxMasters, Inc. common stock with TaxMasters, Inc. transfer agent, Olde Monmouth Stock Transfer Co., Inc. These shares will be held in escrow by Olde Monmouth for a five year period ending June 30, 2015. During that time, Mr. Cox has waived his right to vote the escrowed shares and he has also waived his right to receive any dividends or other distributions by TaxMasters, Inc. with respect to the escrowed shares. As a result of Mr. Cox’s voluntary escrow of shares, there are now 139,676,105 shares of common stock that can be voted or can receive dividends or other distributions. The 139,676,105 shares will also be the number of shares used to calculate earnings per share for TaxMasters, Inc. financial statements.
After each fiscal year during the five years that Mr. Cox’s shares are being held in escrow, Mr. Cox may claw back a portion of the escrowed shares based on a formula linked to the financial performance of TAXS. Any shares Mr. Cox does not claw back prior to June 30, 2015 will be turned over to the Company for cancellation.
As a result of the Financial Reorganization Agreement, shareholders will have an increased voting power in their stock. For example, a shareholder owning 1,000,000 shares of TaxMasters common stock will have an increase of the voting power of such stock from 0.3% of the voting power to 0.7% of the voting power.
TAXS 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.
For more information about this company please visit http://www.txmstr.com
H&R Block, Inc. (NYSE: HRB) is one of the world’s largest tax services providers, having prepared more than 550 million tax returns worldwide since 1955.
HRB 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 HRB Board of Directors has recently appointed Alan M. Bennett to be its President and Chief Executive Officer.
For more information about this company please visit http://www.hrblock.com/
Jackson Hewitt Tax Service Inc. (NYSE: JTX) with more than 6,000 franchised and company-owned offices throughout the United States, is an industry leader providing full service individual federal and state income tax return preparation.
JTX recently shared tips for taxpayers living in areas prone to severe weather – to help them understand what steps to take should disaster strike and they need to claim losses.
JTX outlined three things taxpayers should do now to be well prepared in advance of a possible disaster:
* Take a Home Inventory: Walk through each room in the home and write down a description, cost and fair market value of all items so that you have a record of what you own. Don’t forget clothing, furniture, linens, appliances and jewelry as well as outdoor items – all of which are listed on the Jackson Hewitt Household Inventory List online.
* Understand How a “Casualty”
* Know How to Document Losses: To claim a casualty loss, taxpayers must prove to the IRS that they owned the property or are contractually responsible to the owner for any damage to the property, and that there was an event that directly caused the loss. “As a general rule, keep any documentation that validates property ownership or the fair market value of the property. But keep these off-site in another location, such as with a family member or in a safe deposit box so that they remain protected if your property is damaged or destroyed,” advised Steber.
For more information about this company please visit http://www.jacksonhewitt.com
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