January 4, 2010
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Jackson Hewitt is the nation's second largest tax preparation firm and the company has announced it's filing for Chapter 11 bankruptcy protection.
Meanwhile, H&R Block, the largest tax preparer, reported a 6.1% increase in total tax returns prepared from last year.
The firm and lenders came to an agreement to restructure debt obligations to reduce debt.
It doesn't seem like Jackson Hewitt customers will see much of a negative effect from this announcement.
Businessweek just ran an article about why people buy stock in bankrupt companies. The answer is that you can purchase it at times for just pennies. Jackson Hewitt is definitely one to avoid, since it looks like stockholders are getting wiped out.
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A FatWallet thread is spreading news that TurboTax is currently offering free downloads of the popular tax preparation software only for Mac OS X systems.
It seems no one wants to pay taxes.
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