VIRGINIA BEACH, VA -- (Marketwired) -- 01/05/17 --
Liberty Tax, Inc. (NASDAQ: TAX)
Liberty Tax Service, a leading tax preparation franchise, opens the new tax season with an expected 30,000 seasonal hires across the U.S. ready to assist taxpayers who are projected to file more than 153 million individual income tax returns. Liberty Tax Service will be ready with much-needed options for eligible taxpayers affected by the federally-mandated refund delay that will make its debut this tax season.
Liberty Tax Service offices have hired and trained employees who will work as tax preparers, local office managers and marketers. Several will serve as our iconic Lady Liberty Wavers who signal to many Americans that tax season is officially underway.
The company, along with the rest of the tax preparation industry, anticipates disappointment and frustration from taxpayers who will learn when they visit their local tax office that -- by law -- their federal income tax refund will be delayed because they receive either the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC).
"The refund is the biggest single income event in many households each year, and any delay can cause major disruption," said Liberty Tax CEO John T. Hewitt. "We recognize the difficulty this will cause for many of our customers, and we have responded with a cost-free solution."
Liberty Tax is working with Republic Bank & Trust Company, member FDIC, to offer an Easy Advance* loan of up to $1,300 to eligible taxpayers at participating Liberty Tax Service locations. There are no fees or interest associated with the loan, which is secured by the tax refund. Proceeds typically will be available within 24 hours of IRS acceptance of the tax return or within 24 hours of filing for those who file before the IRS start date.
In November, Liberty Tax commissioned a SurveyMonkey poll** of more than 1,000 taxpayers, more than 600 of whom received a refund on their 2015 taxes. The survey found that nearly 30 percent of the tax refund recipients had received their 2015 refund on or before February 15. Of that number 43 percent said they had used some of their refund to pay bills; nearly 20 percent paid down debt, and almost 21 percent bought groceries. Close to 40 percent said they put some of the money into savings.
Liberty Tax Service offices work hard to find solutions for customers and to get them the largest possible refund to which they are entitled. Liberty Tax Service offices provide a warm, family friendly environment where taxpayers receive professional tax preparation service.
About Liberty Tax, Inc.
Founded in 1997 by CEO John T. Hewitt, Liberty Tax, Inc. (NASDAQ: TAX) is the parent company of Liberty Tax Service. Liberty Tax is one of the fastest-growing tax preparation franchises. Last year Liberty Tax prepared over two million individual income tax returns in more than 4,400 offices and online. Liberty Tax's online services are available through eSmart Tax, Liberty Online and DIY Tax, and are all backed by the tax professionals at Liberty Tax locations and its nationwide network of approximately 22,000 seasonal tax preparers. Liberty Tax also supports local communities with fundraising endeavors and contributes as a national sponsor for many charitable causes. For a more in-depth look, visit Liberty Tax Service and interact with Liberty Tax on Twitter and Facebook.
* An Easy Advance (EA) is a loan secured by your tax refund and is offered by Republic Bank & Trust Company, member FDIC, to eligible taxpayers. There are no fees or interest associated with the EA. Loan amount options are determined by your expected tax refund less authorized fees. Subject to underwriting and approval. EA proceeds are typically available within 24 hours of IRS acceptance of tax return (or within 24 hours of filing for those filing before the IRS start date), however, if direct deposit is selected it may take additional time for your financial institution to post the funds to your account. Visit your Liberty office to learn about the cost and timing of all filing and product options. Valid at participating locations. Valid Jan. 3-Feb. 28, 2017.
**Liberty Tax poll, Nov. 2016. The data for this survey was collected using SurveyMonkey Audience and respondent recruitment information is available here: www.surveymonkey.com/mp/audience. SurveyMonkey is not associated with, nor does it endorse or sponsor the content included in this poll.
Chief Marketing Officer
Liberty Tax Service
Source: Liberty Tax Inc.