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Liberty Tax Service Applauds President Trump’s Budget Plan to Regulate Tax Preparers

Company has its own preparer certification process; believes rules would level playing field

VIRGINIA BEACH, Va., May 31, 2017 (GLOBE NEWSWIRE) -- Liberty Tax, Inc. (NASDAQ:TAX)

Liberty Tax, Inc., an industry leader in tax preparation, supports the proposal for tax preparer regulation, which has been included in President Trump’s budget plan. Such a move would help level the playing field and weed out “fly-by-night” operators who cheat taxpayers. Liberty Tax took a proactive approach years ago when the Company developed and implemented its own tax preparer certification process.

“We have always advocated tax preparer regulation and certification as a way to rid the industry of scurrilous preparers who are less than competent. They cheat taxpayers by providing bad information and submitting tax returns that are fraught with errors,” said John T. Hewitt, CEO and Founder of Liberty Tax. “Our goal at Liberty Tax has always been to provide professional tax preparation and excellent customer service. Our certification process for tax preparers is one notable way in which we accomplish that goal.”

In its Analytical Perspectives, the Office of Management and Budget calls for increased oversight of paid tax return preparers. It notes that, “incompetent and dishonest tax return preparers increase collection costs, reduce revenues, disadvantage taxpayers by potentially subjecting them to penalties and interest as a result of incorrect returns, and undermine confidence in the tax system.” It suggests that by allowing the Secretary of the Treasury to regulate paid tax return preparers, the government will “promote high quality services from paid tax return preparers.”

Liberty Tax added a tax preparer certification process about a decade ago to the Company’s high quality services. The goal then was to have every tax return prepared by a certified tax preparer. Liberty Tax has met that goal and each year the Company works to improve training for entry-level tax preparers and those who are more seasoned. The Company offers basic and advanced courses online and in a classroom setting each year.

In the fall, Liberty Tax Service and SiempreTax+ franchisees across the country host 10-week tuition-free tax courses* that provide taxpayers an opportunity learn the ins and outs of the tax code and how to professionally prepare tax returns. Individuals who complete the course learn a marketable skill and can put that skill to work as tax preparers.

Liberty Tax knows how important high-quality tax preparation services are for American consumers. Liberty Tax provides such services in a comfortable environment that consumers can trust.

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. Last year Liberty Tax prepared over two million individual income tax returns in more than 4,000 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 to many charitable causes. For a more in-depth look, visit Liberty Tax Service and interact with Liberty Tax on Twitter and Facebook

* Enrollment in, or completion of, the Liberty Tax Course is neither an offer nor a guarantee of employment, except as may be required by the state. Additional qualifications may be required. Enrollment restrictions apply. State restrictions may apply and additional training may be required. Valid at participating locations only. Void where prohibited. Liberty is an equal opportunity employer.
Many locations offer tax courses free of charge, with a small fee for books and supplies. 
CA: Liberty Tax Service has been approved by the California Tax Education Council to offer Liberty Tax School (CTEC Course #2097-QE-0001), which fulfills the 60-hour “qualifying education” requirement imposed by the State of California to become a tax preparer. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA 95812-2890, toll-free by phone at (877) 850-2883, or on the Internet at www.ctec.org. MD and NY: Additional instruction and requirements are necessary to prepare an individual for employment as a Registered Tax Return Preparer. OR: Licensed by Oregon Higher Education Coordinating Commission (OAR) 715-045-0033(6). Students must pass the Tax Preparer examination given by Oregon Board of Tax Practitioners before preparing tax returns for others. TN: Students will be offered employment per satisfactory completion. AR: Licensed by SBPCE.

MEDIA CONTACT:
Martha O’Gorman
Chief Marketing Officer
Liberty Tax Service
(888) 848-5344
martha@libtax.com

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