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Block Returns Up 6.7 Percent

Bill Cobb, H&R BlockH&R Block says the number of returns its stores have prepared grew by 6.7 percent through February 15, over returns filed for the same period a year ago. That came as the industry trend of rapidly increasing online filing of income tax returns continued. While retail returns rose by 2.1 percent for the reported period, digital returns increased by 16.7 percent.

 

Digital returns include a 24 percent rise in online units. However, the company says part of the increase is due to last year when the Internal Revenue Service was unable to accept some filings before February 14. Block expects results to moderate during the rest of the month. CEO Bill Cobb said in a prepared statement that he believes the company can gain market share in retail and digital channels this season.

 

Similar results were reported by Intuit which said that sales of desktop versions of its TurboTax tax preparation software had fallen by 2 percent, but ales of TurboTax Web were up by 19 percent through February 18 when compared to the same period in 2011. The other two major tax store chains, Jackson Hewitt and Liberty Tax, have not reported totals for the tax season and the Internal Revenue Service has also not issued any numbers.

 


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