Fines and legal costs took a bite out of Gilman Ciocia's cash during the year ended July 31. However, the financial planning and tax preparation firm was successful in getting proposed fines substantially reduced in Florida, where it has faced ongoing legal issues regarding variable annuities sold a few years ago. Meanwhile, the company was able to sharply cut its losses for fiscal 2012, although revenue dropped slightly. Read more...

H&R Bock, which last month said it would slash its presence in Sears, has decided to sever the relationship completely. In a end-of-the month filing with the SEC, the Kansas City, Mo.-based tax services chain made a brief, but clear statement about the end of Block locations within Sears stores. That came as rival, Jackson Hewitt, announced a new agreement with the retail company.

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With last year's pay pumped up by an opitions grant of $712,500, John Hewitt, CEO of Liberty Tax parent JTH Holdings, saw his pay for the year ended April 3. His compensation dropped to $619, 791 for the most recently ended year from $1.3 million a year ago. The drop stemmed from the fact that Hewitt received no options grant in fiscal 2012. Read more...