VIRGINIA BEACH, VA--(Marketwired - Nov 20, 2014) - Liberty Tax, Inc. (NASDAQ: TAX) -- President Obamas decision to ease rules on some undocumented immigrants and allow them to work legally in the United States will have a direct impact on tax collection, giving many the opportunity to file tax returns as a means of proving residence in the United States. Liberty Tax, Inc., the parent company of Liberty Tax Service and SiempreTax+, is uniquely positioned to assist this new population of taxpayers. For years, Liberty Tax Service has provided certification for its tax preparers serving largely Hispanic communities, including training directly related to services for foreign-born taxpayers. Earlier this month, Liberty launched SiempreTax+, a national tax preparation brand staffed by Spanish-speaking employees and focused on the needs of the Hispanic market. The presidents decision means that many more people may seek help with immigration paperwork and filing tax returns because proof that theyve been paying taxes is one of the principal ways they can demonstrate theyve been living and working in the U.S., said Liberty Founder and CEO John T. Hewitt. We are the one tax company that understands the needs of this market. Weve been in these communities for years, listening to customers and adding services to ensure that we deliver what they need. Undocumented immigrants contributed an estimated $10.6 billion in state and local taxes in 2010, according to a study by the Institute on Taxation and Economic Policy. The study suggests that figure that would increase by an estimated $2 billion per year should those same immigrants be allowed to work legally in the United States. As far as personal income taxes are concerned, the study forecasts that immigration reform will result in a substantial increase in tax payments. Liberty Tax Service has been nationally recognized for its service in the Hispanic community and its work with recently arrived immigrants. Libertys strategy is to offer many avenues to reach the fast-growing population and to create repeat customers by providing services that meet their unique needs. Along with tax preparation, Liberty Tax Service and SiempreTax+ assist non-citizens, at no charge, in applying for an Individual Taxpayer Identification Number (ITIN). The ITIN, and filing taxes each year, helps establish a record of residency in the United States, which we understand will be a requirement under the presidents executive order. In 2010, Liberty created Una Familia Sin Fronteras Foundation, an initiative focused on the needs of Hispanics nationwide. The foundation develops and supports educational opportunities for Hispanic immigrants. It offers courses and life skills workshops across the United States through more than 400 partnerships that include: the White House Initiative on Education Excellence, the U.S. Department of Education, school districts, churches, libraries, universities, ESL and GED programs, and IME (Institute of Mexicans in the Exterior) and other consulates serving Hispanics. About Liberty Tax, Inc. Founded in 1997 by CEO John T. Hewitt, Liberty Tax, Inc. is the parent company of Liberty Tax Service. Liberty Tax is one of the fastest-growing tax preparation franchises and has prepared almost 18 million individual income tax returns in more than 4,400 offices and online. Liberty Taxs 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 35,000 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. Forward Looking Statements In addition to historical information, this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including implied and express statements regarding future growth. These forward-looking statements, as well as Company guidance, are based upon the Companys current expectations and there can be no assurance that such expectations will prove to be correct. Because forward-looking statements involve risks and uncertainties and speak only as of the date on which they are made, the Companys actual results could differ materially from these statements. These risks and uncertainties relate to, among other things; uncertainties regarding the Companys ability to attract and retain clients; the effect of health care reform on tax preparation-related revenue; uncertainties regarding the Companys ability to meet its prepared returns targets; competitive factors; the Companys effective income tax rate; litigation defense expenses and costs of judgments or settlements; and changes in market, economic, political or regulatory conditions. Information concerning these risks and uncertainties is contained in the Companys annual report on Form 10-K and in other filings by the Company with the Securities and Exchange Commission. The Company does not undertake any duty to update any forward-looking statements, whether as a result of new information, future events, or otherwise.
Posted on: Wed, 26 Nov 2014 10:43:39 +0000
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