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I am wondering how did you know that?
What is your opinion about the trading trend of JHTXQ in the coming
weeks? Are those 6500+ offices belong to JHTXQ's asset?
JHTXQ is up 3% today! The MV $0.88M is ridiculous low as the USA Tax Service industry leader No.2!
The "corporation" public stock part of this company is the only thing Bankrupt. There are over 6500 offices located throughout the US that are owned and operated by independent franchisees.
How did GM keep designing, manufacturing and selling it's cars and trucks worldwide while it was bankrupt?????? Oh that's right. The car dealerships aren't owned by GM.
Exact same concept here.
As a matter of fact...Jackson-Hewitt being a publically traded company IN NO WAY helped or added any value for the franchisees of the company. It needs to go back private and focus on market share by doing what it does best...preparing and filing individual tax returns. Not being a publically owned company running up stupid, unnecessary debt to make some corporate overhead executive look cool.
DD22
JHTXQ is up 10% so far! The MV (less than $1M) is really ridiculous!
Up 14.5% so far! It is trading above the 20-Day MAL now and only .08
is the resistance to move north!
Because the company just needs reorganized, not winding down the tax
preparing business! Which shows the business will expand, not shrink
Why would a bankrupt company....
...be hosting a JOB FAIR???
www.seacoastonline.com/apps/pbcs.dll/article?AID=/20110715/BIZ/107150398/-1/NEWSMAP
Hmmmmmm....
I repeat.HMMMMMMMMM........
Someone should call that number.
Looks like those call options may not be worthless,after all.....
IRS Targets 100,000 Tax Professionals For Noncompliance
Jul. 13 2011 - 10:10 am
comments By KELLY PHILLIPS ERB
IRS 1040 Tax Form Being Filled Out
Image by kenteegardin via Flickr
About 1 out of every 8 of the nation’s professional tax return preparers failed to comply with new regulations for 2011, according to information released by the IRS.
The IRS has announced that approximately 100,000 paid preparers prepared federal tax returns in 2011 without being properly registered. About 712,2000 paid preparers did register properly with the IRS and obtain a new Preparer Tax Identification Number (PTIN).
Improved oversight of paid preparers has been a goal of the IRS for some time now. In 2009, the IRS publicly broached the idea of certifying tax professionals resulting in a flurry of debates on the issue. The following year, the IRS proposed amendments to existing rules which included registration and continuing education requirements. The rules were made final in fall of 2010 and the new PTIN online registration system opened for business.
As would be expected, online registration did not go smoothly in the early stages. I was besieged by accounts from my colleagues of bounced emails, error messages and lost PTINs. In some cases, preparers could not access the system for days at a time to register. By January 2011 – firmly the start of tax season for most paid preparers – the IRS appeared to have eliminated most of the technical glitches and offered additional guidance regarding exams, education and exceptions (try saying that quickly three times in a row).
The exceptions have been quite the sticking point in the tax professional world. More or less, anyone who is paid to prepare a tax return must be registered with the IRS and meet certain minimum requirements. The requirements include a competency exam and mandatory continuing education.
But.
And here’s where it gets confusing – and for some, annoying.
Attorneys and CPAs are exempt both from the competency exam and the mandatory continuing education requirements on the grounds that their respective professions already have standards that exceed those of the IRS. As a tax attorney, I agree that this makes a little bit of sense. Attorneys and CPAs both have to pass fairly rigorous examinations to begin with (attorneys must pass the bar exam and CPAs must pass the CPA exam) and both professions require a considerable amount of continuing education hours in order to retain your license. Duplicating those efforts every year would hardly be efficient and it would be costly. So unfair, right?
The problem – and my counterparts are eager to point this out – is that while tax geeks like me rush to sign up for tax-related continuing education hours, there is nothing that requires that I do so. In fact, I could attend 15 hours of criminal law continuing education hours in order to meet my own state’s requirements and still be exempt from the IRS requirements without a single drop of tax law.
Further, while the three (and in some states, four) days of testing required to pass the bar examination test you on a wide range of legal issues, it’s not tax-specific. On the essay portion, some of the questions may be related to tax but then, some may not. The test questions for the MBE (Multistate Bar Examination) portion focus on Constitutional Law, Contracts, Criminal Law and Procedure, Evidence, Real Property and Torts. Tax is not a focus.
That very issue – that tax is not tested nor mandatory – on the legal side had many non-attorney tax professionals hopping mad when it was first announced.
Then things got even more interesting.
The IRS announced that certain tax preparers who will not be signing returns would also be exempt from the exam and the continuing education requirements. If you’re scratching your head to figure out who that might apply to, let me help you out: big box preparers. Those exemptions are meant to give H&R Block, Jackson-Hewitt, Liberty Tax and other franchise-type tax preparers an out for their employees. For their part, many of those companies argued that their own standards, including exams and education, were much more stringent than those proposed by the IRS. The IRS agreed and exempted preparers who are 18 years old or older and both employed and supervised by a CPA, attorney, enrolled agent or other Circular 230 practitioner who actually signs the tax returns (IRS notice downloads as a pdf).
As with attorneys and CPAs, a non-signing preparer must still obtain a PTIN. The IRS requires all individuals who are compensated for preparing, or assisting in the preparation of, all or substantially all of a tax return or claim for refund of tax to have a PTIN.
So to recap: attorneys and CPAs are exempt from the exams and continuing education requirements. Enrolled Agents are, too, since like attorneys and CPAs, they are already subject to testing and continuing requirements. Non-signing preparers are also exempt under that guidance mentioned above.
And that leaves… who? Basically, unenrolled signing preparers.
Realistically, much like other parts of the Tax Code, it seems that a particular goal (tax preparer regulation) has been so exempted, excepted and watered down that it doesn’t resemble its former self. It is perhaps then, no wonder, that there’s not 100% compliance for the initiative.
To try and bolster compliance, the IRS plans to send “shame on you” letters to those preparers who prepared returns in 2011 but failed to follow new requirements. The purpose of the letters is ostensibly to explain the new oversight program, inform preparers of how to register for a new PTIN, or renew an old PTIN, and where to get assistance.
The IRS is also planning to send letters to taxpayers who “appear to have had assistance” (goodness knows what that means) but are not signed by a preparer. The letter will encourage frighten urge inform taxpayers how to file a complaint against those preparers. Yeah. I am sure that my litigator friends are already salivating at that one.
Why the pressure? A cynic might say that it’s more about revenue: at $64.25 per registration, the IRS was hoping to bring in more than $51 million in PTIN fees this year. Those unregistered preparers represent about $6.5 million in uncollected revenue.
In fairness, the IRS claims that these measures are all about compliance to ensure that tax return preparers are following the new regulations in order to protect the taxpaying public (insert dramatic music here). So, you tell me: are you sleeping better at night now that the IRS has your tax professional’s $64.25?
30% strong up so far! It seems to me bottomed out at 0.03 already...
hmm after DD comms plan to be canned after recovering....but hey this is wallstreet anything can happen...will keep on watch
wait nvm im gonna hold off...HUGE bid support @.02...soo waiting for now
Jackson-Hewitt Tax Service Hiring Approvals Sought
Jackson-Hewitt Tax Service's official committee of unsecured creditors filed with the U.S. Bankruptcy Court motions to retain BDO Consulting (Contact: David E. Berliner) as financial advisor at the following hourly rates: partner/managing director at $475 to 795, director and senior manager at 375 to 525, manager at 325 to 425, senior at 200 to 350 and staff at 150 to 225 and Duane Morris (Contact: Michael R. Lastowski) as counsel at hourly rates ranging from 305 to 745.
hmm looks like .03 rightnow has support...hmm will still try to get lower after DD mmuuhhahahahaha! lol
At 0.03 the MV is only $.8M which is ridiculous low as a very famous
and the USA second largest tax service provider! JHTXQ is Extremely undervalued based on the MV compared to the similar industry leader!
JHTXQ is up 5% so far and ready to run as BLOXQ and BGPIQ did today!
Jackson Hewitt Pushes Chapter 11 Fight With Creditors To August
Peg Brickley
| 30 June 2011
Jackson Hewitt Tax Service Inc. agreed to push its Chapter 11 plan confirmation hearing from July until August, giving more time to creditors who say the prearranged restructuring needs a closer look.
The country's second-largest tax preparer is looking for a quick pass though bankruptcy to swap out debt for equity and shake off lawsuits brought by low-income people who accuse Jackson-Hewitt of running afoul of consumer protection laws.
Thursday, however, company attorney Mark McDermott said Jackson Hewitt agreed to a 30-day delay to give the official creditors committee time to perform its work.
That work includes testing the validity of the bank loan claims that will knock unsecured creditors out of any hope of recovery in the case. It includes vetting Jackson Hewitt's program for notifying consumers that its bankruptcy wipes out their right to sue over "refund anticipation loans."
Along with Jackson Hewitt's Chapter 11 plan, the refund anticipation borrower notice program will be reviewed Aug. 8 in the U.S. Bankruptcy Court in Wilmington, Del.
The short-term, high-priced loans against expected tax refunds are a thing of the past because of changes in Internal Revenue Service practices. However, they once accounted for a significant chunk of Jackson Hewitt profits. They also triggered class-action lawsuits accusing the company of victimizing low-income consumers with alleged predatory lending practices.
Jackson Hewitt's plan will end the threat of those suits, allowing the company's lenders to take over the operation minus the liabilities.
Creditor attorney Christopher Winter of the Duane Morris firm said Thursday that Jackson Hewitt is attempting to strip vulnerable people of legal rights in bankruptcy without giving them a chance to protest.
"The debtors here don't want to give notice to all the creditors," Winter said. "They want all the benefits of Chapter 11 without all the balance of the process."
Lenders say they have lost enough on Jackson Hewitt, which owes $357 million but is only worth an estimated $225 million.
Document DJFDBS0020110630e76u000jh
(c) 2011 Dow Jones & Company, Inc.
JHTXQ is up 14.3% so far and may soar to 0.21 at least in the coming weeks!
Jackson-Hewitt Tax Service Objection Filed
Jackson-Hewitt Tax Service's official committee of unsecured creditors filed with the U.S. Bankruptcy Court an objection to the Debtors' motion (I) for an order (A) scheduling a combined hearing on adequacy of the Company's Disclosure Statement and confirmation of the Plan, (B) approving the form and manner of notice of a combined hearing and commencement of the Chapter 11 cases, (C) establishing procedures for objecting to the Disclosure Statement and Plan and (D) waiving the requirement for a 341-meeting of creditors and (II) for an order (A) approving pre-petition solicitation procedures, (B) approving adequacy of the Company's Disclosure Statement and (C) confirming the Plan of Reorganization. According to the committee, "It is primarily the relief requested in connection with publication notice as it applies to 'known' creditors that the Committee objects to."
JHTXQ was up 61.3% to 0.05 yesterday and up 14.3% so far!
JHTXQ is up 2.2% today after yesterday's 4.2% gain! Ready to explode to 0.21 in the coming weeks as BLOBQ did.
The second-largest USA tax service preparer has 28M shares OS! 38.3%
insiders & institutions ownership! 0.17 a share cash & 13.38 a share
enterprise value! 0.51 a share earning and 7.5 a share revenue!
Jackson-Hewitt Tax Service Hearing Continuation Sought
Jackson-Hewitt Tax Service's official committee of unsecured creditors filed with the U.S. Bankruptcy Court a motion for an order to continue the final hearing currently scheduled for June 22, 2011 to no sooner than June 30, 2011. The committee asserts, "At the Final Hearing, the Debtors seek substantive relief that may irreparably impair the rights of creditors. The Committee and its professionals have not had sufficient time to understand, analyze and respond to the pending requests for relief. Allowing the Final Hearing to proceed as scheduled would be inequitable and highly prejudicial to creditors in these cases."
Jackson Hewitt unsecured creditor's committee appointed
June 17 | Fri Jun 17, 2011 10:39am EDT
June 17 (Reuters) - A U.S. bankruptcy trustee appointed printing services firm RR Donnelley & Sons Co to the official committee of unsecured creditors in the Jackson Hewitt Tax Service Inc bankruptcy case.
Jackson Hewitt, the second largest U.S. tax preparer, filed for a pre-packaged Chapter 11 in May, just weeks after the end of the tax season as a way to restructure a bank loan coming due in October.
Other members of the committee include Christian and Elizabeth Harper and Sherita Fugate, who had both filed separate lawsuits against the tax preparer.
The case is In re: Jackson Hewitt Tax Service Inc, U.S. Bankruptcy Court, District of Delaware, No. 11-11587. (Reporting by Tanya Agrawal in Bangalore; Editing by Roshni Menon)
The MM CARR has been selling the shares over a week now! Who is it?
Nice DD! I'm expecting some competitor like HRB make a buy-out offer
Won't ever happen IMO. For one JHTX is much stronger than Liberty Tax and the enterprise value alone is more valuable than Liberty's ability.
HRB had their chance for a buyout while the stock has been down in the gutter for a couple of years. They have enough of their own balance sheet problems (debt) to worry about.
Now Wal-Mart on the other hand or some large Insurance or Financial Services Company/Bank buying us out...that may be something to consider.
IMO honestly though I think it goes back private and gets back to the hardcore basics of being a tax prep service company without frills, bells and whistles. The individual tax prep industry is changing and the IRS/OTS and OTC is regulating the snot out of it now to drum up their own business.
DD22
Thanks Doubledown22. I was thinking a HRB or Liberty Tax buyout post bankruptcy. Wanted to pick up 20k or 30k for the ride.
Yes it does mean that the shareholders will be wiped out IF this Plan of Reorganization is fully executed as filed. The actual company will be more than fine as 90% of it's operations are conducted by Franchisees who actually own and operate the tax offices you see around the country. Nothing has changed with them in the thousands of towns across the US. The corporate headquarters does actually own some stores on its own but are very few in comparison to the franchisees.
That is what so disappointing about this whole scenario...Corporate got greedy and spent like drunken sailors and made poor decisions while the market was going good through tax seasons 2002-2008 and tried to borrow their way out of it and got into a bunch of unnecessary debt.
There is NO REASON why this company should be public. They don't need the market capitalization in order to operate...they successfully operated for years without being public.
You must be very nimble trading this and not buying and holding IMO. If the bankruptcy judge approves the POR in total...game over. There should be some major litigation before this all plays out but to be honest I'm not following it that close now but purely trading off of the chart only.
The best case is the major shareholders get an equity committee approved in order to represent the various classes of shareholders but you can't squeeze blood from a turnip. Just trade it with small lots unless you just like gambling.
All IMO,
DD22
Board! A little help here, please. Is this article saying that shareholders will lose their stock upon exit of the bankruptcy? The company will continue to operate, probably a little leaner and with fewer offices but this is not a close up shop and go home.
http://www.marketwatch.com/story/bayside-to-become-jackson-hewitts-majority-owner-2011-05-25-168320
Jackson Hewitt® Awards Prizes Through MyTaxManager and Social Media Sweepstakes and Contest
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Related Quotes
Symbol Price Change
JHTXQ.PK 0.05 -0.01
Chart for JACKSON HEWITT TAX
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Press Release Source: Jackson Hewitt Tax Service Inc. On Thursday June 9, 2011, 12:00 pm
PARSIPPANY, N.J., June 9, 2011 /PRNewswire/ -- Jackson Hewitt Tax Service Inc., the nation's second largest tax preparation company, today announced that it has awarded nearly $50,000 to consumers nationwide through its MyTaxManager Jackson Hewitt Sweepstakes, "Jackson Hewitt's Got My Back" Photo Sweepstakes, and its "Win Win with the Big Check" Video Contest.
MyTaxManager Jackson Hewitt Sweepstakes
Individuals who registered for MyTaxManager from December 10, 2010, to April 15, 2011, were automatically entered into the Jackson Hewitt Sweepstakes, which rewarded registrants through a daily drawing of a $100 gift card, for a total of 127 $100 gift cards ($12,700), and one grand prize of $10,000 in a final drawing at the end of the tax season. The grand prize winner was Jennifer Wright of West Des Moines, Iowa. Jackson Hewitt's MyTaxManager is a free online tax management tool and one-stop personalized Web destination that gives consumers a secure, centralized home for a range of tax-related documents and information.
"Jackson Hewitt's Got My Back" Photo Sweepstakes
The "Jackson Hewitt's Got My Back" photo sweepstakes encouraged contestants to take and submit pictures in front of any non-Walmart-based Jackson Hewitt location around the country, and then upload that image to Jackson Hewitt's Facebook page. The sweepstakes received entries from across the United States and seven randomly chosen entrants each won a $1,000 cash prize.
"Win Win with the Big Check" Video Contest
Sponsored by Jackson Hewitt Online, the "Win Win with the Big Check" video contest encouraged contestants to print out a downloadable "Win Win" image and then videotape themselves creatively passing that image along to another person. Contestants uploaded their videos to Jackson Hewitt's "Big Check" Facebook page, and site visitors voted on their favorite submissions. The 20 most popular videos were reviewed by a panel of judges and the winning entrant, Mary Walsh of Melbourne, Fla., received $10,000, and an additional $10,000 for a person of his/her choosing. Ms. Walsh selected Dana Parsons of Melbourne, Fla., as the recipient of the additional $10,000, which Ms. Parsons plans to use for her dance school, Dance Mania All-Stars, LLC. A compilation of entries can be seen on the "Big Check" Facebook video page.
"Over the course of the tax season, we wanted to energize people in creative and fun ways that encouraged them to enroll with MyTaxManager, become a fan of the company's Facebook pages, and interact with Jackson Hewitt both online and off," said David Koroghlian, director of interactive marketing, Jackson Hewitt Tax Service Inc. "These sweepstakes and contests celebrated both online creativity and human interactions, while also providing prizes to help people have fun, pay off debts or help others. We plan to execute several similar promotions, sweepstakes and contests next tax season."
About Jackson Hewitt Tax Service Inc.
Based in Parsippany, N.J., Jackson Hewitt Tax Service Inc. (OTCQB: JHTX) is an industry leading provider of full service individual federal and state income tax preparation, with franchised and company-owned office locations throughout the United States. Jackson Hewitt Tax Service® also offers an online tax preparation product at www.jacksonhewittonline.com. For more information, or to locate the Jackson Hewitt® office nearest to you, visit www.jacksonhewitt.com or call 1-800-234-1040. Jackson Hewitt can also be found on Facebook and Twitter.
Media Contact:
Michael J. LaCosta
Director of Public Relations
Jackson Hewitt
973-630-0680
michael.lacosta@jtax.com
Anything is possible if the shareholders can fight like BLOXQ's did!
Keep in mind, JHTS is the USA second largest tax preparer nationwide
Are we expecting a recovery plan from these guys?
That would be awesome for it to go up a 5 or 6 bagger from this point before the POR takes effect.
good luck and happy trading,
DD22
JHTXQ should explode to $0.3 soon to replicate BLOBQ's type of rally
Yep...nice consolidation and bounce off of the .05ish level. Play at risk and be very nimble entering and exiting this though as I'm not real sure how long the shares will exist and don't want to get stuck in a halt etc.. like with GM's shares.
It would be nice to see this POR be modified to not completely wipe out all the share holders. We'll see.
DD22
JHTXQ someone is accumulating at .05
New low at .037...will go lower IMO. Glad I didn't buy in the .07s and .08s.
DD22
Yeah. It is JHTXQ today. 0.071 x 0.085 now.
The "Q" has been added~
The enterprise value is $365.57M or $12.85 a share. The OS is 28.54M
shares.
Check the news in the details then you will know they will file now!
Not sure how you knew that. You guessed within 4 days.
***In order to implement the financial restructuring, Jackson Hewitt and its subsidiaries today filed voluntary petitions for reorganization under chapter 11 in the U.S. Bankruptcy Court for the District of Delaware. The Company also filed, with the petitions, a pre-packaged plan of reorganization that contains the terms of the restructuring agreed to with the company's lenders.
Since Jackson Hewitt has already received all of the necessary approvals from its secured lenders for the proposed Plan, it will request that the Court confirm the Plan on an expedited basis. In the interim, Jackson Hewitt's franchisees will experience no changes in their day-to-day business activity and Jackson Hewitt clients will have continual access to tax preparation services at Jackson Hewitt offices nationwide.
Under the terms of the proposed Plan, Jackson Hewitt's current secured lenders will receive their pro rata share of a new $100 million term loan and all of the equity in the reorganized enterprise. The Company also anticipates entering into a new $115 million revolving credit facility upon consummation of the Plan. It is anticipated that upon consummation of the proposed Plan, Jackson Hewitt's new equity will be privately held. Under the proposed Plan, all of the Company's existing common stock will be cancelled upon Jackson Hewitt's emergence from bankruptcy.
Yes, saw lots of dumps at .075
Fake price! Not true!
New low today $0.070
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