PARSIPPANY, N.J., Aug. 5 /PRNewswire-FirstCall/ -- Harry W. Buckley, president and chief executive officer of Jackson Hewitt Tax Service Inc. ("Jackson Hewitt") (NYSE: JTX), made the following statement in reaction to this afternoon's announcement by the Internal Revenue Service ("IRS") that the debt indicator will be eliminated for the 2011 tax season:
"The IRS decision to not provide debt indicator data to taxpayers through the electronic tax filing process will make it difficult for the millions of taxpayers who desire to receive cash quickly in connection with the electronic filing of their annual tax return. This form of credit, especially important to middle and low income, often unbanked, taxpayers, may well continue to be available in our industry. However, from the taxpayers' perspective, it will likely become harder to receive credit approval, will cost more and the amount of credit available may be limited – all negative impacts on taxpayers during this difficult economic environment, and all a direct result of the unilateral action taken by the IRS today."
About Jackson Hewitt Tax Service Inc.
Jackson Hewitt Tax Service Inc. (NYSE: JTX), with more than 6,400 franchised and company-owned offices throughout the United States in the 2010 tax season, is an industry leader providing full service individual federal and state income tax return preparation. Most offices are independently owned and operated. Jackson Hewitt also offers Jackson Hewitt® Online, an online tax preparation product available at www.jacksonhewittonline.com. The company is based in Parsippany, New Jersey. More information may be obtained at www.jacksonhewitt.com. To locate the Jackson Hewitt Tax Service® office nearest to you, call 1-800-234-1040.
Investor Relations and Media Relations Contact:
David G. Weselcouch
Vice President, Treasury and Investor Relations
SOURCE Jackson Hewitt Tax Service Inc.