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Wednesday Feb. 03, 2010
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TAXS, TaxMasters, Inc., TAXS.OB
TAXS,the IRS tax relief company, is the first publicly traded tax resolution firm in the United States. Started by Patrick R. Cox in 2001, TAXS offers services and counsel to taxpayers across the country facing seemingly insurmountable tax problems, and relief from substantial federal tax debt.
Employing over 300 tax resolution experts, TAXS leverages the expertise of ex- IRS agents, enrolled agents, attorneys, CPAs, and seasoned tax consultants ready to counsel and assist every day people with their specific tax issues today.
Last December, TAXS reported financial results for the first nine months of 2009. Revenues totaled approximately $27 million, an increase of 87% over revenues of approximately $14 million in the same period of 2008. Net income for the nine month period was approximately $6 million, compared to approximately $1 million for the same period of 2008, an increase of nearly 442%. TAXS expects to report its financial results for the fourth quarter and full year 2009 on March 31, 2010.
In addition, TAXS has added 107 new employees in the last year, a 53% increase, bringing its total employees to 307. TAXS is staffing up to address expected strong demand for its tax relief services in the first quarter.
TAXS� strategic plan for 2010 will leverage the increased demand for tax preparation and relief services in the first quarter of the year ahead of the IRS�s April 15th deadline. Given the economic climate that plagued much of 2009 and recent moves in the IRS to attempt to improve revenue collection methods, TAXS expects demand for services to continue to increase beyond the first quarter and throughout 2010.
This plan includes a number of changes and initiatives designed to meet the TAXS� growth, including relocation to a larger office in the Houston area to accommodate new personnel and increased targeted advertising in 2010. TAXS will also continue to institute organizational changes begun in the second quarter of 2009 that are a result of its proprietary and internal Processes, Procedures, and Policies (P3) system. The resulting changes are designed to increase and streamline productivity, while also improving speed of service and customer service management.
With the April 15th filing deadline approaching rapidly, TAXS � Founder, President and Board Chairman Patrick Cox Shares Tips for Selecting a Tax Preparer for 2010 Tax Season:
Cox suggests the following steps when choosing a tax preparer:
Look for a robust and established practice: �Tax preparers that guarantee a return, or over promise what they can do for you should be a red flag for tax payers,� says Cox. �If what the preparer is saying to you seems too good to be true, it probably is.�
Look for someone familiar with your profession, industry or status: �The kind of deductions you qualify for can largely depend on what you do for a living,� Cox says. �Preparers who have experience dealing with police officers, teachers, consultants or military service people are going to best understand the deductions and be able to guide you on what to claim.�
Listen to word-of mouth and referrals: �A great way to find a reputable preparer is to ask a trusted family member or friend. People tend to refer others to tax preparers they can trust, or warn them if they caused problems,� says Cox.
More about TAXS at www.txmstr.com
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