Jackson Hewitt Files for Chapter 11 Bankruptcy – What Should I do if I was a client?

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Jackson Hewitt (JH) has filed for Chapter 11 Bankruptcy, so what does this mean if you were or are a tax client?

  • First do not panic – all of your tax info is safe and was filed properly with the IRS and your state taxing agency.
  • Make sure you have copies of all your tax returns.
  • This means that JH may not have as many locations next year as a Chapter 11 is a restructuring to negotiate with their creditors (to reduce the JH's debt load).
  • This will not affect your tax returns for the tax year 2010 or any other tax year that you might have used Jackson Hewitt to do you taxes.
  • This issue is not with the IRS or you State Tax Agency. Your refund or tax due will still come to you or if you have a tax due you should still make the payment that Jackson Hewitt calculated.
  • If you have estimated payments that were calculated by Jackson Hewitt you should still make the estimated payments according to the payment vouchers that were provided to you by Jackson Hewitt.
  • If you have specific tax questions seek the advice of a qualified tax professional.
  • This is yet another reason why I do not recommend using a "Chain" tax preparation service. First and foremost, I beg you (not just because I also prepare taxes) do not go back to a place that clearly shows a lack of their own financial management to do your taxes with are a big part of your own financial management.

Overall, you will be fine and the IRS will not be knocking on you door looking for more money. Just make sure you have copies of all of you tax returns. I tell you that because, if you want to find a new tax preparer next year you will need to take a copy of last years returns with you. Again, find a tax professional that can handled his/her business and own money well and do not keep going back to a place that cannot even pay their rent!

If you have any questions or comments please feel free to leave them! I would love to get some feedback from you.

 


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