Instant Tax Service

Instant Tax Service

[http://InstantTaxService.com Instant Tax Service] is the 4th largest tax preparation company in the United States, and operated over 1,200 locations during tax season 2007. The company is based out of Dayton, OH and specializes in tax preparation and refund anticipation loan services. In addition, [http://InstantTaxService.com Instant Tax Service] currently offers insurance services from their flagship “Superstore” just north of downtown Dayton, OH.

Founded in 2000 by Fesum “Fez” Ogbazion, the company is actually the second venture for Ogbazion, who cut his teeth in the tax industry with the founding of Instant Refund Tax Service in 1994. Ogbazion sold Instant Refund Tax Service to Fortune 500 giant Jackson Hewitt in 1999 and used the proceeds from the sale to build the foundations of [http://InstantTaxService.com Instant Tax Service] .

In fiscal year 2007, [http://InstantTaxService.com Instant Tax Service] reported over $40M in system-wide sales. The company was ranked #1 on Entrepreneur Magazine’s Top New Franchises list and #8 on its Fastest-Growing Franchises list.

HISTORY

Fesum “Fez” Ogbazion came to the United States with his family in 1983 from Ethiopia. He opened his first tax office while pursuing a degree in accounting and finance at the University of Cincinnati. He strategically chose a former H&R Block tax office located just down the street from his parents’ home. The office was just 400 sq. ft. He prepared over 600 tax returns his first year, and barely broke even. But things started to take off soon after that, and over the next 5 years, Ogbazion opened 26 additional locations throughout the Cincinnati, OH area.

In 1999, sensing a major competitor in the area, Jackson Hewitt offered to buy the company from Ogbazion for a reported $3M. In accordance with his non-compete agreement, Ogbazion moved to Dayton, OH and rebuilt his business from the ground up. That business was [http://InstantTaxService.com Instant Tax Service] , founded in 2000.

[http://InstantTaxService.com Instant Tax Service] got off to a rocky start, but after they began franchising in 2004, they grew at an accelerated rate. They went from 175 locations in 2006 to 540 in 2007 and 1203 in tax season 2008. Projected growth for 2009 is 2,000 stores.

Controversy

On April 20, 2007, IRS investigated allegations of fraud involving eight franchise-owned Instant Tax Service locations in Missouri [http://ozarksfirst.com/content/fulltext/?cid=6696 "IRS Raids Local Tax Service Businesses"] Ozarksfirst.com Apr 20, 2007] [http://www.ky3.com/home/related/7124496.html "IRS raids Instant Tax Service offices in Springfield"] KY3.com Apr 20, 2007]

Though no charges were made, and no decision reached, Instant Tax Service chose to terminate its contract with the franchisee. [http://images.bimedia.net/documents/Instant+Tax+Service.pdf "Affadavit of Special Agent Nancy Cummins Internal Revenue Service, Criminal Investigation"] bimedia.net Apr 19, 2007] . Representatives from Instant Tax Service indicated that the franchisee had expanded their business too quickly. The company no longer permits franchisees to operate more than a pre-determined number of storefronts during their first and second year. [http://www.instanttaxservice.com/press.php?date=20080801"Press Release Aug 1, 2008"] Instanttaxservice.com/press August 01, 2008]

References

External links

* [http://www.instanttaxservicefranchise.com Instant Tax Service Franchise]
* [http://1040zone.com 1040Zone]
* [http://www.1040opportunity.com 1040 Opportunity]


Wikimedia Foundation. 2010.

Игры ⚽ Поможем решить контрольную работу

Look at other dictionaries:

  • Tax shelter — Tax shelters are any method of reducing taxable income resulting in a reduction of the payments to tax collecting entities, including state and federal governments. The methodology can vary depending on local and international tax laws.In North… …   Wikipedia

  • Goods and Services Tax (Canada) — The Canadian Goods and Services Tax (GST) (French: Taxe sur les produits et services, TPS) is a multi level value added tax introduced in Canada on January 1, 1991, by Prime Minister Brian Mulroney and finance minister Michael Wilson. The GST… …   Wikipedia

  • United States Marshals Service — U.S. Marshals redirects here. For the 1998 film, see U.S. Marshals (film). United States Marshals Service Common name Marshals Service, U.S. Marshals Abbreviation USMS …   Wikipedia

  • List of franchises — This is a list of franchised businesses.#* 1 800 GOT JUNK? * 7 ElevenA* A W Restaurants * AAMCO Transmissions * Ace Hardware * AlphaGraphics * American Poolplayers Association * AmeriHost * Arby s * Atlanta Bread CompanyB* Baker s Dozen Donuts *… …   Wikipedia

  • Computers and Information Systems — ▪ 2009 Introduction Smartphone: The New Computer.       The market for the smartphone in reality a handheld computer for Web browsing, e mail, music, and video that was integrated with a cellular telephone continued to grow in 2008. According to… …   Universalium

  • United States — a republic in the N Western Hemisphere comprising 48 conterminous states, the District of Columbia, and Alaska in North America, and Hawaii in the N Pacific. 267,954,767; conterminous United States, 3,022,387 sq. mi. (7,827,982 sq. km); with… …   Universalium

  • Business and Industry Review — ▪ 1999 Introduction Overview        Annual Average Rates of Growth of Manufacturing Output, 1980 97, Table Pattern of Output, 1994 97, Table Index Numbers of Production, Employment, and Productivity in Manufacturing Industries, Table (For Annual… …   Universalium

  • performing arts — arts or skills that require public performance, as acting, singing, or dancing. [1945 50] * * * ▪ 2009 Introduction Music Classical.       The last vestiges of the Cold War seemed to thaw for a moment on Feb. 26, 2008, when the unfamiliar strains …   Universalium

  • Media and Publishing — ▪ 2007 Introduction The Frankfurt Book Fair enjoyed a record number of exhibitors, and the distribution of free newspapers surged. TV broadcasters experimented with ways of engaging their audience via the Internet; mobile TV grew; magazine… …   Universalium

  • Amazon.com — Amazon.com, Inc. Type Public Traded as NASDAQ: AMZN NASDAQ 100 Component …   Wikipedia

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”