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Jackson Hewitt – To Be or Not to Be?

DENVER (MarketWatch) — The certainty that we have to file a tax return every year, that the number of tax returns is rising, tax preparation is getting more complex and thus despite availability of tax preparation software more and more people outsource their tax preparation peaked my interest in Jackson Hewitt. Well, of course, if […]

BusinessWeek Video Interview

I talked to Jim Ellis at BusinessWeek about my book Active Value Investing (here is a link to the video).  As you will see, if you tie my hand I’d go mute.   At about the same time I talked to (here is a link to the video) about Apple (AAPL) and Jackson Hewitt (JTX). […]

Dragged Down by IRS and IRS is Your Friend

The avoidance of taxes is the only pursuit that still carries any reward.

John Maynard Keynes

Jackson Hewitt (JTX) declined significantly yesterday on news the IRS proposed regulation to ban refund anticipation loans, or RALs. Fear of the impact the new rules could have on JTX’s business drove it and H&R Block (HRB) down, although HRB faired better as it had already been beaten down by company specific issues stemming from its subprime mortgage business.

RALs are originated to customers who don’t want to wait a couple of weeks to get their tax refund from the IRS, and thus are willing to pay a 2-2.5% (capped at $95) fee to get their money right away. Though RALs are as controversial as payday loans that charge annualized triple digit interest rates, this is not the reason why the IRS is zeroing in them. After all, the IRS mandate is to collect taxes, not to legislate morality.

Interview With Vitaliy Katsenelson by Philip Durell and Bill Mann

In October, I had a great pleasure to be interviewed by two of my favorite Motley Fools: Philip Durell advisor to Motley Fool Inside Value newsletter and Bill Mann co-advisor to Motley Fool Hidden Gems newsletter. In this in depth interview I discuss everything: economy, stocks I like, international investing, practical application of QVG framework, absolute P/E model and of course my book – Active Value Investing: Making Money in Range-Bound Markets.

Jackson Hewitt an Opportunity?

Soon after we purchased Jackson Hewitt (JTX), offices of one of their franchisees was raided by the U.S. Justice Department; the franchisee was accused of falsifying tax returns for thousands of taxpayers. JTX stock collapsed on that news. The risk was that it was a widespread practice and JTX management was complicit with the franchisee […]