wall street: mom-and-pop tax shops in peril.
john hewitt, the founder of jackson hewitt and now ceo of liberty tax, expects a huge shakeout because of the new irs requirement for paid tax-return preparers to register with the government.
market share for the two largest tax chains, h&r block and jackson hewitt, has eroded by about 9% in the past four years as do-it-yourself online tax software gained ground. turbotax, for example, grew by about 121%. but the new irs ptin rules may slow the decline by forcing out mom-and-pop paid preparers, according to wall street analysts.
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