TaxMasters, Inc., which specializes in helping clients resolve outstanding federal tax debt by leveraging a team of seasoned industry professionals, disclosed to the public today, Wednesday, December 30, the issuance of its December letter to shareholders in which 3Q FY 09 results are detailed and the growth strategy for 2010 is outlined.
Founder, President and Chairman of the Board of TAXS, Patrick Cox, explained in the letter to shareholders that – since going public in 2009 via a reverse merger – “sustained growth was driven primarily by an increase in demand for IRS tax relief and individuals looking to regain full tax compliance”.
Reporting on its fiscal performance in the first nine months of 2009, TAXS showed revenues totaling $27 million, an 87% increase from the same interval in 2008. With net income of $6M, a whopping 442% increase over the same interval in 2008, the Company looks forward to March 31, 2010, when it will issue Q4 09 and a full report of FY 09 financial results.
Having swelled its ranks by 107 employees, which include ex-IRS agents, attorneys, CPAs and seasoned consultants, TAXS has seen substantial personnel growth since January of this year. The growth is all part of a clever strategy to meet increased demand for tax relief services, and recent hiring brings TAXS’s total compliment of personnel to 307, a 53% increase.
Cox cited increasing numbers of taxpayers out of compliance with the IRS and the Company’s ability to leverage a “nationwide market for tax relief service through an efficient, well managed direct advertising campaign” as the primary factors driving TAXS’s amazing fiscal and logistical growth.
Having wrapped up an outstanding year of growth, the Company projected its 2010 strategy, which will focus on the primary factors outlined above, and also anticipate the April 15 deadline with a deep-bench of qualified professionals, who will be able to resolve issues that will no doubt have arisen as a result of the IRS’s attempts to improve collection methods combined with the global economic crisis of the preceding year.
The strategy also includes relocating to a larger office in the Houston area, which will make room for the larger staff and also facilitate its 2010 targeted advertising campaign.
The Company will also follow through with organizational restructuring initiatives begun in 2009 pursuant to the Company’s proprietary, in-house, Processes, Procedures, and Policies (P3) system.
Cox explained that “tax season, which falls primarily in the first quarter of the year” presents a “prime opportunity” to increase the customer base, although for taxpayers in crisis, the Company’s tax relief services provide year-round resolution.
Cox also pointed out that “decreased tax receipts in 2009” increased the probability of more stringent requirements by the IRS in 2010, and thus a huge increase in demand for TAXS’s team of experts, whose services are increasingly seen as a panacea for taxpayers overwhelmed by tax debt obligations.
Cox emphasized continued growth in 2010, which could be directly translated into increasing shareholder value, expressing confidence in the extant 2009 financial and logistical data which he suggested ensured “sustainable growth”; that is, the sort of growth which would “continue to pay dividends throughout 2010”.