Thursday, July 07, 2005

H&R Block Buys Small Online Tax Company

Stanch? I hate it when people use words that have multiple spellings (e.g. staunch) .

stanch (stônch, stänch, stnch) also staunch (stônch, stänch)
tr.v. stanched, also staunched stanch·ing, staunch·ing stanch·es, staunch·es

  1. To stop or check the flow of (blood or tears, for example).
  2. To stop the flow of blood from (a wound).
  3. To stop, check, or allay: “My anxiety is stanched; I am at peace” (Scott Turow).

An AP newswire article by Dana Fields, via Yahoo! News, reveals that:

One month after pledging to stanch the loss of customers from its digital tax business, H&R Block Inc. said Thursday it has acquired a small, online tax service company whose founders helped create the popular Turbo Tax software.

TaxNet Inc., of San Diego, formed last year by Tom Allanson and David Murray, launched its online tax preparation and filing program in January. Formerly with Intuit Inc.'s Turbo Tax division, Allanson and Murray will become H&R Block vice presidents specializing in digital tax services.

Terms of the acquisition were not disclosed. Spokesman Tom Linafelt noted that it will not affect Block's finances.


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