The Consolidation Wave Continues.

Accounting Technology,  July, 2007  

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Industry consolidation continued into 2007 with H&R Block quietly acquiring Kaysville, Utah-based TaxWorks, leaving very few players for further consolidation.

The acquisition enables H&R Block to enter the professional tax market, targeting small- to mid-sized firms. TaxWorks has joined H&R Block as an independent subsidiary, and its personnel, products, services and seminars are expected to remain the same. "It makes sense for TaxWorks because we will have access to unparalleled resources from the world's largest tax services firm and will be able to provide our customers with new services and product offerings unmatched in our industry," explains Kelly Peterson, vice president and TaxWorks Product Manager. "The acquisition makes sense for H&R Block because until now they did not have a presence in the professional tax preparation software market."

Peterson says that TaxWorks clients will not see a price increase in tax software, but ...