TAX NEWS - June 2010

Rapidly Growing Companies : TaxMasters, Inc

TAXS, TaxMasters, Inc. First Quarter Financial Results For the first quarter of 2010, TaxMasters net revenue increased 56.1% to approximately $11.3 million, compared to approximately $7.3 million for the first quarter of fiscal 2009. Total operating expenses for the first quarter of 2010 were approximately $9.9 million, an increase of 62.9% compared to $6.1 million for the same period in 2009.

Power and Cooling Capacity Management for Data Centers Learn more, download free white paper.

Deploying High-Density Zones in a Low-Density Data Center Learn more, download free white paper.

For the first quarter of 2010, the company reported net income from operations of approximately $1.5 million, an increase of approximately 20% compared to approximately $1.2 million for the same period in 2009. The increase was attributable to the increase in revenue offset by increases in compensation costs and advertising expenses.

For the quarter ended March 31, 2010, the company reported net income of approximately $0.9 million, versus net income of approximately $1.2 million for the first quarter of fiscal 2009. The decrease in net income for the first quarter of 2010 compared to the same period in 2009 is mainly due to the tax expense of $0.5 million for the first quarter of 2010.

TaxMasters must be doing something right. That's a significant growth rate! Perhaps the reason is that TaxMasters does so much more than simply file tax returns. Today many people have IRS problems and it takes a knowledgeable firm to intercede on a taxpayer's behalf, and this is one area of TaxMasters specialty.

About TaxMasters, Inc.: TaxMasters, Inc., the IRS tax relief company, is the first publicly traded tax resolution firm in the United States. Started by Patrick R. Cox in 2001, TaxMasters offers services and counsel to taxpayers across the country facing seemingly insurmountable tax problems, and relief from substantial federal tax debt. Employing over 300 people, TaxMasters leverages the expertise of ex-IRS agents, enrolled agents, attorneys, CPAs, and seasoned tax consultants ready to counsel and assist every day people with their specific tax issues. For more information about TaxMasters, Inc. and its commitment to help taxpayers in the United States solve tax problems, please visit www.txmstr.com. Follow TaxMasters on Twitter.