NJ.com: Parsippany's Jackson Hewitt Files for Bankruptcy
The tax preparation company anticipates being free from court protection in 60 days.
Parsippany-based Jackson Hewitt Tax Service Inc. has filed for Chapter 11 bankruptcy, according to NJ.com. The tax preparation firm is under scrutiny by U.S. regulators over the company's participation in tax refund anticipation loans. Jackson Hewitt reported having $500 million assets and debts and said it has made an arrangement with secured lenders that will let the firm exit court protection within 60 days. A Chapter 11 bankruptcy code permits financially troubled businesses to reorganize and continue operating.
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