NEW YORK - The U.S. Internal Revenue Service said on Thursday it may restrict tax preparers such as H&R Block Inc and Jackson Hewitt Tax Service Inc from offering refund loans to customers because doing so could encourage fraud.
The agency's proposal sent shares of both companies lower. H&R Block closed down 86 cents, or 4.6 percent, at $17.75, and matched a five-year low during the trading session. Jackson Hewitt slid $7.25, or 23.1 percent, to $24.13, the lowest level in more than two years.
If adopted, the IRS proposal would limit tax preparers' ability to provide customers' tax return information to lenders that provide the tax refund loans.
S. Raines, Sr. Financial Advisor/Tax Preparer
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