Tax Information And Guide

TaxBrain Online Tax Center Reports More than 1 Million Unique Visitors During 2004 Tax Season

34% Increase in Filings Out-paces Industry Average for 3rd Consecutive Year as Petz Enterprises Posts Record Tax Season

TRACY, Calif.--(BUSINESS WIRE)--June 28, 2004--Petz Enterprises, Inc. (PEI), today announced record tax season results for its TaxBrain(TM) Online Tax Center consumer tax services business. As the largest independent online tax service in the United States, TaxBrain contributed significantly to strong overall growth in revenues, according to PEI management.
TaxBrain Growth Surges Ahead of Industry

TaxBrain Online Tax Center was the first online service to begin processing returns in 2004, as well as offering an expanded suite of services. January 1, 2004 through April 30, 2004, over 1 million unique visitors came to the TaxBrain site, a 40% increase over the same period in 2003. At the same time, revenues from paid preparation and filings rose 54.8% as TaxBrain customers received refunds within days of filing.

According to an Internal Revenue Service announcement on May 10, 2004, refunds totaled $184.284 billion, a 7% increase over 2003. The average refund was up 5%, to $2,063. e-filings reached just under 60 million, a 15.4 percent increase. That shattered the total number of electronic returns for all of last year by 7 million. Self-prepared tax returns e-filed by computer jumped 21.7 percent, topping 14 million.

Leroy E. Petz, Sr., PEI president said, "We are extremely pleased by the results from this tax season. At every level we met or exceeded our target objectives with across-the-board increases in visitors, customers, renewals, and average revenues. With the industry showing an overall growth of 23%, we are clearly witnessing broad-based acceptance of online tax preparation.

"TaxBrain performed exceptionally well this year," Mr. Petz added, "outperforming the market and major competitors, putting TaxBrain firmly in the #3 position behind only H&R Block and Intuit. We are delighted to confirm that our customer-based philosophy is leading to customer acceptance and strong growth.

"Years of experience, a commitment to quality, and recent infrastructure improvements have delivered an online tax preparation system that was able to cope admirably with significantly increased traffic. TaxBrain's site performed with only 0.001% downtime over the final 72 hours before filing deadline, a stark contrast to the near-meltdown suffered by a series of computer failures at major IRS processing centers during the same period," concluded Mr. Petz.

About TaxBrain(TM) Online Tax Center

TaxBrain is a full service online tax center providing tax advice, tools and resources all year to help taxpayers manage their tax burden with greater confidence and ease. TaxBrain is the only web-based tax solution that delivers online preparation, filing, professional assistance and representation for taxpayers in all 50 states. Launched in 2000, TaxBrain delivers the vision of a fully integrated tax center that accommodates the schedules and needs of the busy American lifestyle. In 2002, TaxBrain emerged as one of the most popular services for online tax preparation and filing on the web. For more information, visit www.taxbrain.com

About Petz Enterprises, Inc.

Petz Enterprises, Inc. (a closely held California corporation) is a leading provider of tax preparation and filing solutions for the professional and consumer markets helping to automate and simplify federal, state and local tax compliance. PEI's Crosslink(R) line of professional tax software products enable tax practitioners and service bureaus to accurately prepare and file large volumes of individual tax returns. Founded in 1974 and based in Tracy, California, PEI is dedicated to serving the needs of the professional tax community and individual taxpayers worldwide. For more information, visit www.petzent.com.

Contacts


Petz Enterprises, Inc.
Craig Petz, 209-835-2720 x 2007
or
Ken Fong Associates
Les Fong, 209-466-0366
admanles@kenfongassociates.com

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