H&R; Block Purchases Abacus

Abacus Accounting, a Valley tax preparation and accounting firm, has been purchased by H&R Block.

According to Marty Evans, H&R Block’s district manager, the business will keep its name and remain at 12314 E. Broadway.

Longtime owners Frank and Leona Phillpot said they sold the firm because of rising business costs. The Phillpots will stay on, however, preparing returns for H&R Block during tax seasons.

In a news release, Frank Phillpot said he was pleased with the agreement because it allows him to continue working with his longtime accounts without having to worry about keeping the business afloat all year.

“They will be employees of H&R Block… It’s the best of all worlds for (the Phillpots),” said Fred Zirkle of Zirkle & Co., the business brokerage that handled the sale. “They get time off in the summers, and won’t have the headaches of management.”

Zirkle said while the sale agreement has already been signed and H&R Block now owns Abacus, some paperwork still remains. The transition will be complete in December, he said.

“Right now (Frank Phillpot) is tying up loose ends and finishing up tax returns that need to be completed,” Zirkle said.

H&R Block will continue to handle all of Abacus’s older accounts, and will also begin handling some of H&R Block’s Valley accounts there.

“H&R Block will also add some personnel. Both personnel and (account) volume will increase,” Zirkle said.

Frank Phillpot founded Abacus in 1978.

, DataTimes