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JUPITER RESEARCH REPORTS WEB-BASED TAX PREPARATION SURGED IN POPULARITY EARLY IN THE TAX SEASON, BUT REMAINS MARGINAL AMONG MARCH AND APRIL FILERS
(New York, NY - April 14, 2003) - The latest findings from Jupiter Research, a division of Jupitermedia Corporation (Nasdaq: JUPM), indicate surging popularity for online income tax preparation. However, Web preparation appears to be far less popular with those who intend to file later in the season, despite the relative immediacy of Web preparation over other modes. Based on a March 2003 consumer survey fielded by Jupiter Research, Jupiter Research's new report "Online Tax Preparation: Broaden Appeal Beyond Early Filers to Minimize Piracy" found that the number of online households intending to prepare their tax returns online will grow from 6.6% to 8.7%, a 31% increase year over year. Web-based tax preparation peaks in January and declines rapidly throughout the tax season, however, decreasing from 19% of online households reporting use in January, to just 4% in April.According the report, the more established desktop software applications providers, such as Intuit and H&R; Block, are at the mercy of software pirates and should focus their efforts on Web alternatives. Thirteen percent of adults who use the Internet also use Napster-style peer-to-peer (P2P) file sharing networks such as KaZaA, and tax preparation software is freely available on such networks. According to Robert Sterling, Senior Analyst at Jupiter Research, "Tax software providers have focused their efforts on converting people to the Web, but in failing to convert filers, they may be forfeiting sales and service revenue to piracy."
Another lost opportunity is in converting late filers to online filing -- among online households, April filers are almost three times as likely as January filers to submit a paper return. "Paper returns are more labor-intensive for the IRS to process than electronic (e-file) returns, and so the IRS is bogged down with unnecessary paper during its busiest period, the days leading up to and following April 15, decreasing efficiency and increasing costs at the agency," Sterling asserted.
The complete findings of this report are immediately available to Jupiter Research clients online. For more information please contact Kieran Kelly at [email protected] or call 1-800-481-1212.
About Jupitermedia Corporation
Jupitermedia Corporation (Nasdaq: JUPM), (www.jupitermedia.com)
headquartered in Darien, CT, is a leading provider of global real-time news, information, research and media resources for information technology and Internet industry professionals. Jupitermedia includes the internet.com and EarthWeb.com Network of over 150 Web sites and 175 e-mail newsletters that generate over 200 million page views monthly. Jupitermedia also includes Jupiter Research, a leading international research advisory organization specializing in business and technology market research in 18 business areas and 10 vertical markets. In addition, Jupiter Events include nearly 40 offline conferences and trade shows focused on IT and business-specific topics, including Computer Digital Expo, America's 21st Century Information Technology Conference & Expo (www.cdxpo.com).
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release which are not historical facts are "forward-looking statements" that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The potential risks and uncertainties address a variety of subjects including, for example, the competitive environment in which Jupitermedia Corporation competes; the unpredictability of Jupitermedia Corporation's future revenues, expenses, cash flows and stock price; Jupitermedia Corporation's ability to integrate acquired businesses, products and personnel into its existing businesses; Jupitermedia Corporation's international and venture fund investments; any material change in Jupitermedia Corporation's intellectual property rights and continued growth and acceptance of information technology and the Internet. For a more detailed discussion of such risks and uncertainties, refer to Jupitermedia Corporation's reports filed with the Securities and Exchange Commission pursuant to the Securities Act of 1933 and the Securities Exchange Act of 1934. The forward-looking statements included herein are made as of the date of this press release, and Jupitermedia Corporation assumes no obligation to update the forward-looking statements after the date hereof.
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All current Jupitermedia Corporation press releases can be found on the World Wide Web at http://www.internet.com/corporate/press.html.
