CingKurtis

A more simple approach would be to add something like this in functions.php:

$filters = array( 'pre_term_description' );
foreach ( $filters as $filter ) {
    remove_filter( $filter, 'wp_filter_kses' );
}
foreach ( array( 'term_description' ) as $filter ) {
    remove_filter( $filter, 'wp_kses_data' );
}

Maybe wrap it ina function to make it cleaner.
It will prevent WordPress from stripping out the formatting. Works great for me!