H&R Block Goofs On Its Own Taxes

[Utoo]

Thought I'd bring some levity to FYM...

H&R Block Goofs on Its Taxes

TaxCut maker restates its results after discovering it miscalculated its state income taxes by $32 million.
February 24, 2006

Shares of H&R Block fell on Friday after the tax preparation and software provider admitted it had miscalculated its own state income taxes, understating its liabilities by $32 million as of April 30, 2005.


The Irvine, California-based maker of TaxCut software said Thursday it would need to restate its fiscal year 2004 and 2005 results, as well as its previously reported results for fiscal 2006.
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http://www.redherring.com/Article.aspx?a=15850&hed=H&R+Block+Goofs+on+Its+Taxes

 

[verte76]

 

[nbcrusader]

More on H&R Block's problems

"It wasn't particularly material," said Alexander Paris, an analyst at Barrington Research in Chicago. "And it's not particularly unusual. A lot of companies are going back and reviewing their controls because of Sarbanes-Oxley and finding tax errors. But for a company like H&R Block, it was particularly embarrassing."

 

[Carek1230]

 

[the rockin edge]

great ad for the company

 

[one4u2]

Classic!

 

[Se7en]

at least they admitted it and are making the necessary changes. seems commendable enough.

 

[trevster2k]

great fodder for a competitor to use in ad campaign

 

[U2Girl1978]

I've used H&R Block for about 5 yrs now and after what they did this tax year I won't be using them anymore.