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Old 02-24-2006, 12:33 PM   #1
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H&R Block Goofs On Its Own Taxes

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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Old 02-24-2006, 01:37 PM   #2
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Old 02-24-2006, 01:48 PM   #3
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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."
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Old 02-24-2006, 02:00 PM   #4
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Old 02-24-2006, 09:57 PM   #5
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great ad for the company
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Old 02-24-2006, 10:11 PM   #6
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Old 02-24-2006, 10:49 PM   #7
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at least they admitted it and are making the necessary changes. seems commendable enough.
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Old 02-24-2006, 11:06 PM   #8
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great fodder for a competitor to use in ad campaign
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Old 02-26-2006, 02:53 AM   #9
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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.

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