Water Cooler Wisdom

Everything that is really great and inspiring is created by the individual who can labor in freedom. --Albert Einstein

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Location: NE Minneapolis, Minnesota, United States

Everything that is really great and inspiring is created by the individual who can labor in freedom. --Albert Einstein

Friday, February 24, 2006

Irony Can Be a Bear

Irony can be a bear...

H&R Block Inc. which provides tax advice to millions of Americans, made an embarrassing confession on Thursday. It goofed on its own taxes.

The company, which is in the middle of its make-or-break season preparing other people's tax returns, said it had underestimated its own "state effective income tax rate" in previous quarters — meaning it owes another $32 million in back taxes.

As a result, H&R Block said it would restate previously reported earnings going all the way back to 2004.

"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."

The problem compounds an already difficult situation for H&R Block. Earlier this year they experienced a loss of an estimated 250,000 customers due to issues stemming from software technology problems. Additionally, over the last couple of years home PC tax software and increased competition have eroded H&R Block's share in the tax preparation market.

6 Comments:

Blogger W.B. Picklesworth said...

My older sister has worked for H&R Block for a number of years now (during tax season). Last year she was conflicted about whether or not she would continue because she felt pressured to push people for the fast refund (with the fee). Of course, those who need the fast refund are the ones who can least afford the fee. Apparently taxes aren't the only problem.

2/24/2006 1:24 PM  
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