H&R block – the company that helps individuals in the US with the taxes, has messed up with its own taxes!It underpaid taxes to the tune of USD 32 million! Honestly, that is plain dumb! Why would you jeopardize something that is your bread and butter!?
H&R Block also said the costs of settling a number of class-action lawsuits and slower-than-expected business in its tax and mortgage arms caused its third-quarter profit to drop 68 percent and forced the company to lower annual revenue estimates. The company reported its earnings after financial markets closed on Thursday.
H&R Block said it will restate earnings for fiscal years 2004 and 2005, as well as the first two quarters of fiscal 2006, to correct accounting errors it said led to the company understating its income tax liability last year by $32 million.
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