H&R Block Goofs on Its Own Taxes

omar.nyc writes "Red Herring reports tax preparation giant H&R Block, manufacturer of TaxCut and other tax software, goofed on its own taxes. The miscalculation on its state income taxes are liable by $32 million. This will reduce Block's fiscal year 2005 earnings by $0.02 per share and $0.02 per share in fiscal year 2004." From the article: "Besides the problems that Block had with its own tax prep needs, the company also experienced difficulties with the technology in its offices last month that hit its bottom line early in tax season. 'Technology problems across the H&R Block network in early January impacted our ability to serve clients in those crucial early weeks,' said Block Chairman Mark A. Ernst. He said the problems had been corrected, but they impacted the company's ability to serve 250,000 clients at that time of year."

Comments

Use a professional tax service

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They should really have someone professional do their taxes.

Tax Instant Refund Scam; Loan, not Refund

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According to H&R Block's website;
http://www.hrblock.com/
"Fast Money
Walk into an office with your taxes, and walk out with an Instant Money Refund Anticipation loan check. Up to $9,999 based on your refund amount. Money in your hands fast."

People, don't ever EVER get your tax refund this way. You may be in a financial jam or just impatient to get your money, but this is sure way to loose your money in a blink of an eye, and possibly the most stupidist thing you can ever do. The % you loose due to interest rate for loan in this case is highly unregulated and its easy to get scammed.

Here is a quick article on pending lawsuit against H&R Block in California, posted on MSNBC.
http://msnbc.msn.com/id/11373754/

Just wait 3 weeks and get your full refund (if you don't owe that is), or ready to get charged 500% on that refund.