$32 Million…oops!
Tax season will soon be upon us and there is already anxiety in the air. Well, not for me. I guess I’m pretty spoiled. My dad takes all of my tax information and paperwork to his accountant. I really haven’t the foggiest idea how to do my taxes. I plan on keeping that way too. When I do have to do my own taxes I can still just take them to an accountant….or H& R Block….
Maybe not. Apparently H& R Block knows about as much as I do when it comes to doing taxes…at least their own….
According to the website Red Herring, “the tax preparation and software provider [H& R Block] admitted it…miscalculated its own state income taxes, understating its liabilities by $32 million as of April 30, 2005.” So basically, they messed up their own taxes by $32 million! Wow!
Of course, this blunder resulted in a subsequent drop in the companies stock. It will be pretty hard to trust them. The effects of this incident may not be fully realized for several years. No one knows how long it will take for consumers to regain faith in H& R Block’s services. The competition must be happy!
I guess you really can’t trust anyone to be right 100 percent of the time. It all comes back to the age old saying: If you want something done right, do it yourself. Looks like I should learn how to do my own taxes….
…Eventually.
Funny entry. I do my own taxes every year with Turbo Tax. Hope their software is up to the task!
Good link to Red Herring. Would have liked to see another link or two, perhaps to H&R Block’s site or to a Wall Street site or to a competitor’s site.
“drop in the companies stock” should be “company’s stock”
0.9 + 0.2 bonus = 1.1 total
| Posted 5 years, 11 months ago