The folks over at H&R Block apparently had a few problems figuring their own taxes for the last couple of fiscal years and now they've had to go back and restate earnings.
The Kansas City, Mo.-based company said it will restate results for fiscal years 2004 and 2005, plus previous 2006 quarters, mainly because of errors in calculating its state effective income tax rate. The mistakes resulted in H&R Block understating its state income tax liability by about $32 million as of the end of April, 2005, the company added.While H&R Block sells their own tax prep software, maybe they should check out TurboTax or TaxACT. Ya think?
The restatements will knock 7 cents a share off 2005 fiscal-year earnings and 2 cents a share of fiscal 2004 results, the company said.