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Oops: H&R Block Misreported Taxes
Aug. 3, 2005
(The News and Observer)
In an embarrassing disclosure for the nation's largest tax preparer, H&R Block admitted that it had botched some of its own tax accounting.
The company, which handles tax returns for 19 million Americans, said it had overstated its profit by $102 million in 2003 and understated its profit by $11 million the next year. Some of the largest revisions stemmed from accounting errors in the tax treatment of Block's 1999 acquisition of discount brokerage Olde Financial.
Block also announced a $220 million acquisition of American Express' tax services unit.
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