Red Herring reports that H&R Block Goofs on Its Taxes, by understating its liabilities by $32,000,000.
The tax preparation company — also responsible for the popular TaxCut software — says the error has been corrected. They worry that this could have a negative impact on sales.
However, after the snafu in Block’s in-house tax preparation efforts, the best-selling tax prep software package, Intuit’s TurboTax, may see increased sales from customers who may decide not to buy Block’s TaxCut this year.H&R Block’s tax prep service competition, including chains such as Jackson Hewitt Tax Service, could also see increased business.
No kidding? There’s always TurboTax.
However, check out a reviews of TurboTax, TaxCut, and TaxAct. One rates TaxCut highest, another thinks TurboTax is best. Our thoughts? Well, TurboTax easily edges out TaxCut because of some serious sloppiness on the part of H&R Block, exposing Social Security Numbers on a promotional mailing. That, not just the failure to file their own taxes correctly, is the most serious for users.