The IRS said 10%, or more than 600,000, of the 6.6 million returns claiming education credits it has received so far this tax season were improperly filed by tax software providers. As a result, those refunds could be delayed for as long as six weeks.
Last week, shares of H&R Block tumbled after the company reported disappointing earnings. Now the leading tax preparation company says it made a mistake in filing more than 600,000 tax forms this year. That may delay refunds for those customers by up to six weeks.
A burst of hiring in February pushed stocks higher on Wall Street. The Dow Jones industrial average gained 67.58 points, or 0.5 percent, to 14,397.07, surpassing its previous record close Tuesday and logged a sixth straight increase Friday.
From the Facebook's new site redesign to Pandora explaining why it's capping usage, there will be plenty of news moving the markets in the coming days. Let's go over some of the items that will help shape the week that lies ahead on Wall Street.
There are websites galore that offer to help you meet Mr. or Ms. Right. Now, the new online service Prosado.com aims to provide the same sort of matchmaking between taxpayers and tax preparers.
H&R Block saw its revenue decline in the second quarter, but still managed to narrow its loss from a year ago and beat analysts' expectations. But will complications with the firm's Rapid Refunds chill its coming tax season?
H&R Block has been a laggard in its online efforts, while competitor Intuit's TurboTax keeps gaining market share. To start remedying the situation, H&R Block this week agreed to pay $287.5 million for 2SS Holdings, which develops the desktop and online tax-prep software TaxACT.
Investors reacted swiftly and negatively after the tax preparer announced that Russ Smyth was leaving. Alan Bennett, the former interim CEO, is coming back to the position permanently. Still, news clearly unsettled investors.
H&R Block reported a 1.3% drop in net income from a year earlier, reflecting how taxpayers were hurt by unemployment caused by the Great Recession.
