Tax preparation giant H&R Block Inc. has said in a filing with the Securities and Exchange Commission that it overstated net income for 2003 and 2004 by $91.1 million, due mostly to accounting errors.
According to the SEC filing, most of the revisions came from errors in the way H&R Block accounted for its acquisition of Olde Financial Corp., a discount brokerage business and online trading company that Block purchased in late 1999.
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