H&R Block Inc. said that a miscalculation of its own state taxes will cost the company about $32 million in back taxes.
The tax prep giant said that it had underestimated its own state effective income tax rate in previous quarters stretching back into 2004 reported earnings. It's the second public tax gaffe in recent memory for Block, which said in an August 2005 filing with the Securities and Exchange Commission that it had overstated net income for 2003 and 2004 by $91.1 million, due mostly to accounting errors.
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