Business Desk
This article is from the archive of The New York Sun before the launch of its new website in 2022. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer.
TAXES
H&R BLOCK UNDERSTATED ITS TAX LIABILITY, WILL RESTATE EARNINGS
KANSAS CITY, Mo. – Tax preparer H &R Block said yesterday that third-quarter profits fell 68% on costs of settling a number of class-action lawsuits aimed at refund-anticipation loans. The company also said it will restate earnings for fiscal years 2005 and 2004, as well as the first two quarters of this year, to correct accounting errors it said led to the company understating its income tax liability last year by $32 million.
– Associated Press
IN BRIEF
Apple Computer just sold its 1 billionth song … Research In Motion’s BlackBerry, carried by Wall Street bankers and Washington politicians, scored lower than Palm Inc.’s Treo in a survey of customer satisfaction … Time Warner director and philanthropist Ted Turner said Chief Executive Officer Richard Parsons is doing a good job “for the most part.”
– Bloomberg News
