H&R Block Comment On AMT Patch. More like 'we cannot afford this delay'.
KANSAS CITY, Mo.--(BUSINESS WIRE)--Dec. 19, 2007--The House of Representatives has approved an AMT patch, 352-64, which now goes to the president for his signature.
H&R BLOCK COMMENT:
"The good news is Congress' action today keeps 21 million additional taxpayers from having to pay the Alternative Minimum Tax this year," said Chrys Sullivan, H&R Block's assistant vice president for client services. "The bad news is millions of refunds are likely to be delayed while the IRS reprograms its computers to account for the AMT patch."
Chrys Sullivan is available to discuss the delay and what it could mean for taxpayers. Please contact H&R Block at 816-854-4287 or email@example.com.
1. They couldn't account for the AMT rule change during the CC because it could be positive and negative. Positive for those who are confused by the law change and seek help from HRB. Negative for those who want their refunds sooner. Not responding adds doubt, which was already there during CC.
2. "Chrys Sullivan is available to discuss the delay and what it could mean for taxpayers. Please contact H&R Block at 816-854-4287" They're trying to minimize any damage by having someone help filers while also looking like they are trying to be one step ahead of some potentially troubling news.
I don't think this is going to do much in the way of moving the stock tomorrow. But how this plays out could be crucial to next quarter's earnings.
Even if they say that despite a slow start, they expect a pick up in Feb, March, April, I think the second time around they will be punished by shareholders, if they again overpromise and underperform.
Now tax returns will probably be delayed 4-6 weeks till end of current quarter, so it looks like no solid tax revenue for JAN 2008 quarter to support the rest of the unknown write offs/losses with Option One, etc.... Something big is coming very soon, and I will just say, be careful if your long... Peace
HRB is fishing for free publicity by the news release. IMHO H&R Block will do inverview about what was once called the "Rapid Refund" Am I correct they H&R was sued and must now use the word loan now when they advertise a "Rapid Refund" ?
The term "Rapid Refund" is a trademark of H&R Block and refers to all electronic filing products. E-Filing cuts the turn around time for a refund by 3 to 4 weeks as opposed to a mailed return. Many Taxpayers and Blocks competitors incorrectly associate the term "Rapid Refund" with the Refund Anticipation Loan.