Finance
H&R Block’s Tax Day Outage Frustrates Last-Minute Filers
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H&R Block said it experienced technology outages on Monday, temporarily preventing thousands of last-minute tax filers from sending in their returns.
Some people who bought and downloaded the H&R Block software on their computers were unable to electronically file their returns. Those who use the company’s software through a web browser or who work directly with its tax professionals weren’t affected, H&R Block said.
A H&R Block office is seen on the day President Donald Trump signed the Republican tax cut bill in Washington, DC on December 22, 2017 in Miami, Florida. (Photo by Joe Raedle/Getty Images / Getty Images)
The outage started around 9 p.m. Sunday and continued for most of Monday. An H&R Block spokeswoman said the company fixed the problem by around 4 p.m. Monday. It has notified clients via an in-product message and is telling people who call customer service that they can now e-file their returns.
The filing deadline for tax returns in all but two U.S. states is 11:59 p.m. on Monday. Millions of Americans rely on online tax preparation services to help them fill out the appropriate forms and send them to the Internal Revenue Service.
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H&R Block, one of the largest tax preparation companies, had told some customers experiencing issues that they could print out their forms and send them to the IRS by mail. The IRS encourages e-filing, warning that processing paper returns takes several weeks longer. Paper filers who are owed refunds can experience delays receiving them.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| HRB | H&R BLOCK INC. | 46.32 | +0.06 | +0.13% |
H&R Block said it received about 2,000 inquiries related to the technology outage. More than 20 million taxpayers filed with H&R Block last year.
Users posted on social media that they were getting error messages, and repeat pending credit card charges for multiple filing attempts.
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Many taxpayers who procrastinate owe taxes. Late filing penalties and interest charges on balances due kick in one day after tax day.
View of the Internal Revenue Service (IRS) building in Washington, DC, on January 24, 2023. (STEFANI REYNOLDS/AFP via Getty Images / Getty Images)
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Separately, the U.S. Treasury Department said Monday that it met the goal of 100,000 taxpayers filing returns as part of the Direct File pilot program by midday Sunday, with more than 50,000 taxpayers filing over the past week. Eligible taxpayers in all 12 pilot states can file simple tax returns using Direct File until 11:59 p.m. on Monday, or on Wednesday for those in Massachusetts. Taxpayers with more complicated returns can file for free online with an IRS Free File partner or by using IRS fillable forms.
Warren Buffett poses with Martin, the Geico gecko, ahead of the Berkshire Hathaway Annual Shareholder’s Meeting in Omaha, Nebraska on May 3rd, 2024.
David A. Grogan | CNBC
Warren Buffett went on bit of a shopping spree in the stock market before Christmas, picking up shares of Occidental Petroleum among others during a swift December sell-off.
Berkshire Hathaway purchased additional 8.9 million shares in the Houston-based energy producer for $405 million through transactions Tuesday, Wednesday and Thursday, pushing its stake above 28%, according to a regulatory filing late Thursday night.
During the same time frame, the Omaha-based conglomerate also bought about 5 million shares of Sirius XM for around $113 million as well as about 234,000 shares of VeriSign for roughly $45 million. These two stakes are much smaller in size, so these transactions could be made by Buffett’s investing lieutenants Todd Combs and Ted Weschler.
All told, Berkshire bought over $560 million worth of stocks over the last three sessions.
The 92-year-old legendary investor appeared to have taken advantage of a broad market pullback that made these stocks much cheaper.
Occidental shares have dropped more than 10% this month, bringing its 2024 losses to 24%. The energy company, once known for being founded by legendary oilman Armand Hammer, is Berkshire’s sixth-biggest equity holding. Buffett has ruled out a full takeover.
Occidental Petroleum
The sell-off in Sirius XM has been more dramatic. The New York-based satellite radio company is currently in its six-day losing streak, falling 23% this month and 62% this year.
Berkshire started hiking this bet after billionaire John Malone’s Liberty Media completed its deal in early September to combine its tracking stocks with the rest of the audio entertainment company. Now, Berkshire’s stake has risen to about 35%. SiriusXM has been grappling with subscriber losses and unfavorable demographic shifts.
Internet name VeriSign has also had a rough year with its stock down 6% in 2024, significantly underperforming the tech sector. Berkshire first bought the tech stock in 2013 and hasn’t adjusted the stake in years.
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