Kansas City-based H&R Block on Tuesday reported a disappointing tax season and 250 layoffs.
The company expects a 2016 revenue decline compared with 2015, based on a lower volume of tax returns prepared by the company. It declined to offer details of its just-completed tax season, promising its full year report on June 9.
Block said it handled 4.6 percent fewer tax returns this season – 19.59 million in the just-completed season, compared with 20.52 million a year ago.
In response to the business slowdown, Block said it is realigning field operations and beginning a “significant cost reduction effort.”
A year ago at this time, the company reported 90 staff cuts, mostly at its Kansas City headquarters, a result of business being down early in that year’s tax season. It had 2,200 full-time employees at the end of tax season a year ago. This round of layoffs leaves it with 1,735 full-time employees.
Read more: Kansas City Star