A new tax reform bill introduced in Congress has sparked debates among accounting professionals regarding its potential impact on compliance and advisory services.
Read more...
Explore how cloud technology is reshaping the accounting industry by improving data accessibility, security, and operational efficiency for modern accountants.
Read more...
Explore recent state income tax reforms in the US and their implications for businesses and accounting professionals seeking compliance and strategic advantage.
Read more...
Explore the latest changes in sales tax compliance and economic nexus affecting businesses. Learn how recent rulings and technology are shaping tax strategies.
Read more...
Explore recent leadership changes at Deloitte and PWC, highlighting strategic shifts towards innovation and sustainability within the accounting industry.
Read more...
How AI Is Reshaping Payroll: What Every Business Needs to Know The 2025 Payroll Special Report explores how artificial intelligence is revolutionizing payroll—transforming it from a back-office function into a strategic powerhouse. Discover how AI is enabling greater efficiency, accuracy, and compliance while unlocking real-time insights and cost-saving automation. With insights from industry leaders at ADP, Paychex, KPMG, and more,…
RSM McGladrey saw tax services revenue fall by 6.8 percent for the third quarter ended January 31 as sluggish client demand led to lower rates and fewer chargeable hours. The tax services revenue is part of Block's Business Services segment, which is comprised by RSM McGladrey and RSM EquiCo. The latter, a separate reporting unit, assists clients with capital markets transactions. Tax services revenue dropped to just under $73 million in the quarter end ended, down from $78.3 million a year earlier.
The results were contained in the Form 10-Q filed with the SEC by RSM's parent, H&R Block. The decline in tax revenue was partially offset by an increase in business consulting income, which rose to $68.9 million, up 14.1 percent from $60.4 million in last year's corresponding period.
Among other sectors, revenue from accounting services dropped to $11.9 million in the most recently ended period, down 14.6 percent from $13.9 million. The drop stemmed from the same factors pushing the tax income. Total Business Services revenue fell to $178.5 million, down 3.6 percent from $185.2 million a year ago.
The same patterns held for the nine-month totals with revenue from tax services falling to $251.3 million, down 5.2 percent from $265.2 million in last year's first third quarters. Revenue from accounting services to $35.9 million for the fiscal year to date, down 10.8 percent from $40.3 million. Business consulting revenue rose to just over $192 million for the first nine months of fiscal 2010, up 2.5 percent from $187.1 million a year ago.