First it was Intuit and later this week it was H&R Block reporting that the number of returns filed during tax season failed to meet expectations. Intuit was forced to change its forecast for the year ending July 31 while Block said the number of returns processed through April 18 were down just under 1 percent and that its share of the consumer tax market was flat. Read more...

Two Indian chartered accountants have been barred from associating with a registered public accounting firm while a third has had his audit activities sharply limited for two years. The Public Company Accounting Oversight Board has taken the action against three partners of P. Parikh & Associates and has revoked the registration of the Mumbai, India-based company, while imposing a civil money penalty of $10,000 on the firm.

Intuit this week lowered its guidance for third and fourth-quarter results based on weaker-than-expected TurboTax sales. That announcement came as CEO Brad Smith expressed disappointment in the wake of 3-percent growth in the sale of federal TurboTax units during the recently ended tax season. However, the Mountain View, Calif.-based company held to projections of 5-percent-to-8-percent revenue growth for its professional tax business for the year ending July 31.