US RSM firm owner reduces its losses after winding down its problematic mortgage business.
Accountancy Age, 05 Sep 2008
RSM's US firm's parent H&R Block has reported a smaller quarterly loss as it recovers from its sub-prime issues and focuses on tax.
The company, of which RSM McGladrey is a part and which is the largest US tax preparer, had high-profile issues with sub-prime mortgages, issues which partly explained why it could not bail out troubled former UK RSM firm Robson Rhodes last year, which eventually became part of Grant Thornton.
The company's loss was 56% lower than the previous year for the first quarter, at $132.7m. The loss last year for the same quarter was $302.6m, Reuters reported.
H&R Block often loses money in the first quarter since it is outside the main tax filing season.
Further Reading:
An earlier version of this story suggested that H&R Block was the US member firm of the RSM network. In fact, RSM McGladrey is the US member firm of the RSM network. RSM McGladrey is owned by H&R Block. We apologise for any misunderstanding that may have arisen.
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