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H&R Block Provides 90-Day No-Interest Loans to Taxpayers Who Owe Federal Taxes

April 2, 2002
KANSAS CITY, Mo., Apr 2, 2002 /PRNewswire via COMTEX/ -- Taxpayers who find themselves struggling to pay the balance of their tax obligation by April 15, may find relief through an Easy Pay balance-due loan provided through H&R Block. In an effort to provide taxpayers with a flexible option if a tax balance is due, clients of the nation's leading tax services firm will not be charged interest on Easy Pay loans paid by July 13, 2002.

"We wanted to provide the millions of taxpayers who will end up owing taxes with three months of interest-free breathing room," said Mark A. Ernst, president and chief executive officer of H&R Block Inc. "This should provide some immediate relief if they do not have enough available funds to cover a balance due."

Although the Internal Revenue Service (IRS) offers extensions of time to file individual income tax returns, taxpayers still are obligated to pay an estimated tax due at that time, or face interest charges and possibly penalties. The H&R Block 90-day interest-free Easy Pay loan provides extra time needed to find the resources necessary to cover their taxes. There is no additional fee with Easy Pay. Finance charges will apply to an Easy Pay loan if the amount due is not paid within the three-month no-interest window.* Other options taxpayers may consider may include charging balances to a credit card or making installment payments to the IRS, in which both options include a set up fee and charge interest.

Easy Pay loan amounts can range from $300 to $5,000 and can include any tax preparation fees in addition to the tax balance due. Details and applications are available at participating H&R Block locations throughout the country.

* If the loan is not paid in full by that date, finance charges will be imposed from April 15, 2002.

About H&R Block

H&R Block Inc. (NYSE: HRB) is a diversified company with subsidiaries providing a wide range of financial services and products. In 2001, H&R Block served 19.2 million taxpayers - more than any tax or accounting firm - through its more than 10,400 offices located in the United States, Canada, Australia, and the United Kingdom. H&R Block served another 2.3 million tax clients through its award-winning TaxCut(R) software program and its online tax preparation services. Investment services and securities products are offered through H&R Block Financial Advisors, Inc., member NYSE, SIPC. H&R Block, Inc. is not a registered broker-dealer. H&R Block Mortgage Corporation and Option One Mortgage Corporation offer a wide range of home mortgage products. RSM McGladrey, Inc. is a national accounting, tax and consulting firm with more than 100 offices nationwide, as well as an affiliation with 550 offices in 75 countries as the U.S. member of RSM International. Additional information is available on the company's Web site at .

SOURCE H&R Block Inc.

CONTACT: Janine Smiley of H&R Block, +1-816-932-4871, URL:

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