H&R Block to cut jobs, close offices

H&R Block Inc. prepared a record 22.2 million US tax returns this tax season, according to the Kansas City Star, but the nation’s largest tax preparer is not kicking back and relaxing. Block warned today that its fiscal 2012 results would probably be below Wall Street estimates, MarketWatch reported.

The Kansas City, Mo.-based firm also said today that it is planning to cut 350 full-time jobs, close 200 underperforming offices and make management changes, the Kansas City Star reported.

"These steps are necessary so we can create a stronger company, invest in our future and produce greater value for our clients and shareholders," President and CEO Bill Cobb said in a statement, according to the Associated Press.

More from GlobalPost: Fatal car crashes increase on tax deadline day: study

Block is attempting to shrink its costs by $85 million to $100 million annually by the end of fiscal 2013, MarketWatch reported.

Employees who are losing their jobs will be offered buyouts, the Kansas City Star reported.

Block also said it was making management changes as it unites its digital and retail store tax businesses, the Kansas City Star reported. Four executives will lead US client services, the AP reported. Jason Houseworth, head of Block’s digital business, was named president of US tax services and Amy McAnarney becomes president of retail client services.

The company’s plans were announced after the markets closed, and Block shares fell more than 16 percent in after-hours trading, the AP reported.

More from GlobalPost: Meet the people behind Turkey's 'miracle'