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BUSH'S INCOME TAX REDUCTION PLAN TO OFFER FEWER TAX REFUNDS IN '93 ACCORDING TO H & R BLOCK PRESIDENT

 BUSH'S INCOME TAX REDUCTION PLAN TO OFFER FEWER TAX
 REFUNDS IN '93 ACCORDING TO H & R BLOCK PRESIDENT
 KANSAS CITY, Mo., Jan. 30 /PRNewswire/ -- President Bush's order to immediately reduce income tax withholding is contrary to the desire of many U.S. taxpayers that will backfire when the working men and women of America discover there are smaller and fewer tax refunds in 1993, Thomas M. Bloch, president and chief operating officer of H & R Block Inc., said today.
 Bloch also stated many taxpayers will be shocked next year when they discover they will owe money instead of receiving their refund check. The average annual federal refund was more than $900 last year, Bloch said.
 Bloch announced that in order to help taxpayers maintain the annual refund they have come to expect, H & R Block will prepare new W-4 forms free.
 Under the program, a taxpayer can come to the firm's more than 7,000 offices nationwide and receive this free service.
 "We'll help individuals keep their withholding as it is now, rather than having it changed under President Bush's order," said Bloch.
 Bloch pointed out that the new withholding rules can be instituted without an act of Congress and will be automatic, whether or not employees want the new rules to apply. Employees who want to withhold at the current level in order to ensure a refund will have to fill out a new W-4 form.
 "We feel so strongly about this that we are offering to provide this service free to taxpayers nationwide," Bloch said. "Anyone who wants to make sure there will be a tax refund at this time next year can come to the nearest H & R Block office and ask us to fill out a new W-4 form."
 The average annual federal tax refund last year was more than $900, Bloch said. Under the President's order, the majority of taxpayers would receive a far smaller refund and in some cases would end up owing the government.
 "The new program will be putting a few dollars a month into their pockets now, but what hasn't been made clear is that next year's tax refund will be cut," said Bloch. "Americans overwhelmingly prefer to withhold sufficiently so they will receive a refund in the first quarter of the following year."
 -0- 1/30/92
 /CONTACTS: John McAnulty, 816-474-9407 (work) or 913-894-6012 (home); or Anne Canfield 816-474-9407 (work) or 816-361-1599 (home), both of H & R Block/ CO: H & R Block ST: Missouri IN: FIN SU:


DG -- SF011 -- 5560 01/30/92 19:35 EST
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Publication:PR Newswire
Date:Jan 30, 1992
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