Posted on 04/01/2012 4:44:35 PM PDT by Libloather
Texas jury slaps $195 million penalty on TaxMasters, CEO Cox
Reuters – Fri, Mar 30, 2012
(Reuters) - A Texas jury voted to slap $195 million in civil penalties on Friday against the tax advisory firm TaxMasters and its CEO Patrick Cox, who were accused by the state of defrauding consumers.
Houston-based TaxMasters became a household name due to commercials featuring Cox, who promised consumers his firm could walk them through audits, settle tax disputes and recover property seized by the IRS.
It gained more dubious recognition in 2010, when Texas Attorney General Greg Abbott filed a lawsuit saying some of the company's claims were false.
**SNIP**
TaxMasters lodged its Chapter 11 bankruptcy petition on March 19 in U.S. Bankruptcy Court in Houston, listing assets of less than $50,000 and liabilities of between $1 million and $10 million. The company said its unsecured creditors can expect to see some recovery.
(Excerpt) Read more at news.yahoo.com ...
I have to agree...been using HRB for many years. Never been audited. Maximum returns. Only gripe is the price. They go up every year regardless of your income or complexity of your taxes.Now that I am retired plus fixed income, I will be doing my own taxes from now on.
what exactly did he do wrong/improper?
it has to be something substantive to have it get this far.
Mine works for barter.. I don’t care who he calls for help. I just care I get the MAXIMUM back, or minimum owed at the end of the year. And no audit.
if i do get audited I also know the professional that did my taxes will be there during the audit.
>>>if i do get audited I also know the professional that did my taxes will be there during the audit.
H&R Block does that too - part of the deal.
They send you the guy that did them. Or someone else? I want the guy who signed my 1040 there.
The one that did them.
I’ll keep it in mind. I highly doubt I could keep your desk computer running in exchange for doing my taxes.
My CPA is 80 something though... so ya never know.
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