We issued a post on December 19th, after reading a notice from the Massachusetts Taxpayer Advocate, on the wisdom of using so called “National Tax Representatives.” The notice indicated that they tend to take large retainers, and do absolutely nothing in return.
We fielded a question at our public presentation at Western New England University on November 5, 2010, issuing the same skepticism. In fact, I believe we had two “horror” stories at that time, with respect taxpayers being “duped” by these companies.
Well, it appears it may have caught up with Tax Masters, the tax resolution company that declared banktuptcy yesterday. Incidentally, 37% of their spending budget was in advertising. They also had some state attorney generals hot on their trail also.
A black eye on the profession, but perhaps the end of yet another financial bilking scheme.