Choose your Tax Preparer Wisely

Choosing a Tax Preparer, Small Business, ITS Financial LLC, the 4th largest tax preparation service in the nation, was recently ordered by a federal court judge to shut down its operations. Just about every facet of their operations allegedly includes false and deceptive practices including fabricating information, instructing franchisees to lie to the IRS in the event of an audit, and charging clients junk fees.

They partnered with a lending business, claimed it was a ‘third party’ lender, and then encouraged customers to apply for loans just to charge them with more junk fees once they were denied. According to the feds, the executives at ITS “knew of and has reason to know of this pervasive illegal conduct, but did virtually nothing to stop it, and, at times, directly or indirectly encouraged it.”

Choosing a trustworthy place to outsource work is vital to the life and success of your business. So, pick and partner with only those you can trust. Don’t be tempted by risky, temporary, less-than-honest schemes or too-good-to-be-true promises.

If you don’t know someone in the area of your need, how do you find someone you can trust? First I recommend contacting friends or other business owners for a referral. Secondly, interview the candidate and see if your values are aligned. This will also allow you to see if you are easily able to communicate, and if you feel there is a connection. Working with someone who will assist with your tax return is important, and finding the right fit is imperative.

Don’t choose a business based on price alone. Many choose tax preparers because they are the cheapest, and that can be more expensive in the long run. Choose an expert who knows the tax laws, will be there in case of an audit, and is someone you can build a long term relationship with. You’ll be glad you did.