Lessons From TaxMasters Bankruptcy

: Chris Lee Law Firm

  Filed under: Taxes

tax  mastersA leading tax debt firm has landed themselves in hot water with former clients over a bankruptcy filing and allegations they engaged in unprofessional practices. After TaxMasters filed for Chapter 11 a few weeks ago, many clients who sought help for their tax problems have been left to deal with their debts and other troubles on their own.

Tax Troubles

Not only is TaxMasters stirring up trouble over their own debt problems, but many former clients have reported they violated the Texas Deceptive Trade Practices Act and acted unethically when collecting money for services never rendered.  Unfortunately, many people are now in the midst of fighting unnecessary consequences from the IRS over nonpayment of tax liabilities.

While not every tax debt settlement firm operates like TaxMasters, there are a few things consumers should know about their tax debts.

1. The IRS offers options to taxpayers for resolving their tax debts.

2. Taxpayers have the right to request a review of tax liability, tax penalties or request repayment assistance directly from the IRS, without the use of a third party company.

3. The IRS provides notification of tax debt  liability and this notice should never be ignored, but handled as soon as possible.

4.  If a taxpayer needs help with managing their tax debts they should seek counsel from a tax debt lawyer or certified professional.




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