Mo Money Taxes leaving consumers with serious questions
BBB issues consumer alert on nationwide tax company
AUSTIN, Texas - Feb. 8, 2012 – A number of Better Business Bureaus across the country have received consumer complaints and media questions about a tax preparation company called Mo Money Taxes (also known as MoneyCo USA).
Mo Money Taxes, a tax preparation company headquartered in Memphis, TN, has an F rating with the BBB in Memphis for failure to respond to consumer complaints.
The Arkansas Attorney General sued the company in 2010 over its failure to properly disclose its fees. Police in Norfolk, VA have confiscated computers and closed the local office. BBBs around the country have given local offices and franchises varying grades based on consumer complaints in their area.
Some of the complaints to BBBs include:
· Consumers were promised their refunds by the end of January but have not yet received them;
· Consumers are going to some Mo Money offices and finding them closed;
· Consumers tell BBB that Mo Money doesn’t answer the phone or return calls;
· Consumers allege that Mo Money blames the delay on IRS problems/computer glitches but some consumers have contacted the IRS directly and have been told the refunds have been sent.
There is no official response from the IRS at this point, and Mo Money Taxes is still listed on the IRS website as an acceptance agent. BBB attempted to contact the Mo Money Taxes office in San Antonio, TX but was unable to reach the company.
If looking for a professional tax preparer, BBB recommends you follow these tips:
· Get references and do your research. Get referrals from friends and family on who they use and check out the company at bbb.org to see its BBB rating and BBB Accreditation status.
· Look for credentials. It's recommended to seek a tax pro who is an Enrolled Agent, Certified Public Accountant or a Tax Attorney. These preparers have completed extensive examinations on tax matters and must stay current by meeting continuing professional education requirements. Only CPAs and tax attorney’s can represent you in Tax Court if you are audited.
· Get a firm estimate in writing. The cost of preparing your return will vary depending on the complexity and completeness of your information.Before you agree to move forward, present all of your information and get a firm estimate in writing.
· Don’t fall for the promise of big refunds. Be wary of any tax preparation service promising larger refunds than the competition, and avoid tax preparers who base their fee on a percentage of the refund.
· Think about accessibility. Many tax preparation services only set up shop for the months leading up to April 17. In case the IRS finds errors, or in case of an audit, you might need to be able to contact your tax preparer throughout the year; be sure to find out how you would do so.
· Avoid Refund Anticipation Loans. Tax preparers often offer refund anticipation loans to allow you to immediately receive your tax refund; however, this is not an actual refund from the IRS but a short-term loan from the company typically with a high interest rate. To avoid RALs, consider filing your taxes electronically and requesting to have your money direct deposited.
To check the reliability of a company and find trustworthy businesses, visit bbb.org.
About Better Business Bureau:
BBB's mission is to be the leader in advancing marketplace trust. BBB accomplishes this mission by creating a community of trustworthy businesses, setting standards for marketplace trust, encouraging and supporting best practices, celebrating marketplace role models and denouncing substandard marketplace behavior.
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