TaxMasters Files for Bankruptcy: What You Should Know

bankruptcy 150x150 TaxMasters Files for Bankruptcy: What You Should Know TaxMasters, the Texas-based company that claimed to provide services to settle taxpayers’ debts for less and recover property seized by the IRS, has filed for bankruptcy, according to CBS News.

The firm, whose commercials you’ve probably seen, is also being sued by the State of Texas for violating the Texas Deceptive Trade Practices Act. Texas alleges that its TV commercials encourage people to call for a free consultation with a tax specialist but the calls are answered by salespeople unqualified to provide tax advice, CBS News reported. They also allege TaxMasters delays providing its services until it collects all of its fees, even if it causes the taxpayer to miss important IRS deadlines.

What to do if you have paid fees to TaxMasters:
If you used a check or a debit card, you’ll need to file a claim as a creditor and wait for the return of their money. You may only receive some of your money. If instead you paid the fees using a credit card, all you need to do is to contact your credit card company and dispute the credit card charge, stating that the services were never delivered as agreed.

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