Tax Preparers Unprepared: Estate Planning, Asset Protection Advice
Just in time for tax season, UltraTrust.com looks at a sobering report that reveals incompetence and abuses among the tax preparation community when it comes to Estate Planning, Asset Protection, and even Income Tax Advice in the United States
Boston, MA (PRWEB) February 13, 2014
A January 30, 2014 CNBC report by Herb Weisbaum (1) reviewed a comprehensive study and subsequent report by the National Consumer Law Center (NCLC) that uncovered widespread irregularities in the handling of financial guidance and tax returns by tax preparation professionals nationwide (2).
According to NCLC, a substantial portion of the NCLC report consists of mystery shopping evaluations of tax preparation professionals ranging from certified public accountants (CPAs) to enrolled agents and from major tax return shops such as H&R Block to lesser-known offices such as the colorfully named Mo’ Money Taxes.
Estate Planning, Asset Protection, and Income Tax Advice
from your Accountant is generally a Bad Idea States a
Recent NCLC Study
In general, accountants who only handle 1040s will not be a good choice for Medicaid planning, asset protection, wealth preservation, or estate planning advice.