FTC Warns Tax Preparers

[Lee B]

"The Federal Trade Commission says five large tax preparation companies could face civil penalties if they use or disclose data collected for tax prep for such unrelated purposes as advertising without getting the consumers' consent first.

The five firms are H&R Block, Intuit, TaxAct, TaxSlayer and The Lampo Group LLC, d.b.a. Ramsey Solutions."

[Terry D EA]

Ramsey Soultions?? I looked into being a Ramsey Pro and quickly declined. To join, they wanted $1,000.00 training fee plus $149.95 per month membership and 40% of your fee for individuals and 60% for business. I thought this was crazy. I had never heard of the Lampo Group, LLC and didn't know they offered any tax prep. I'm glad I refused.

 

[Patrick Michael]

Had a colleague sign up to be a Ramsey "Endorsed Local Provider" after they promised he would get many good referrals and grow his business.  Turned out he spent most of his time answering questions for free, with few new clients. 

[Terry D EA]

I can believe it and those are the same promises made to me. For a guy that promotes smart financial planning among many other things, this is not smart advice at all. Very poor decision to make an investment with less than sketchy return. 

 

[Lee B]

He's in the infotainment business to make money for himself