In Apparent Defiance Of Court Order, Fourth Largest Tax Biz In Country Preps For Sale

In a scathing 233 page ruling issued earlier this month, U.S. District Judge Timothy S. Black ordered Instant Tax Service (“ITS”), the fourth-largest tax preparation business in the United States, to shut down its operations. In his ruling, Judge Black wrote that he agreed with the federal government that “[t]his case presents an astonishing array of repeated fraudulent and deceptive conduct” by the Defendants. The Defendants included Fesum Ogbazion, the CEO and sole owner of ITS Financial, and his three companies: ITS Financial, Tax Tree and TCA Financial. The decision followed a nine day bench trial where evidence, according to …

Fourth Largest Tax Prep Business In The Country Shut Down By Feds

The pool of tax preparation services just got a little smaller: a federal court judge has ordered Instant Tax Service (“ITS”), the fourth-largest tax preparation business in the United States, to stop all operations permanently for “extensive and egregious, indeed appalling” harm to taxpayers.

IRS Beats A Dead Horse, Argues For Regulations At Appeals Court

Last year, three tax preparers sued the Internal Revenue Service to prevent the agency from pushing ahead with new regulations. The three were successful – and the IRS filed an appeal. Yesterday, the IRS had the chance to tell a panel of judges why the regulations are appropriate. Were those oral arguments convincing?

Surviving Tax Season: It’s Not Over Yet

With a few weeks to go before tax returns are due for those individuals on extension, tax professionals are already looking forward to the season being over. But who’s to blame for the mess this year?