February Special Issue                                                                   February 14, 2012
In This Issue
Follow-Up Corner
Deception & Scandal
CONGRATS TO YVONNE COKER ON BECOMING JANUARY'S CLIENT OF THE MONTH
Yvonne Coker - XNE Financial Advising, LLC Client of the Month
XNE Financial Advising, LLC is proud to announce Miss Yvonne Coker of Philadelphia, PA as the recipient of January's Client of the Month Award. Miss Coker will receive a $50.00 check from XNE Financial Advising, LLC in recognition of her outstanding diligence in taking control of her finances.
 
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Deception, Scandalous Fees and Enduring Waits for Many Taxpayers in 2012

XNE Financial Advising, LLC Special Newsletter
Follow-Up Corner

 

NONE

 

Deception, Scandalous Fees and Enduring Waits for Many Taxpayers in 2012

 

Just four weeks into the 2011 tax season and we're receiving phone calls from tax clients about family-members and friends being tricked into deceptive and scandalous tax preparation methods/techniques. While we feel great remorse for those that have to handle issues on their own involving shady tax preparation practices, there's not much we can do to assist with the issue once it has happen. We do try to provide our clients (existing and potential) with information that we see and hear in the media along with developing issues as to tax season fraud. After reading news articles and consumer complaints as well as speaking with individuals that's been dragged into deceptive manners of some tax preparation company's, we've concluded that its happening to many more innocent and hard-working tax-payer's than any other class. Below we will highlight articles reported by media outlets and consumer complaint boards across the country:

 

Mo' Money Taxes (serving 17 states with 200 offices) - An advertisement amount for Mo' Money Taxes for tax preparation is slightly higher than our average ($100.00 at XNE Financial Advising, LLC compared to $110.00 at Mo' Money Taxes). The difference between Mo' Money Taxes and XNE Financial Advising, LLC can be found in their name, they seem to receive more money for their tax preparation services than advertised. The company has also experienced issues providing a copy of tax returns for customers (weeks before finally distributing them) as well as issuing FAKE tax refund checks. One customer was told they would receive a refund of $7,333.00 minus $110.00 in fees, but according to the IRS online tracking system (Where's My Refund link on the IRS website), the customer's refund was approximately $1,000.00 less than promised by Mo' Money Taxes.

 

Instant Tax Service (serving 34 states with 492 offices) - Various complaints throughout the tri-state area of Washington D.C. has been pouring in about hidden fees around Instant Tax Service tax preparation cost. Case in point, a nursing assistant visited an Instant Tax Service for a $100.00 loan in December 2011 and in-return would allow Instant Tax Service to file their tax return on their behalf. The nursing assistant wasn't aware of the fees associated with the preparation of tax return and the hassle that would later come with trying to figure out what was going on with their refund. After filing their taxes in January 2012 with Instant Tax Service, the nursing assistant was told that their refund check was misplaced/lost; the very next day the nursing assistant received their refund check but noticed fees north of $700.00 was taken away from the refund in order to pay Instant Tax Service for its preparation fees. Other customer complaints include:

  • Charges for Rapid Anticipation Loans (RAL) that Weren't Requested by Customers
  • Additional Fees Added to the Preparation Process
  • Different Quotes for Refunds & Unresponsive Preparers

H&R Block (serving domestically and internationally with 18,000 offices) - Customer complaints have been flowing in about H&R Block's ever increasing fees for some time now, existing clients of H&R Block have reported fees doubling year-over-year as high as $409.00. While the company advertises FREE tax preparation for individuals that will qualify for the 1040EZ tax return, consumers have reported charges of $200.00 despite the qualification limits being met. A resident of Liverpool, NY posted comments this year about being charged $450.00 as a single mother of two dependents.

 

We could continue with more stories for days, no company is perfect but the issues taxpayers have experienced thus far is just the beginning and we're sure more is to come in the near future. XNE Financial Advising, LLC would like to inform the general public along with existing and prospective tax clients that we will continue to work extremely hard to ensure your refunds and questions will never be as complicated as the issues mentioned above. We've also completed research on the average fees charged by franchise tax preparation companies, please see below:

  • H&R Block $229.00 - $304.00
  • Instant Tax Service $185.00
  • Liberty Tax $180.00 - $220.00
  • Jackson Hewitt $175.00 - $389.00
  • XNE Financial Advising, LLC $50.00 - $100.00

*Refer a Friend or Family Member and Receive $25 Per Person up to 20 Referrals.

 

Quick Glimpse at XNE Financial Advising, LLC Tax Preparation Fees:

 

$75.00 for Single

$100.00 for Head of Household

$125.00 for Married Filing Jointly/Separately

 

For those that aren't able to self-complete their taxes or feel as though they may be missing out on some credits and deductions then feel free to reach out to us. We charge less than the National and Regional averages and we don't get paid until you receive your refund direct deposited. We're also an IRS Authorize E-file Provider so you will get the same benefits at the retail store-fronts with us for cheaper and less time consuming (ability to stay home if you don't want to come out).

 

*Referral fees are paid out at the end of every month by check; any discounts given to referred individual will be split between XNE Financial Advising, LLC and the individual providing the referral

 
See Our Tax Season Video 
XNE Financial Advising, LLC Tax Season
XNE Financial Advising, LLC Tax Season
 

XNE Financial Advising, LLC is a financial service company that focuses on core financial management of individuals and small businesses. An independent, fee-only firm located in the state of Virginia that provides services to individuals & businesses on financial and business management matters with concentration of clients inside the tri-state area of Metropolitan area of the District of Columbia, (DC, MD, and VA) with minor concentration of other states.

 

Mr. Epps has a bachelor's degree in Information Systems Management and graduated Cum Laude of his class. Mr. Epps spent seven years with a middle market investment banking firm and within his recent capacity at the firm, Mr. Epps served as a Registered Representative (Broker) where he was responsible for preparing, collecting, maintaining, and disseminating financial analysis for the banking sector.

 

Sincerely,

 

Xavier Epps
XNE Financial Advising, LLC
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