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Franchise Showcase:
The Blue Coast Financial Opportunity
A complex tax code drives countless taxpayers to seek professional help when preparing their returns, yet many still unwittingly overpay their income taxes. TaxBack employs experts to review taxpayer returns and recover overpaid taxes, with franchisees receiving a share of any windfall.
Seeking a second opinion from a medical expert is second-nature to most people, even though medical professionals are thoroughly trained and highly regulated. But people rarely seek a second opinion on their income tax returns--despite the fact that paid tax preparers are not always required to be licensed and often receive very little training. Yet taxes often warrant a second look as mistakes can be quite costly. Blue Coast Financial's TaxBack program provides franchisees with the means to help taxpayers resuscitate lost refunds and recover erroneously paid taxes.
Not All Tax Preparers are Tax Professionals
These days, anyone who can operate tax preparation software can prepare tax returns for others-- without proving they can distinguish a 401(k) from a Roth IRA. Despite 20,000 pages of regulation and a federal tax code containing more words than the Bible--and subject to as many divergent interpretations--there is no federal requirement for preparers to prove any tax knowledge before accepting money for tax preparation services.
TaxBack's Experienced Review Team Knows the Code
Studies show that even paying high-priced, licensed professionals does not ensure the accuracy of tax returns. Attorneys and CPAs who often prepare taxes only as a sideline may lack current tax knowledge. And even seasoned professionals with up-to-date information can make mistakes when long hours and heavy workloads take their toll.
TaxBack's review specialists have a keen grasp of the Internal Revenue Code and a sharp eye for details that others might miss. They use their years of experience and specialized knowledge to conduct an investigation that goes well beyond the average practitioner-client interview.
Why Taxpayers Need a Second Opinion
Because of the tax code's complexity, taxpayers seldom know when something is amiss on their returns. Many rely on the Internal Revenue Service (IRS) to validate the accuracy of their refunds or balances due. However, the IRS cannot detect many of the errors that cause taxpayers to overpay their income taxes. For example, the IRS does not know a taxpayer supports his aging mother in a nursing home. If his preparer fails to inquire about dependents, the taxpayer may miss claiming the head-of-household filing status, his mother's dependency exemption, and her medical costs.
An oversight like this can cost the taxpayer hundreds and potentially even thousands of dollars in overpaid taxes. However, TaxBack's diligent review team could uncover this error, amend the taxpayer's return, and recover the overpayment, plus interest, up to three years after the error was made.
Clients Always Win with TaxBack Service
Clients pay nothing to have their returns reviewed; they pay only if the reviewer uncovers errors resulting in a refund. TaxBack reports nearly 60 percent of all reviews uncover overpayments, with refunds averaging $6,000, plus interest. Franchisees split 50 percent of any recovered amounts with the franchisor. The prohibitive number of inexperienced tax practitioners and increasing complexity of the tax code presents a huge opportunity for TaxBack franchisees. The nature of this business could create win-win results for everyone involved.
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