TALES FROM THE CRYPT 2

John Donofrio is our resident expert on all things tax. His column Tales From the Crypt makes a regular appearance in the Personal CFO. This month our Crypt keeper, needed to blow off some steam.

Here is another example of how frustrating my business is.

Like clockwork, I was doing my post-morning workout homework (WSJ, NY Times etc.) when I happened to notice an advertisement for a franchise opportunity.
The franchise “opportunity” was Liberty Tax Services. My jaw almost hit the floor.

The ad stated that buying a franchise, comes with complete training. Oh really…How many years, what college or university. I must be a fool for going to school for all those years. I should have just bought a Liberty Tax Services franchise.

I find it very hard to believe that a six week training program will give one the ability to master a tax code that is over nine million words and growing. I know our old nemesis H&R Block has a six week course, but that course it not geared to open up your own practice.

We all have to start somewhere, so I would be lying if I told you I stepped into tax and accounting and knew everything. Tax situations come across my desk everyday that I need to research. I may not have all answers; however, before a return is sent out I will have the answer. But to run a practice where you don’t even know the tax laws is crazy. I am consistently confronted with frightened taxpayers that come in to my office burdened with notices from Uncle Sam. 99% of the time these notices and audits are due to incompetence from a so-called tax professional. “Why do I owe that money from two years ago” is a sentence I hear much to frequently.

As far as the franchise opportunity, I am going to hold out for the Hilton Plastic Surgery franchise. How hard can face lifts and breast augmentation be?