TaxMasters files for bankruptcy

TaxMasters might not be a household name across the nation but due to their extensive cable advertising in Texas and Minnesota, the company along with their CEO Patrick Cox are instantly recognizable in these states. The company that was created to help consumers who faced problems with their taxes are filing for bankruptcy on Monday.  TaxMasters has been the target of numerous complaints including one by Texas Attorney General Greg Abbot, who two years ago delieved numerous accusations against the company.  The chargers were unlawfully misleading customers about their service contract terms, failing to disclose its no-refunds policy, and falsely claiming that the firm’s employees would immediately begin work on a case.  Often times TaxMasters did not begin work on a case until all of the services were paid for which would put their customers at a disadvantage against the IRS.