Dec 14, 2012

"Mo Money Mo Money Mo": Justice Seeks to Shut Down Early Bird Preparer

The Department of Justice has asked a federal court to shut down a tax office in Nashville, Tenn., that allegedly prepared returns before tax season started. An injunction is being sought against Mo' Money Taxes licensee Toney Fields and co-defendant, Trumekia Shaw, who allegedly prepared tax returns based on pay stubs. It was only the latest in a string of problems and allegations surrounding the Mo Money tax preparation chain.

The two allegedly opened their office in December and utilized end-of-year pay stubs to prepare returns before employers issued W-2 forms in violation of rules of the Internal Revenue Service. They also are accused of creating fake W-2s to file with returns and of inflating or claiming fax tax credits, including the earned-income credit, in order to get larger refunds for their customers, along with utilizing false filing statuses and bogus charitable contributions. The IRS estimates it lost more than $15 million in tax revenue on more than 1,100 returns prepared in 2011.

The entire story can be found at

Also, stay tuned because these two preparers may make the legendary Tax Preparers' Hall of Shame in 2013. The preparers have to be proven guilty before joining the club.

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