There’s no doubt in my mind that even if every tax preparer in the country obtained a license, there would still be problems with tax professionals. It’s human nature: Some people are greedy and, as Willie Sutton didn’t state [when asked why he robbed banks], “That’s where the money is.”
Today’s story bears that out. A CPA in Springfield, Missouri was put in charge of two trusts for beneficiaries of estates. Instead of the money going where it was intended, a large portion of it went into his wallet. The CPA, Murphy Hubbard, pleaded guilty to two charges of mail fraud and one of tax evasion. He’s agreed to make full restitution to the victims (including the IRS). He’ll also enjoy 42 months at ClubFed.
The idea that just because people have a license there will be no bozo tax professionals is, well, bozo. There may be good reasons for licensing but this isn’t one of them.
Tags: BozoTaxPreparer