Instant Tax Solutions co-founder Byron Pederson tells A Gathering of Experts readers that recent bad publicity has marred the image of the tax relief industry.
A Gathering of Experts: Welcome, Byron Pederson. Thank you for joining us today.
Byron Pederson: My pleasure.
A Gathering of Experts: As one of the leading tax resolution agencies, could you explain to our readers what the Telemarketing Sales Rule is about?
Byron Pederson: Basically it was a law that the FTC (Federal Trade Commission) was trying to pass that would prohibit tax resolution agencies like Instant Tax Solutions from collecting any form of payment until all of the work had been complete.
A Gathering of Experts: Since the FTC has delayed this bill, does that mean that it is dead?
Byron Pederson: No, of course not. The FTC has simply made a ruling for the time-being. They have the authority to change their minds later.
A Gathering of Experts: Can you Explain California Senate Bill 708?
Byron Pederson: It was very similar to the Telemarketing Sales Rule, except that it was specific to California.
A Gathering of Experts: How has the release of Tax Masters bankruptcy records affected the tax debt resolution industry?
Byron Pederson: Not good, that is for sure. Like any industry, one bad seed can cause black marks for us all.
A Gathering of Experts: What can a firm in your industry do to soften the blow?
Byron Pederson: We have to confront it head on. Those of us that have nothing to hide must face the media scrutiny.
A Gathering of Experts: So you admit there are problems in the industry?
Byron Pederson: Of course. As with any type of service, there will be those looking to make a quick buck. Unfortunately, one of the biggest issues with consumers, as well as the FTC, is that many firms charge a high up front fee.
A Gathering of Experts: But really, since the client is the one who benefits once the leg work is done, doesn’t it make sense to charge something up front?
Byron Pederson: Yes, it does, to protect the individuals that put forth extensive efforts to help the consumer.
A Gathering of Experts: What do you see as the best way to make sure that all parties are treated fairly?
Byron Pederson: A big part of Instant Tax Solutions is consumer education; I think across the board this is a way to eliminate a great deal of deceptive practices.
A Gathering of Experts: Do you think that the IRS should involve itself in matters such as these?
Byron Pederson: Yes, they should have a little more visibility when it comes to resolving issues of fraudulent tax resolution agencies.
A Gathering of Experts: You have been outspoken about how you believe there should be more regulation in the industry. Who should be demanding the change?
Byron Pederson: Both the public as well as the “good” tax agencies. I also believe the governing bodies of the industry should take a larger role in oversight.
A Gathering of Experts: Well, Byron Pederson, thank you for your time and input today. May we speak with you again sometime?
Byron Pederson: Yes of course.
A Gathering of Experts: Before we go, for our reader’s benefit, can you tell us what you do and who you are?
Byron Pederson: I am the cofounder of Instant Tax Solutions. We are an expert tax resolution agency that specializes in helping consumers regain control of their lives financially.
For more information on Post Falls, Idaho’s Instant Tax Solutions please call them directly at 888.387.4071 or visit them on the web at www.Instanttaxsolutions.com