Tax Masters (sometimes called TaxMasters) filed for bankruptcy protection in March 2012. Tax Masters was created by Patrick Cox in 2001 and has since grown to over 400 employees at the time of this review. The Attorneys general in both Texas and Minnesota have filed lawsuits against Tax Masters and Patrick Cox, for deceptive business practices, allegedly misleading customers about its ability to reduce their tax bills.
Tax Masters filed for bankruptcy. Whether it will continue to exist remains to be seen. Tax Masters has a fairly long history in the tax relief industry. Clients should exercise extreme caution before engaging Tax Masters. The "F" rating at the BBB, thousands of consumer complaints and lawsuits filed by more than one state alleging deceptive business practices raise significant concerns. Potential clients need to be wary of receiving false promises.