According to Byron Pederson, the Tax Problem Resolution Services Coalition (TPRSC) is an organization that was formed to improve the tax relief services industry by protecting consumers from deceptive advertising. Byron Pederson is one of many professionals in the industry who have joined the coalition. Working with legislators, Byron Pederson and the TPRSC have been able to protect well-meaning tax resolution services from being negatively impacted by pending legislation.
In this brief article, Byron Pederson answers a few questions about a group now in place to regulate financial services and products. Byron Pederson comes to us with years of experience in working with taxpayers and the IRS and he relates how this new regulation will affect the industry.
Q: Byron Pederson, please explain how this regulation came about.
Byron Pederson: Many of us have been concerned for years over the complaints filed against those in our industry. We’ve struggled to get past the damage that some companies do to the reputation of the industry as a whole.
Q: So that was the thought behind the formation of the Tax Problem Resolution Services Coalition. Are tax relief providers the prime target of this new regulatory group?
Byron Pederson: The group is the Consumer Financial Protection Bureau (CFPB). It is primarily concerned with regulating credit cards, student loans, and mortgages, although it will be regulating financial institutions, payday lenders, foreclosure relief, and debt collectors.
Q: Is there a place consumers can go to file complaints against specific providers?
Byron Pederson: By going to www.consumerfinance.gov, a consumer can file a complaint, get information, or obtain advice on repaying a debt.
Q: Where is this regulatory agency located?
Byron Pederson: The Consumer Financial Protection Bureau is inside the U.S. Federal Reserve, but it is an independent government branch. It is closely linked to the U.S. Treasury Department, though.
Q: Will this change things for tax problem resolution services like Instant Tax Solutions?
Byron Pederson: For those operating honestly and above-board, nothing should change, although all financial service providers should be aware of the CFPB’s regulations. Hopefully, it will force those tax relief firms operating unfairly to either close or begin following the same industry standards the rest of us follow. We want the industry to be a safe, trusted place for consumers.
Q: I’d like to thank Byron Pederson for taking the time to talk to us today about the Consumer Financial Protection Bureau.
Byron Pederson: You’re certainly welcome.
Byron Pederson is co-founder of Instant Tax Solutions, a tax problem resolution service that seeks to help consumers with tax issues. With Byron Pederson’s staff of legal counsel, CPAs, and IRS enrolled agents, Instant Tax Solutions upholds a mission to provide reliable services that put the customer first. By working with the Tax Problem Resolution Services Coalition, Byron Pederson hopes to protect taxpayers by eradicating unscrupulous behavior in the industry.