The television commercials feature TaxMasters' red-bearded founder and CEO, Patrick Cox, who claims his company's staff of former IRS agents and tax professionals \"have helped many good people just like you.\"
The TaxMasters ad blitz has been a driving force in the company's soaring corporate revenues. The company, which went public last year, brought in $45.7 million in 2010, a three-fold increase in two years, according to filings with the Securities and Exchange Commission.
The company linked \"an increase in advertising expense\" to \"increased sales volume\" in its year-end filing.
The Minnesota attorney general says many of the company's employees are skilled tele-marketers who have little knowledge of the complicated tax issues faced by people who have fallen behind in filing their returns or making tax payments.
\"When you call, you think you're talking to a tax professional,\" said Swanson. \"You're really talking to just a salesperson who's trying to get you to sign up.\"
In his statement, TaxMasters president Cox said, \"It is not surprising that ABC News dug through the tens of thousands of taxpayers we have spoken with over the years and found a few individuals willing to complain on camera.\"
Cox said he could not comment on specific cases cited to him by ABC News, but said they \"are not a fair representation of TaxMasters' client base or business practice.\"
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