Protecting Your Tax Returns | NBC 5 Dallas-Fort Worth

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Protecting Your Tax Returns

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    NEWSLETTERS

    Experts warn to keep a watchful eye over your tax preparer.

    (Published Friday, March 3, 2017)

    Everybody wants the big piece of cake, and that's the case with scammers, too.

    NBC 5 Consumer Responds told you a few weeks back about tax preparers being targeted by scammers so they can get more returns and information with each hack.

    Now there's a warning to look out for the preparers themselves.

    Accountant Sandy Jenkins did the books for the family who owned the Collin Street Bakery in Corsicana, the place known for its fruitcakes.

    They treated Jenkins like part of the family but he was far from it.

    Jenkins, profiled on the CNBC show" American Greed", was funding the sweet life for himself and his wife, Kay, using company money to pay off his credit card.

    He got away with it for eight years, embezzling approximately $16 million.

    Whether for your business, or personal finances, accountant James Ashe said trust, but verify. Don't let one person handle everything.

    Your financial planner shouldn't do your taxes, for example. Your tax accountant shouldn't do the books.

    "It's putting the checks and balances in place so that the people who are in control of the money are different than the people signing off on the money,” said Ashe.

    Don't let your guard down just because the person has been with you a long time.

    CNBC will have more on that North Texas family's problems Monday night, but this is something we all need to learn from -- not trusting tax preparers with everything.

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