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Richard - Bizlaw
Richard - Bizlaw, Attorney
Category: Business Law
Satisfied Customers: 10569
Experience:  30 years of corporate, litigation and international law
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I've recently opened a credit repair business, filed the

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I've recently opened a credit repair business, filed the paperwork, got a surety bond, etc.I now want to start representing my customers to negotiate lower interest rates for them or a lump sum pay off amount, what must I do in order to legally do this?ALSO what would I need to do/file if I wanted to open a tax preparation company?

Hello, my name is ***** ***** I will try to help you. Please remember I just report or interpret the law, so the outcome may not be what you hoped for.

You would need an agreement, frequently, a power of attorney, authorizing to discuss with the creditor the customer's situation. Once you have that agreement you can enter into the negotiations with the creditor.

In Texas you do not need a license of any kind but you will need to get a Preparer Tax Identification Number. This number has to be put on any return you prepare. You will also have to take a copmetency exam with the IRS. Once you become a registered tax preparer with the IRS you can prepare and file tax returns for your clients.

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Customer: replied 3 months ago.
What is the competency exam named? I assume I can just take this at a local testing center, is this assumption accurate?

Here is a link that discusses the test. https://www.irs.gov/uac/registered-tax-return-preparer-test-explained I suggest you contact the IRS to get any detailed information you need.

If I have answered all your questions, please highly rate my answer as that is how I receive credit. If you have more questions, please let me know. If the answer was especially helpful you can provide a bonus.

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