May & Barnhard PC

Complaint ID
Inbox
x
*** *** ***>
Aug (days ago)
to me
Hello *** ***,
Just wanted to make sure you received this email and that our case is closed with the Revdex.com Thank you again for your time
Judy *D'***
Office Manager
May & Barnhard, P.C
Cordell Avenue
Bethesda, MD 20814-
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Fax: ###-###-####

July 11, 2014Dear [redacted]:This letter is in response to your letter dated July 2, 2014, addressed to [redacted], regarding a complaint filed with the Revdex.com of Metropolitan Washington, DC and Eastern Pennsylvania (“the Revdex.com”). According to your letter, the Revdex.com...

received a complaint from the owner of a Vantagepoint IRA administered by ICMA Retirement Corporation (“[redacted]”).As indicated in the Revdex.com complaint, the IRA owner requested an in-kind transfer of her IRA account balance to a third-party IRA custodian, on April 22, 2014, by submitting a request form created by the complainant’s third-party advisor. [redacted] does not provide in-kind transfers but made a good-faith attempt to fulfill the complainant’s request by selling the underlying investments in the IRA account and sending a check to the third-party IRA custodian to complete the requested rollover on April 23, 2014. [redacted] did not initially notify the complainant that [redacted] does not provide IRA owners with an option to transfer funds in-kind to third-party custodians.[redacted]’s standard process is to contact a requestor to communicate its in-kind transfer policy prior to making the transaction. However, this did not happen in this case and we are reviewing our policies and procedures for potential areas of enhancement to ensure a similar issue does not recur.[redacted] has offered, and the IRA owner has accepted, restitution for any increase in value to the intended investments for the period after [redacted] provided the check in accordance with the rollover request and before the complainant reinvested the money.If you have any questions or concerns, please feel free to contact me at the contact information provided below.Sincerely,David T[redacted] Vice President, Client Services

Review: I first went to May & Barnhard in 2010 to prepare my tax filing because I was recently divorced and clueless about the process (my husband had handled such activities). The firm had consulted on my divorce, so I thought it best to to go someone who knew me. The charge was high ($650, according to my records), but I didn't know better. In 2011, unemployed for more than a year at that point and surviving on a little freelance work, I filed on my own. However, I was concerned I had not done it properly, so went back to them in 2012. At that point, I was still unemployed except for fitful freelancing. I assumed the 2012 fee would be similar to the one in 2010 and I was shocked when I received an invoice for more than $1,900. I had only made $2,500 in income in 2012, and for them not to have informed me how much higher their fees would be that time was unconscionable. I emailed the firm to object, saying I could not possibly pay such a high fee, since I was still unemployed. The only explanation I was given for the amount of the fee was that I had lived in two different states for that year and thus two filings were necessary. I was then referred to an office administrator, who agreed I could pay in installments. I paid the first third, but it was (and is) a significant hardship. I began doing some research, talking to a number of other tax preparers and individuals who has sought such services. All agreed on two things: (1) $1,900 was wildly out of the typical range, and (2) I should have been informed how high it would be in advance, especially in light of the fact that the company was well aware of my financial situation.I have brought the results of my research back to the company with a mention of going to the Revdex.com. After at first acting quite conciliatory, they offered to come down to $1,400 -- but only if I agreed to pay on the spot. I refused.Desired Settlement: I want a more significant reduction in fees. May & Barnhard's records differ from mine. They say that I paid approximately $900 in 2010 when they first did my taxes. I am willing to pay that amount -- which would be about $250 more than I already have paid them.

Business

Response:

July 11, 2014Dear [redacted]:This letter is in response to your letter dated July 2, 2014, addressed to [redacted], regarding a complaint filed with the Revdex.com of Metropolitan Washington, DC and Eastern Pennsylvania (“the Revdex.com”). According to your letter, the Revdex.com received a complaint from the owner of a Vantagepoint IRA administered by ICMA Retirement Corporation (“[redacted]”).As indicated in the Revdex.com complaint, the IRA owner requested an in-kind transfer of her IRA account balance to a third-party IRA custodian, on April 22, 2014, by submitting a request form created by the complainant’s third-party advisor. [redacted] does not provide in-kind transfers but made a good-faith attempt to fulfill the complainant’s request by selling the underlying investments in the IRA account and sending a check to the third-party IRA custodian to complete the requested rollover on April 23, 2014. [redacted] did not initially notify the complainant that [redacted] does not provide IRA owners with an option to transfer funds in-kind to third-party custodians.[redacted]’s standard process is to contact a requestor to communicate its in-kind transfer policy prior to making the transaction. However, this did not happen in this case and we are reviewing our policies and procedures for potential areas of enhancement to ensure a similar issue does not recur.[redacted] has offered, and the IRA owner has accepted, restitution for any increase in value to the intended investments for the period after [redacted] provided the check in accordance with the rollover request and before the complainant reinvested the money.If you have any questions or concerns, please feel free to contact me at the contact information provided below.Sincerely,David T[redacted] Vice President, Client Services

Business

Response:

Complaint ID 10098498

Inbox

x

[redacted]>

Aug 4 (8 days ago)

to me

Hello [redacted],

Just wanted to make sure you received this email and that our case is closed with the Revdex.com. Thank you again for your time.

Judy *. D'[redacted]

Office Manager

May & Barnhard, P.C.

4840 Cordell Avenue

Bethesda, MD 20814-3011

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Fax: ###-###-####