• Report: #103316
Complaint Review:

Traders Accounting - Jim Crimmins, Pres.

  • Submitted: Thu, August 12, 2004
  • Updated: Tue, September 18, 2012

  • Reported By:Mill Valley California
Traders Accounting - Jim Crimmins, Pres.
14040 N. Cave Creek Rd. #302 Phoenix, Arizona U.S.A.

Traders Accounting - Jim Crimmins, Pres. Recommend unnecessary services, overcharge for them, mislead you, then stop responding to your emails Phoenix Arizona

*Consumer Comment: Most accounting services are high. too high IMHO

*Consumer Comment: Invalid Rebuttal

*UPDATE EX-employee responds: Rebuttal from a contract worker of Traders Accounting in 2006.

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As an active day trader, I looked to Traders Accounting for tax advice because they were associated with Pristine.com, an organization I greatly respect.

Traders Accounting recommended that I spend $3000 to set up my trading business, despite the fact that I did not expect to make any money for quite some time. I gave them $3000 for what they told me was a deposit towards future services.

I have since done some research, and learned that a) Traders Accounting significanly overcharges for what they propose to do for you...other firms can do it for $300 - $500, and b) what they recommend is overkill for most situations.

I asked for a refund prior to Traders Accounting having done any work at all for me, they refunded only $2500 of my $3000, saying that they were holding back $500 for time already spent with me. This was despite their president, Jim Crimmins, telling me earlier that no charges would be made and that I would get my entire deposit back.

When I leared that they were retaining $500, I sent an email to Jim Crimmins disputing the charge and requesting more information as to what the charge was for. He never replied to that email. I've sent two additional emails to him, neither of which have been returned.

These guys rely on naive traders with grandiose notions of future trading success to overcharge for unnecessary services.


Mill Valley, California

sorry, allowing you to give a competitors name would instigate others to just file against their competition, to only come back later to suggest their company your comments on this policy are welcome! CLICK here to see why Rip-off Report, as a matter of policy, deleted either a phone number, link or e-mail address from this Report.

This report was posted on Ripoff Report on 08/12/2004 09:21 AM and is a permanent record located here: http://www.ripoffreport.com/reports/traders-accounting-jim-crimmins-pres/phoenix-arizona-85022/traders-accounting-jim-crimmins-pres-recommend-unnecessary-services-overcharge-for-th-103316. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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#1 Consumer Comment

Most accounting services are high. too high IMHO

AUTHOR: daytrader50 - (United States of America)

When I saw the beef someone had about traders accounting INC. it reminded me of when I hired an accountant to refile my cost basis/taxes from 3 yrs earlier. All for a $250 fee. Well, 2 years later the IRS has not resolved this, and my acct either doesnt return my call or promises to take care of it "next time he goes down to the IRS." What I learned-Dont do business with anyone in this delicate field you never met in person. My acct was a recommendation from a day trading firm so I thought they would have the best info. Not so! In regards to Traders Accounting INC.  I went to their book keeping services tab,and saw they want $200 an hour for book keeping services, all done by a CPA) They claoim. Would we really know. So I went to costowl.com to see what booking services should run, and they agree that $200 an hihour for a CPA is not exhorbitant. iT BURNS MY A$$ though, as most physicians do not make that much, and Im sure they dont wirk 60 minutes in an hour either when they bill for several hours. So I thought I would share what Costowl.com said:  

Once you get a bill, review it carefully. You dont have much say over the hourly rate. But, you should be aware of which levels of employee are performing each task. If a CPA is doing almost all of the work - even routine tasks - youre paying too much. Youre also paying too much if a junior accountant is spending hours and hours on complicated tasks that a CPA could do quickly.

When I listened to traders acct webinar, they probably are very good, but my opinion is that for a guy who isnt sure if he will be very,very profitable where it pays to worry about every deduction, I would pass. They seem as one guy said to be "overkill."  I actually as someone crossing that bridge between paper trading and going pro, I felt very over whelmed by their website and almost gave up trading! So I said to myself-"Dont hire anyone. WIN FIRST! Then at the end of the year if you make or lose a couple of thousand, it wont matter who you hire anyway, but if big money is involved, Im sure these guys will  still have a slot available by tax time!
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#2 Consumer Comment

Invalid Rebuttal

AUTHOR: anonymous - (United States of America)

I am of the opinion that the Rebuttal presented was deceptively posted by Jim "Crimmins" and represented as that of an ex-employee.  I am of the opinion that the rebuttal is filled with misleading and deceptive commentary.

Personally, I DO NOT TRUST any of the people at TRADERSACCOUNTING.COM and am of the opinion that they should be AVOIDED.

I believe that comparable services can be obtained from legal document preparation services for $300-$500 as the original complaint states.  Further, I am of the opinion that the "education" and "instruction" services promised are nothing more than telling you where to sign, date, and fill in blanks in an otherwise boilerplate document.

The services did not include filing for State tax identification numbers where applicable.

The services did not include notifications of any other State requirements, some of which carry fines for non-compliance.

The sales puffery seemed designed to create fear, in the event you do not choose them to provide the services.

My opinion is that TRADERSACCOUNTING.COM may not adequately answer any preliminary questions, and will likely provide services on their time schedule, potentially making it so they don't have to provide any of the services they promise.

Steve (In Mill Valley, CA) has it right: RUN AWAY FROM THESE FOLKS!!!


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#3 UPDATE EX-employee responds

Rebuttal from a contract worker of Traders Accounting in 2006.

AUTHOR: Jim - (U.S.A.)

I worked in this company as a contract worker. The IRS law in this area is very complex and requires intense research to properly serve the client.

Everyone at this company that I worked with is beyond reproach as far as integrity goes, and I interacted with all staff right up to the VP. This is unusual for contract / temporary staff in any organization.

I worked with the Director of Taxation, a person I greatly admired.

Even as a temporary / contract worker, I was invited to meetings / events that only employees are usually allowed to attend.

I have 15+ years of Accounting and Tax experience and thoroughly enjoyed my experience at Traders Accounting.

I feel that due to the complex nature of the "trader vs. investor" status according to IRS rules can be confusing to outside clients.

I have seen their research materials and have looked at their products and training materials.

I would feel quite comfortable with their advise in this complex situation.

I would work for them at any time in the future.

Thank you,
Jim, in Phoenix, AZ by way of Long Island, NY.
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