Smith Wealth Management

This Monthly Recap summarizes market performance, major events and news from May 2026. Read more here:

May 2026 Monthly Recap U.S. stocks extended gains in May, with the S&P 500 ending the month with seven straight daily gains and its ninth consecutive weekly gain, its longest winning…

Read the latest issue of Financial Watch here:

Financial Watch | May 2026 When basic money management principles such as saving, spending, earning, and giving are taught at an early age children are more likely to grow into teens and…

WARNING.........

Be cautious in who you use to prepare your taxes. Just had a new client come in that is getting audited by the IRS. The previous unlicensed preparer fabricated expenses that have no relation to the clients situation. The client will now have to repay the refund plus penalties and interest and a 20% Accuracy Related penalty. The unlicensed preparer is not communicating at this point.

Red flags
1. Promise to get a larger refund than anyone.
2. Promise to get you a refund.
3. Filing your return using an online version used by non-professionals and in the preparer information on the 1040 it states "self-prepared".
4. The person that referred you says "They always get me big refunds".
5. Absorbent fees higher than normal.
6. Requiring you to take your fee out of the refund.
7. Creating a business for you and you don't have one.

These type of people are not professionals, not licensed, and don't have any accountability to follow Circular 230. They can be reported to the IRS and need to be.

There are good and bad unlicensed and licensed preparers trying to do right by their clients and I will support those doing so and applaud them for being honest and keeping our profession the way it should be. If you have one of those then hang on to them.

If I come across an unscrupulous preparer that is taking advantage of people, especially the elderly, I will file a complaint on them. Even if they use the turbo tax method of "self-prepared" without your name, I will find out who you are.