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Not trust worthy

Complaint Rating:  83 % with 208 votes
83% 208
Contact information:
tax filing
United States
IBSN is a tax filing company based in India. These guys will file u r taxxes with some tricky and riskyway.
will tell you that if a query comes from federal or state govt. they will support you for 7 yrs.
they chagred my more than 400USD . for getting more money as a tax return.
I got query from state ..and theese guys r simply ignoring my emails and calls.
i called more than 20 times everytime i get a answer that we'l get back to you shortly !!

this company is not trust worth .
Complaint comments Comments (1607)    Updated: Complaint country United States Complaint category Bad Business Partners


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A  4th of Sep, 2013 by    0 Votes
i agree with the complaints. Yes he is a absolute fraud and cheat. He ripped me of more than $5000 by the way of IRA investment and never willing to refund. I am filing a report with FBI in few days and have him answer all his past sins.
N  25th of Jun, 2013 by    -1 Votes
To bombaytravelincvictim & Whomsoever It May Concern
Cynergy Tax was/is No Way related to any other US Tax Filing Firm, Cynergy Tax is a Professionally Organized firm run by Professionals over the years and will continue to do so, No matter What, thereby Serving the Thousands of Clients both in US & India to their utmost Satisfaction.
Anyone with any issues relating to Cynergy Tax can communicate directly at info at cynergytax.com and can expect 24 hrs response turnaround through out the year!

Thanks & Regards
Cynergy Tax.
A  21st of May, 2013 by    0 Votes
Looks like, once in a while Laxmi Palaypu comes out to the forum and try to get some sympathy and make some money from the poor new comers in the name of tax filing expert.
and goes back to his fraud business again.
Laxmi - If you have shared your emails for complaints or queries donnt you know that you need to respond back or hold responsible for the promises you made to customers. I have mailed more than thousand times and you havent respond back for a tax audit and atlast you make us suffer for your mistakes. And you claim you deserve respect as the business expert.
A  21st of Mar, 2013 by    0 Votes
Yes, their website is also inaccessible now. There is no way for me to download tax return documents or to see email conversations during my tax filing. I have an IRS audit for 2010 amounting to more than $1600.
A  9th of Mar, 2013 by    0 Votes
I am in the process of filing a case against IBSN for leniency, negligence, harassment (not receiving calls, no response, having no clarity in communications etc) and fraud. Their website is also inaccessible. There is no way for me to download tax return documents or to see email conversations during my tax filing. I have an IRS audit for 2009 and 2010 amounting to more than $10000. I have no way of paying for it. I have been approaching Mr.Laxmi Prasad and group since last 12 months.Someone needs to teach IBSN executives the importance of customer communication/meaning of tax audit representation and IRS case closure.
Anyone who is interested, please do reach out to me at


I am really serious about letting IBSN and Federal govt/IRS about harassment and trauma I went through this journey with IBSN.
This is not a lawsuit to cliam money from IBSN. I would like IRS and Feds look into each and every business of IBSN/associates of IBSN through this legal action.
N  27th of Feb, 2013 by    0 Votes
I got a call from cynergy tax. Sounds like IBSN has started new company as cynergy tax. I have been telling them to remove myname from calling list since last 5 years. Still, I receive call from them every year.
A  21st of Feb, 2013 by    0 Votes
I have only one thing to say.. Unless you depend on you luck do not go with IBSN... (Based on my personal experience)
N  6th of Feb, 2013 by    0 Votes
Dear All -
I would like to post few final comments here -
I have shut down IBSN websites because I am not doing this business in any commercial sense now except for few very old tax & SDIRA Clients that I have. As equally as all of you, I am tired, exhausted of this crap happening. Neither I am operating any different website, nor taken up a living in Germany nor cheating anyone. It is just that I am tired of all this prevailing.

If some “values tax” or some other company approaches you - demand them from where they got the details... Or let us fight to inquire their source of this database. I will join hands.

On audits - Please note, we make representation but not the final authority in offering department judgment in favor of the tax clients. Our practice neither was fraudulent nor was the tax code that we applied on a tax return improper. It is that department is seeking substantiate evidence to prove the temporariness of client projects and that the expenses while on this temporary job holding are not reimbursed separately by the employer. Unfortunately, out of the audits that we represented, the evidence to prove temporariness was not sufficient. When it matters evidence, it is the primary source of information that holds the key information should reveal of such evidence of temporariness. Neither the claims are cooked up, nor the code is incorrectly applied nor our practice ethics were burnt down as this forum comments. Without this evidence, no matter how much we argue, make representation to the department, it is turning futile. It is not that we practiced any undue means. It is also that we have not taken clients refunds on our name. The taxpayer received those refunds. Our average fees on each file was 150 - 350. If the substantiate evidence is not happening and our applicable tax code is not contestable - but the company is suffering still having taken the representation commitment to refund the penalty that we promised to pay.

Refund of penalty - I acknowledge whoever have signed representation agreements with us, it is our moral and fundamental responsibility to pay the penalty amount as committed. I have explained company's financial position to some who interacted with me on my personal email. I have taken up different practice lines and as soon as the company recovers financially, it is my promise in this forum that I will take personal responsibility to pay these penalty amounts. For everyone’s information, I have taken up Private Funding, Crowd Funding and Small Business Services assignment. With God’s mercy and thanks to the knowledge goddess, I could win a $500 Million Private Fund Assignment to structure a Global Agricultural Equity Fund. On this assignment I travel between Germany, Geneva, Madagascar, Ethiopia and Singapore. It is not I am operating like an underworld from Germany. I live in Manhattan, New York City. It is common for a person of my assignment to travel globally and I do so.

On discontinuance of tax business - I resigned a plum position from one of the US largest financial services company with a zeal to serve the Indian community on the tax planning gaps. This zeal started IBSN - We won corporate contracts not by showing higher refunds on the returns but by brainstorming with your HRs on the planning gaps that expats were/are missing on the files... I have personally walked into Infosys, WIPRO or any other company to convince a room of 8-10 top hr & accounts management what planning gap could be filled. It is the same practice that we represented with IRS at least on 300, 000 tax returns so far on which our audit profile is even with these many number postings on the forums is not more than 600 in number which is like 0.002%.
The situation has changed after 2009. Under confidentiality, I do not wish to talk anything bad about anyone - but blame myself. I should not have taken this practice to such heights and become unmanageable. Greed is something that crops in everywhere – My greed was not to earn money but dream of employing 10, 000 accountants in India and become a recognized alternative to the ranks of big 5. But I realize today, it is not sufficient if this zeal is just within me but should run across an organization that attempted reaching that top. I failed to realize some knowledge resources that we tried pulling as the best talent will join me only with the intention to read through the model and the hype that IBSN created; I failed to realize that some of them take disguise and post negative comments to crack IBSN and take benefit of it. I failed to realize the most trusted elements and sources within top would breach trust. I am devastated equally to find that even I receive call from these sites asking if I would file taxes. To promote a company and to raise to the level that IBSN grew was not that easy. I raised resources from all my friends and associates and even employees to support the company to the best of my might. And today I am answerable to all of them. I lost few friends, purchased embarrassment and I should tell you I have become a victim of this greed filled. Adding to this, the financial deformation on account of US economic downturn and reversal of bank facilities pulled my blood and flesh. The loss in IBSN piled my tax payments and it started severely impacting. I am an accountant with 25 years of my precious life into it. But all my practice merit, knowledge and quality and the hard work that I put in, running my career path as a top ranker in Direct Tax laws paper to the milestone of establishing an alternate tax filing company for the like of big firms here, is vapours out. Unable to take this, I have limited tax filing to a manageable number of files that I can personally monitor. For a knowledge professional, websites are not needed. I have transparently put the tax application in a very advanced level but today that transparency killed IBSN as it become a knowledge resource for other flyby night operators. For practicing taxation, that too advanced lines such as cross country planning or SDIRA, I do not honestly need any website. Nor AICPA guidelines allow marketing in practicing merit.

My living – in Germany? I am living in this country for more than 20 years; I am not living in Germany or any other place. I have business interests in Geneva, Singapore, Germany and India and that does not mean I am an operator from Germany. - I hold my CPA certification, I am a qualified chartered accountant and have three kids and my wife to survive on me.

If god exists - I can swear on him, in this forum that my practice level and ethics were always to research and merit the planning optimization and I was never after money. This is what I have very passionately taught 100s of accounting professionals in India. We have introduced Non resident Indian Planning for $100, 2106 planning for $100 - $200 and SDIRA planning for $100 -$200 while the American CPA firms for the same planning charge not less $450. By far IBSN never charged in excess of guidelines that IRS prescribed.

Some of you writing in these forums might be of my son or daughter's age. I just request - please restrain from painful language and abuse. For no fault of mine, I have suffered beyond what I can afford. If you have any personal grievance, Please write to me on my personal email at iBSN: Laxmi.palaypu@ibsnus.com or Palaypu@yahoo.com

If you need to receive penalty amount from IBSN - Please drop in your details and I request time for making this payment until I progress back financially. If I am doing taxes - I am doing taxes for very old clients of us and for those who were with us until TY2011 year. As I moved back into financial services, we are doing this small number of files through SIRI Global Tax Services. Even that I have not started yet. I just extended personal help to few clients who approached me directly. None received any marketing note as of date. Even if I am planning, I am planning to write clearly explaining our crisis and seeking support in our tyranny.

I / We do NOT own any VALUES TAX or any website that mushroomed into the market of late under various names offering tax services. Most of the sites running today are onetime employees of IBSN. I am not mad at them. If today that learning IBSN offered is helping them gain a meaningful life, I have satisfaction my knowledge soul that never went back in transferring knowledge.

I do not wish to drag anything more than this.

I request to all - I am also a human being - when in suffering - please support. If everyone believes that God, I have not cheated anyone nor the company - we worked towards a better planning and optimization and those few dollars we earned as tax fees was for the effort we put in but we never shared any client's refund money nor resorted to any tall refund claims... We never charged clients without showing the tax summary - we never filed a tax return until client reviewed his return and offered confirmation to us to file. I do openly declare in the forum – I do need to return penalty amounts on the audit cases that we represented and gone disallowed. And I promise in this forum that I will direct payment of these amounts as soon as I am financial turning back.

After many months I am writing back on this forum and I felt it is essential for me to post this message in confirmation. I request one to write to me on my personal email and I will definitely respond back as I check my mails. Please morally support me in hard times and I promise all of my integrity and merit. On taxes front, I do not wish to market but if you find my explanation reasonably, ethical and with honesty, please continue to support me. I promise a very qualitative build back and I promise my 25 years of knowledge merit.

If you need that I should answer further or personally, I request an email to my personal email id: Laxmi.palaypu@ibsnus.com. Kindly leave me your phone and contact details. I will definitely respond back. I wont be accessing this forum.

Laxmi Palaypu
A  4th of Feb, 2013 by    0 Votes
I completely agree with all the complaints. They screwed my returns for last few !!! I had to acknowledge IRS myself that last year filing was mess and paid more than 15K :-(
I tried reaching them some 100 times through mails etc but no response...
A  23rd of Jan, 2013 by    0 Votes
Yes his guy lakshmi palyapu He is a fraud .. He even started a website siriworld.com.i paid money for gold I neither got my money or gold .. Now I search for website and its not there / down.. I paid in thousands n this guy won't pick up calls or reply emails .i waited for more than 4 months . He kept on postponing the date jam thinking to go to police
N  19th of Jan, 2013 by    0 Votes
I visited IBSN offices in Vijawada ( monitored the operations for 3 continous days )and they are never opened day/night . You can notice that the office is unattended for several months with cobwebs on the shutter and dirt. And now they shut down the website too. In one of the Complaints i read an email from Laxmi Paylepu that he is seriously considering to shut down his business. But this is another trap. He is preparing his ground work to cheat the next generation for the year 2013 under a new name . Most of you have already received the calls from the new company V_ _ _ _TAX which they claim to be operating from India. Most of you will receive the calls during second half of the US time zone .IBSN and its staff is prepared to cheat the public in multiple ways and Laxmi Palepu continues to run his operations from Germany .I think no US Taxes shoudl be filed by Indian Company .
N  17th of Jan, 2013 by    0 Votes
Hi CapgeminiEmployee,

Please let me know the new name. You can either post it here or email me privately at sureshfico1@yahoo.com. Please, this is an important issue for me.

Thanks in advance,
Suresh T
A  16th of Jan, 2013 by    0 Votes
Looks like IBSN has re-branded to some new name. I am skeptic as I have been contacted by a new company regarding filing of my tax retruns. And I am surprised how they know my name, email and even contact details.
N  12th of Jan, 2013 by    0 Votes
Well, no word from Laxmi Palaypu!

Either he is completely gone out of business or he has started operating through a different company now. Let us wait and see.
N  19th of Dec, 2012 by    0 Votes
I am not able to contact IBSN.

All thier websites - ibsntax.com and ibsnus.com myibsn.com - are down.

Was the company really shut down by the IRS, as told by many of my friends?
N  2nd of Dec, 2012 by    0 Votes
The worst tax service which IBSN provides, the backdrops as below mentioned
- No proper customer support, they say 24/7 but they do not support single hour also
- they work only 2-3 months like every year Jan-Apr hardly after that they will hide it completely
- Crap company and poor support
- No professions in the group
- FAKE company
- They do not respond you even though you try n number of times
- They mention like 10-15 phone numbers in their website, but nothing works..be shameful on this being as a service provider but no phone will not work...again SHAMELESS...
- No words to write on this company and the support they provide
- even when I talk to few of the customer service providers, they also used to mention like do not go for IBSN they are not like real and no enough and proper support...

N  26th of Oct, 2012 by    0 Votes
I am sure you are all individuals with high net worth. You need to find a proper tax filing company who has valid certifications.
IRS is very stringent about the US Citizens and residents. Also, there are becoming very strict about the off-shore funds.
If you are in US just google it. if you are in India then you need to find a good and reputed firm they may charge more at-least you will be in compliance.
I am an enrolled agent and work for a big four in India.
A  4th of Oct, 2012 by    0 Votes
Mr Laxmi -
IBSN cheats all its customers after collecting the Money . They run fake contact numbers and email addresses on their website http://myibsn.com/html/india-locations.asp. I have been trying to reach IBSN since April 2012 after i paid the money. So far no one responded to any of my calls or emails. Many of my friends in my office are close victims of IBSN . They have rasied a dispute with the Credit card dept for the transactiosn made through IBSN. I even sent my relatives to the Vijayawada branch office (IBSN INC Corportation, c/o. Sirimettric Expat Services Pvt Ltd, Dno:59-14-2A, 2nd floor, Santhi Plaza, Gayatri Nagar, near benz circle, Vijayawada -520008) but no one seldom cares to respond . I have been calling and mailing almost everyday to the given numbers on the page but i am only wasting money and time.
Below is the India main office where they run fake contact numbers and email ids.
IBSN India Ltd Global Process Center
Plot no. 811, Road no 41,
Jublee Hills, Hyderabad-500 033
Andhra Pradesh

Office Timings : Monday - Saturday,
CST 8:00 AM - 5:00 AM

Phone : 847-849-1817, 919-924-0535
904-352-1077, 203-208-3121
650-200-4138, 678-619-2365
847-270-7016, 732-218-9447
563 355 0587, 609 216 7444
319 493 3355

Email : contact@myibsn.com

Mr. Laxmi- I bet if you can get hold of any of the Fake numbers you mentioned on your website works? I have lodged another Complaint in COnsumer Forum and Plannig to Visit Vijayawada and Hyderabd this October month end and i am planning to lodge a Cheating case against your company . I have 10 colleagues in my project who were victims of IBSN in clise vicinity . I will forward all the emails that i wrote to the fake id you mentioned on your website "contact@myibsn.com" to your personal id "laxmi.palaypu@ibsnus.com. I will wait to hear from you to my personal id and in the mean time i will ask my colleagues to respond to this forum
A  28th of Sep, 2012 by    0 Votes
To, Laxmi or any other representator of ISBN. Stop making false claims here and yes You are cheater. For all - these guys did wrong claimed for me. I have even proof (screenshot of IBSN portal) where I asked them this claim is incorrect. They didn't agreed and continued filing it. Now I received IRS audit notice. Same as above, after all the number unreachable, I sent numerous mails to all so called CPAs of IBSN. Finally they sent me a form to fill, which i did. After that nothing happened other than sending me fraudulent emails about representing my case. Finally I got statement from IRS and the due amount. I have paid to avoid any further complication. And Laxmi etc... don't defense your self.
A  24th of Sep, 2012 by    0 Votes
I'm also victim of IBSN fraud. I filed my tax returns through IBSN for 2010 financial year.IBSN prepared my tax returns and charged me $400 the fee for 4years representation. I received deficiency notice from IRS and contacted IBS to represent my case with IRS.They charged me $204 again and confirmed that they sent the revised tax preparation document to IRS.I called IRS representative to get the confirmation for the same and they said that nothing was received on behalf of me. I conveyed the same to IBSN and asked to refund the amount since my case was not represented. IBSN is not refunding my amount and not responding to my e-mails or phone calls. Guys, please keep away from IBSN. Laxmi, Ravi shakar all are lies and they act smart with mails. But nothing will be resolved. Don't waste your money and time.

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