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Advertising Tax Benefit

Isn't there something that states you should not advertise tax benefits or deductability in an advertisement without disclosing that they should consult a tax advisor? If so does it only apply to specific product lines (i.e. deposits, loans, IRA/retirement accounts)?

Section 226.16(d)(4):Tax implications. An advertisement that states that any interest expense incurred under the home equity plan is or may be tax deductible may not be misleading in this regard.<?i>

Here in the Commentary to this section:3. Statements of tax deductibility. An advertisement referring to deductibility for tax purposes is not misleading if it includes a statement such as “consult a tax advisor regarding the deductibility of interest.”

First published on 8/04/08

First published on 08/04/2008

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