Iron Tax, Accounting & Financial Solutions, LLC v. Story Law Firm, P.L.L.C.

CourtDistrict Court, W.D. Arkansas
DecidedApril 8, 2025
Docket5:23-cv-05243
StatusUnknown

This text of Iron Tax, Accounting & Financial Solutions, LLC v. Story Law Firm, P.L.L.C. (Iron Tax, Accounting & Financial Solutions, LLC v. Story Law Firm, P.L.L.C.) is published on Counsel Stack Legal Research, covering District Court, W.D. Arkansas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Iron Tax, Accounting & Financial Solutions, LLC v. Story Law Firm, P.L.L.C., (W.D. Ark. 2025).

Opinion

UNITED STATES DISTRICT COURT WESTERN DISTRICT OF ARKANSAS FAYETTEVILLE DIVISION

IRON TAX, ACCOUNTING & FINANCIAL SOLUTIONS, LLC PLAINTIFF

V. CASE NO. 5:23-CV-5243

STORY LAW FIRM, P.L.L.C.; and TRAVIS W. STORY DEFENDANTS

MEMORANDUM OPINION AND ORDER

Plaintiff Iron Tax, Accounting & Financial Solutions, LLC (“Iron Tax”) brought this suit against Defendants Story Law Firm, PLLC and Travis W. Story (collectively, “Defendants” or “Story”) for legal malpractice. The claims here arise out of an underlying suit that resulted in a default judgment being entered against Iron Tax for failing to timely file a responsive pleading. The Court now takes up four motions filed by Defendants, and, having reviewed all accompanying briefing and record citations, it holds the following: • Defendants’ Motion for Summary Judgment (Doc. 24) is DENIED;

• Defendants’ Motion to Exclude And/Or Limit Expert Testimony of Danny Crabtree (Doc. 27) is GRANTED IN PART AND DENIED IN PART;

• Defendants’ Motion in Limine to Exclude Damages Regarding Reputational Harm and Loss of Business Opportunities (Doc. 36) is MOOT; and

• Defendants’ Motion in Limine to Exclude Plaintiff from Arguing for Punitive Damages (Doc. 38) is MOOT.

I. BACKGROUND A. The Underlying Suit On June 29, 2021, Iron Tax and Roger McCloud, its founder and CEO, agreed to purchase Bottom Line Bookkeeping & Tax Services from Cynthia and Charles Tripp. (Doc. 35, ¶ 1; Doc. 33-3, p. 5). The parties entered into a Purchase and Sale Agreement and agreed to a total purchase price of $130,000.00. (Doc. 35, ¶ 2). Iron Tax paid an earnest money deposit of $6,000.00 and executed and delivered a Promissory Note to the Tripps for the remaining amount. Id. at ¶¶ 2, 4. Under the Note, Iron Tax would make payments of $5,000.00 on August 1, September 1, and October 1, 2021, and the remainder would be paid over a sixty-month period with interest. Id. at ¶¶ 5, 6. Iron Tax would be in default

if payment was not made within ten days after it was due. Id. at ¶ 7. The Purchase Agreement was contingent on the satisfaction of a thirty-day due diligence period. (Doc. 25-1, p. 2). During this time, “[Ms. Tripp] agree[d] to provide [Iron Tax] any requested contingency information within 5 days of request date[,] and [Iron Tax] agree[d] to review and approve or disapprove the information provided within 5 days of receipt.” Id. Within the thirty-day period, Iron Tax had the right to cancel the contract. Id. This contingency would be removed thirty days after ratifying the Agreement. Id. The Purchase Agreement also contemplated Ms. Tripp continuing to work at Bottom Line indefinitely to aid in the transition, and it contained the following noncompete:

Upon termination as an employee of [Iron Tax], [Ms. Tripp] agrees not to own or manage a similar type of business within a 60 mile radius of [Iron Tax] for a period of 2 years. [Ms. Tripp] agrees not to consult with, be contracted by, or be employed by any company similar within a 60 mile radius of [Iron Tax] for a period of 2 years from termination.

(Doc. 25-1, p. 3). The parties dispute whether Ms. Tripp, and the broker she worked with, provided the requested documentation to Mr. McCloud. Mr. McCloud testified that he reviewed the documents on the computer with Ms. Tripp prior to signing the Purchase Agreement, but Ms. Tripp failed to provide actual copies of the records when requested later in the due diligence period. (Doc. 33-3, pp. 16–18). There is no evidence that Mr. McCloud raised any complaints during the due diligence period about the provision of records. Mr. McCloud did explain in his deposition, however, that when Ms. Tripp showed him the documents regarding gross revenue, she represented that the records were “only for the bookkeeping business and only indicated money for the bookkeeping business,” when— allegedly—it included revenue beyond the bookkeeping business. (Doc. 33-3, p. 15).1

Ms. Tripp worked at Iron Tax for several weeks following the purchase. Eventually, she and Mr. McCloud had a falling out, and she left. (Doc. 35, ¶ 23). Following her departure from Iron Tax, Ms. Tripp provided some services for Plaza Technology—a former client and neighbor of Bottom Line Bookkeeping. Plaza Technology was a computer sales company owned by Ms. Tripp’s longtime friend. (Doc. 33-7, pp. 67–68). Ms. Tripp testified that she would help out at Plaza by answering calls, clearing desks, sorting mail, and talking to people who came in. (Doc. 25-3, pp. 17–18). Ms. Tripp also testified that she would look at Plaza’s Quickbooks to check if the Plaza’s new third-party bookkeeper was completing the work, whether it was being done correctly, and the last-

worked-on date. Doc. 33-7, p. 62; see also id. at pp. 143–44 (Ms. Tripp testifying that it did not look like the new bookkeeper was completing her work, but Ms. Tripp did not “do

1 The Court notes that Mr. McCloud also testified that he did not ask Ms. Tripp whether this revenue included other entities and he only looked at the first page of the tax return, without further investigating the tax return to see whether any of the revenue came from other properties or entities. (Doc. 33-3, p. 15). Additionally, Mr. McCloud’s basis for believing that Ms. Tripp’s representation of the gross revenue for the bookkeeping business was inflated stems from the fact that Iron Tax made 95% less than what Ms. Tripp represented she had made in prior years. Id. Defendants tie this loss of revenue to loss in clientele following the purchase, pointing to testimony of Iron Tax’s CFO and Director of Accounting that Bottom Line Bookkeeping lost approximately 30–40% of its clients soon after Iron Tax purchased the business. (Doc. 25-5, p. 2). anything for them on that”). Ms. Tripp testified that she could not remember whether she was paid for this work. (Doc. 33-7, p. 61). Following the due diligence period, Iron Tax made the August 1 and September 1 payments; it also attempted to make the October 1 payment, but the check bounced. (Doc. 35, ¶¶ 8, 9). Around that time, Iron Tax contacted Travis Story and Story Law Firm,

seeking representation, as Plaintiff wanted to rescind the Purchase Agreement. B. The Alleged Malpractice On October 14, 2021, Defendants sent Iron Tax an Engagement Letter (Doc. 33- 5). The Engagement Letter stated that Iron Tax had “requested the Story Law Firm, PLLC [ ] to represent [it] in an Iron Tax v. Cynthia Tripp (‘Matter’).” Id. at p. 1. It further explained that “unless and until [Defendants] receive a fully executed copy of this engagement letter along with the requested retainer set forth below, [they] shall not be considered or deemed to be [Iron Tax’s] counsel and will not commence work or have any obligation to commence work on [Iron Tax’s] behalf.” Id. The Engagement Letter also stated that the

“offer of representation will be void after ten (10) days, if this agreement is not fully signed and returned and if the Retainer is not paid by secured funds.” Id. at p. 6. Despite this language, Defendants proceeded to send a Demand Letter (Doc. 33- 6) to the Tripps that same day, before Mr. McCloud executed the Engagement Letter or paid the $3,000 retainer. In the Demand Letter, Mr. Story wrote: “My firm represents Iron Tax . . . and my client has authorized me to assist in recission of the contract signed by my Clients Iron Tax and [the Tripps] for the purchase of Bottom Line Bookkeeping & Tax Services [ ].” Id. at p. 1. The letter further asserted that there had been misrepresentations and fraud that affected the valuation of the business. Id. Iron Tax demanded the return of the $16,653.00 (i.e., the earnest money and August and September payments), indemnification for all warranty work performed by Iron Tax, and all operating expenses of the business until recission was completed. Id.

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Iron Tax, Accounting & Financial Solutions, LLC v. Story Law Firm, P.L.L.C., Counsel Stack Legal Research, https://law.counselstack.com/opinion/iron-tax-accounting-financial-solutions-llc-v-story-law-firm-pllc-arwd-2025.