Comments on: IRS May Say No to “Rapid Refund” Type Loans

By: Smartened Up

Smartened Up — Mon, 26 Jan 2009 01:53:37 +0000

Well, I used to be one of the fools that used tax prep places and let those leeches take a chunk of my refund just get it back in 2 days. Then one day I realized “Hey, i’m not so broke that I can’t wait a week for my money, and I’ll get even more back!” I actually enjoying doing my taxes and writing off stuff and researching new tax credits to see how much more cash I can legally get from the government that I religiously pay into every flippin’ two weeks. I am a strong advocate for self-efiling. And I preach to anyone I know that falls for the man’s plan every year. What’s really a shame is that these places are most prevalent in low income mostly minority communities, along with the payday loan joints, pawn shops and the liquor stores. When will the folks in the inner city wake up and realize that they are being played on a daily basis in their own neighborhood. HELLO PEOPLE!! IT’S NOT A “HOOKUP” IT’S A “JACK YOU UP FOR THE REST OF YOUR LIFE” SCHEME TO KEEP YOU DOWN AND OUT!!

By: christina

christina — Tue, 20 Jan 2009 00:55:38 +0000

I tried to do the rapid refund got denied by the bank and have to wait the 8-14 days. But am I being denied my money or just the loan? The tax preperer said that there was a code with the denial but couldn’t tell me what it meant. If anybody can tell me what those codes mean it would be nice.

By: Vicki

Vicki — Sat, 03 Jan 2009 04:54:31 +0000

I have been doing my taxes on my own the last couple of years and each year that I continue to do them there is an error. However, in the past when I have used Rapid refund I never had an issue of being audited by the IRS and now that I do them myself I am being audited again. I will pay for the rapid refund and I know alot of others who will be doing so just because the ecomony is tough and to have that money there to pay for the unexpected expenses are nice. In the end I will be paying someone to do my taxes this year whether it be a private company or a rapid refund company. I lose money either way.

By: Kelly

Kelly — Fri, 21 Mar 2008 13:17:16 +0000

Traditional paper check

By: gerald

gerald — Fri, 21 Mar 2008 13:15:41 +0000

IF YOU APPLIED RAPID REFUND HOW WILL YOU GET YOUR REBATE CHECK.

By: Carolyn

Carolyn — Wed, 19 Mar 2008 14:41:11 +0000

Teeky

I hope it does work out. When your return is under review, they sometimes will request information to prove you and your dependent, if you received EIC for that dependent, lived at the same address before they disburse funds, especially if your dependent changes from year to year. If they request information and you cannot provide it, then you will not receive any monies associated with that dependent and you will owe the bank any difference that is not paid to the bank…Good Luck..

By: Kelly

Kelly — Wed, 19 Mar 2008 13:38:16 +0000

I am so glad to hear it! Fingers crossed that it all works.

By: Teeky

Teeky — Tue, 18 Mar 2008 22:55:08 +0000

Thanks Caroyln and Kelly your imformation was very helpful. The number you gave me helped me find out what was going on. The IRS said my refund is under review. I should recieve a letter in a week or so.

By: Federal Court Tells NJ That RAL Rates Are Fine

Federal Court Tells NJ That RAL Rates Are Fine — Tue, 18 Mar 2008 13:07:03 +0000

[...] loans have already attracted a great deal of controversy. The IRS has recently noted that the loans provide a financial incentive for tax services who issue them to take improper tax positio…. Several states have passed laws requiring more disclosure as to the process behind the loans. And [...]

By: Kelly

Kelly — Mon, 17 Mar 2008 15:01:49 +0000

Thanks for the number, Carolyn!

And yep, Carolyn is right – there are reasons why you might not be entitled to the full amount (which, of course, H&R Block or whoever gave you the RAL would have no way of knowing).

To all: please read the small print on these loans if you go in this direction!