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2 Answers

did IRS put a stop to rapid refund checks?

Asked by: Sildenafil plan 4680 views YA Discussion

I was told by the H&R Block folks that IRS put a stop to these checks because of the exorbitant fees that were being charged. does anyone know if this is true

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  • What Happened to Rapid Refunds
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2 Answers

  1. monique on Jan 27, 2013 Reply

    Nothing to do with the IRS. Rapid refunds by H & R block were “loans”. They charge interest and fees for doing this rapid refund. What the issue stemmed from is that there was something that occurred legally having to do with H & R block and the bank they used to do these types of transactions through. My advice is to just do your taxes the regular way, in fact you may qualify to do your taxes for free electronically. Visit the IRS website for more details. I used this once when I had simple taxes, and I received my refund with a couple of weeks electronically to my checking account. My philosophy in life is why pay for what you can get for free.

    IRS: http://www.irs.govhttp://www.irs.gov/

    From AARP:
    “In 2009, some 7 million American taxpayers received RALs — and paid more than $ 650 million in interest and fees, reports the Arkansas Attorney General’s Office, which, along with other state AGs and consumer-protection agencies, warns against taking out RALs.” http://www.aarp.org/money/taxes/info-03-2011/ask-sid-tax-refund-loans.html

    “The RAC is the only option available through some preparers for tax season 2011. H & R Block (HRB) has recently announced that the bank which previously provided their RALs has been notified by the Office of the Controller of the Currency to NOT make these loans available in 2011. Jackson-Hewitt (JH), an HRB competitor, is in the enviable position of being able to offer the RAL option for 2011. JH recently announced they have secured funding for an estimated 80% of their expected RAL requests for 2011. HRB has been unable to secure an agreement with a banking institution to provide any RAL financing this tax season.” http://voices.yahoo.com/why-cant-rapid-refund-year-7555870.html

    More info on H & R block and rapid refunds:

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  2. A Hunch on Jan 27, 2013 Reply

    The IRS is the Federal tax collection service = they don’t care about loans.
    The Bureau of Consumer Finance is the division that handles consumer lending.
    Both of these are within the Dept of the Treasury.

    Is this why there are no more pre-refund checks? Don’t think so
    The reason is that too many people defaulted on their loans. Giving information that was fraudulent to get increased loans. Then when people actually did their tax returns, they were not eligible for the amount they received.

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