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casieopiea · Jan 11, 2008, 11:19 AM

Did the IRS make a new rule about getting a loan through H&r block with your last pay check stub? I tried to get an anticipation loan like I always do and they told me they are not allowed to do that anymore unless you have your w2. Why is that

AtlantaTaxExpert · Jan 11, 2008, 12:29 PM

There WAS a crack down on the requirement to have a W-2 before a refund anticipation loan can be originated, but, more than likely, it was the BANK that originated the loan that requires the W-2, not the IRS.

MukatA · Jan 12, 2008, 12:55 AM

This year no one is offering Refund Anticipation Loan, as this scheme met lot of criticism. If you e-file your return and opt for direct deposit to your bank, you will get refund in 10 days. It may not be a good decision to get loan money just 10 days before your regular refund, and pay abnormal interest.

AtlantaTaxExpert · Jan 12, 2008, 09:16 AM

No one? I hope so, but I do NOT think so; the RAL is a HUGE profit center for the big franchise tax preparers.

Fr_Chuck · Jan 12, 2008, 04:43 PM

Yes, the loans are a real sourse of income for the tax business, they cheat ( my opinon) millions of people out of billions of their dollars.

You end up paying big money to get your money a few weeks faster.

About the most legal loan sharks allowed.

bushg · Jan 12, 2008, 04:54 PM

Mukata. That may be true where you live but for the past 2 weeks everday about 4 women and men dressed like the Statute of Liberty has been on the busiest street corner of my town. Encouraging people to hurry and get those taxes filled out. I have also been hearing the last pay stub commercial to get a car loan, of course they will fill your taxes out for you.

J_9 · Jan 12, 2008, 04:58 PM

Originally Posted by MukatA

This year no one is offering Refund Anticipation Loan, as this scheme met lot of criticism.

This is incorrect advice, as I already have my money back. Filed on Thursday, check was ready on Friday. However, it does take 5 - 7 days to clear my bank once deposited.

**EDIT** and I did not pay "big money" to get this return. You just have to be careful who you go through. I have a small town CPA versus the big companies, he charges a very nominal fee.

AtlantaTaxExpert · Jan 12, 2008, 06:09 PM

ANY fee is too much.

You are paying to get your OWN MONEY BACK!

J_9 · Jan 12, 2008, 06:12 PM

Originally Posted by AtlantaTaxExpert

ANY fee is too much.

When one doesn't have the time or know how to prepare their own taxes, we leave it up to guys like you. We pay $50 to have our taxes prepared and get the 24 hour refund. That pays for all of it.

AtlantaTaxExpert · Jan 12, 2008, 06:13 PM

What a minute: The fee was $50 and it INCLUDED the 24-hour refund?

J_9 · Jan 12, 2008, 06:15 PM

Yup, no kidding!! But then again I live in a very small town, and use a small town CPA rather than a big conglomerate.

AtlantaTaxExpert · Jan 12, 2008, 06:18 PM

Then I take it back.

The CPA In my opinion is not even getting reimbursed for his time if he is doing a Form 1040EZ (simplest return available), efile it and using a 24-hour refund service.

He has to pay a fee to do the efile to the ERO, and another fee for the 24-hour refund (he CANNOT do the refund himself, because he is NOT a bank or lending institution).

Can you PM me his name and phone number? He may access to a program that I would want to know about!

J_9 · Jan 12, 2008, 06:26 PM

Originally Posted by AtlantaTaxExpert

Then I take it back.

The CPA IMHO is not even getting reimbursed for his time if he is doing a Form 1040EZ (simplest return available), efile it and using a 24-hour refund service.

He has to pay a fee to do the efile to the ERO, and another fee for the 24-hour refund (he CANNOT do the refund himself, because he is NOT a bank or lending institution).

Can you PM me his name and phone number? He may access to a program that I would want to know about!

We don't file the 1040EZ, LOL. We file long form with standard deductions.

The first year we filed with him it was $120, then down to $90, now at $50. Maybe a discount for long term clients and we have sent many referrals his way?

Clean out your PM box, as I tried to PM you last week and your box was full. I'll have to dig out the returns, though, as they have been filed away already.

Now, back to the OP...

I don't know anything about H&R Block, as I don't go through the BIG compaines, but I can tell you that you can still get the anticipation loan. But remember, it is anticipation only, and can be recalled if there are any discrepancies (I do believe).

AtlantaTaxExpert · Jan 13, 2008, 10:50 AM

Okay, I have cleared out my PM box. It DOES fill up rather quickly this time of year.

If you have been sending referrals to him, that explains the low price. I do something similar for my clients.