Jan 14, 2008

Tax Refund- Refund Anticipation Loans- "RAL"s- Maybe no more

The IRS has never liked the Refund Anticipation Loans ("RAL") offered by many franchised tax preparation firms. The IRS has aggressively pursued fraud in these areas and are now proposing changes (and suggesting eliminating) to this consumer loan. Consumer organizations have also criticized these as usurous fees on the working poor.

Now the IRS has requested rulemaking on the RALs and other tax preparation products including "audit insurance." This includes banning these programs.

The best scenario is to get ahead of the IRS and your tax debt. Then, a RAL or other "insurance" is not needed and you will not be abused.

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