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John Hewitt purchased Mel Jackson's Tax Service and began to offer refund anticipation loans in 1988, building a national franchise out of the idea: Jackson Hewitt Tax Service. In 1989 H & R Block joined in, coopting into thousands of accounting firms and tax practices across the United States and becoming a billion-dollar industry.
Some tax preparers offer 0% interest refund loans, but they do charge fees for preparing your taxes. Consider all costs before agreeing to a loan. Know what factors can affect the anticipated ...
Of those, about 96% used a refund anticipation check, or RAC, the Treasury Inspector General for Tax Administration estimated in a report last week. Another 4% used a refund anticipation loan, or RAL.
A refund anticipation loan (RAL) is a tax refund loan that gives you access to your refund before it is delivered by the IRS. Instead, they choose to take out tax refund anticipation loans.
The company set aside $2.45 million in restitution for customers if they purchased a "refund anticipation loan" or a "refund anticipation check" through H&R Block between January 1, 2001 and December 31, 2008. In addition, H&R Block agreed to pay $500,000 in penalties and $1.9 million in fees and costs.
What Is a Tax Refund Advance / Refund Anticipation Loan (RAL)? Regardless of what a third party calls it, a tax return advance is a type of loan administered by a tax preparation company that ...