Welcome to the Quilting Board!

Already a member? Login above
loginabove
OR
To post questions, help other quilters and reduce advertising (like the one on your left), join our quilting community. It's free!

Page 1 of 2 1 2 LastLast
Results 1 to 25 of 26

Thread: Rapid refund loans from tax refunds

  1. #1
    Super Member SherriB's Avatar
    Join Date
    Aug 2009
    Location
    Quilting somewhere......
    Posts
    2,844
    Blog Entries
    40
    My DD used a tax filer that DH and I went to for years. (We now file online). She is getting a very nice refund back and they desperately need the money. (SIL was hurt at work and was terminated. No drugs, passed the test, but still terminated and can re-apply for his job back after dr. releases him.Broken finger and couldn't work for 3 weeks.) Any way, the tax filers gave her part of her refund the next day and told her to come back Friday.

    She went back yesterday and was told, oh some checks are late, check back today. Still no check and a lot of run-around on the filer's part. She called me crying her heart out. Said she might get her check this coming Friday. She is in a panic over their bills, but nothing major. Rent and car payment made.

    My question is, how long can the tax filers keep putting off giving her her check??? Can we call the IRS if she doesn't get her check Friday?? We have never had such a problem with this place before. I am thoroughly disgusted with the tax filers.

    My heart just aches for her.

  2. #2
    Super Member babyfireo4's Avatar
    Join Date
    Jan 2011
    Location
    Peru, Indiana
    Posts
    1,567
    Blog Entries
    2
    alot of people, myself included, are having delays on their federal refund. This is what I found out. After e-filing it can take 8-15 days to have your refund deposited and then up to an additional 1-4 days for it to be posted to your account. filing manually idk I always heard 3 weeks.

    all of this is from the point that the irs accepts it and they can wait until feb. 15 to do so if they decide to.

  3. #3
    Super Member
    Join Date
    Dec 2010
    Location
    New York City/Manhattan
    Posts
    1,324
    the check is not coming from the IRS. If I'm understanding you correctly, that is. The loan is coming from whomever she used for preparation. What percentage are they taking for this? My husband is a CPA, partner in a firm, and he is adamant that this kind of loan should not be permitted. If you file early, the refund turnaround time is pretty quick.

  4. #4
    Super Member lauriejo's Avatar
    Join Date
    Apr 2010
    Location
    NE Ohio
    Posts
    3,315
    She should have been given paperwork with the details of the loan. It should spell out how long they have to issue the check, and how much of that refund is going to the cost of the loan.

  5. #5
    Super Member
    Join Date
    Mar 2010
    Location
    Anchorage, AK
    Posts
    1,288
    Sorry to hear of your daughter's situation. Unfortunately, talking to the IRS probably won't help much since I'm guessing that the tax filer you use is a private business. From a problem solver standpoint - she can and should ask for proof that they've filed the return...then make sure she checks the wording in the paperwork she got from the filer...watch the small print! If the filer doesn't have to pay the rest of the money till the check comes back, then it depends on how fast the IRS is returning refunds..this time of the year is usually pretty fast.

  6. #6
    Power Poster Prism99's Avatar
    Join Date
    Dec 2008
    Location
    Western Wisconsin
    Posts
    11,882
    Blog Entries
    1
    Is your SIL filing for workmen's comp? If he was hurt on the job, he should qualify for some kind of help.

  7. #7
    Super Member
    Join Date
    Mar 2010
    Location
    Anchorage, AK
    Posts
    1,288
    Quote Originally Posted by Prism99
    Is your SIL filing for workmen's comp? If he was hurt on the job, he should qualify for some kind of help.
    Missed this the first time I posted, but you should also check for state laws about firing employees who are injured. They may be able to force you to take time off for healing, but I think that they cannot require you to reapply for your job in order to come back to work...there are also federal laws.

  8. #8
    Super Member SherriB's Avatar
    Join Date
    Aug 2009
    Location
    Quilting somewhere......
    Posts
    2,844
    Blog Entries
    40
    He is going to try and get his job back before he does anything. He was told that they would not hold his job for 3 weeks while he was off and was terminated.

    As for DD, I wish they would have filed online. We did and got out money back 3 days later. I will have her bring the papers they gave her and read them with her and hopefully find some answers.

    I just wish I could do more to help them.

  9. #9
    Super Member Bluelady's Avatar
    Join Date
    Jun 2010
    Location
    Puyallup, WA
    Posts
    1,777
    She can check at www.irs.gov to see if the IRS has funded her account.
    Note: she did not get her "refund" the next day from the tax prep service. She got a loan. The remaining amount of her money will be paid to her when the IRS funds the bank account that the tax firm set up to get the loan paid off.

    This last Friday the IRS deposited funds in a timely fashion.
    However, without her checking at www.irs.gov and following the links to "Where's My Refund?" she will not be able to tell if the IRS actually sent their refund out to the bank. If it has not been sent out, the IRS will give an anticipated date for release.
    Usually the IRS will send the refund out in 8 to 15 days, so if she was told the rest of her money would be there in a couple days, they lied.
    The IRS has had a few delays in funding refunds but to the best of my knowledge, none of the refunds scheduled to be released on the 11th were delayed.

  10. #10
    Google Goddess craftybear's Avatar
    Join Date
    May 2009
    Location
    Central Indiana (USA)
    Posts
    30,668
    Blog Entries
    194
    good luck to her have her to get the papers from who prepared her taxes and read the fine print

    I heard on the news the other day that this is happening to alot of people and they don't understand the fee they are paying for this service and some of them has turned this over to our local news and they are investigating

    good luck

  11. #11
    Super Member CloverPatch's Avatar
    Join Date
    Jan 2011
    Location
    Clarksville, TN
    Posts
    1,259
    Blog Entries
    2
    Usually these placing are giving a refund anticipation loan. They give some money up front and once the IRS accepts the return that give the rest of the money. Unfortunatly the IRS is not accepting any returns till Monday, so the people that helped her file are waiting for the IRS to accept the return first.
    I know they KNEW there was a delay, and should have made her aware of that upfront rather than drawing this out.

  12. #12
    Super Member
    Join Date
    Oct 2009
    Location
    South Carolina
    Posts
    3,246
    These are just LOANS.

    Rapid refunds are not always rapid.

    A neighbor filed in January and got her refund in June

  13. #13
    Super Member Scissor Queen's Avatar
    Join Date
    Jul 2009
    Location
    Southwest Kansas
    Posts
    4,829
    It's a loan from a bank. If she has bad credit the loan can actually be denied. There can be all sorts of problems that prevent her from getting her check from the tax company. The tax prep company doesn't generally know the exact reasons since that's between the bank, the IRS and the tax payer.

    I can not tell you how many times I have explained to people that it is a L O A N from a B A N K and their eyes glaze over and they don't pay any attention to the details at all such as what happens if you're denied.

  14. #14
    Super Member ptquilts's Avatar
    Join Date
    Jun 2010
    Location
    Vermont
    Posts
    5,892
    Plus, so many people are ecstatic that they are "Getting" a big refund from the gov't, like it is a gift. It is NOT - it is YOUR money that you have been loaning to the gov't at 0% interest.
    You can make adjustments to your withholding form so that they do not take out so much. Your refund will be less but you will have more of your own money throughout the year.

  15. #15
    Power Poster BellaBoo's Avatar
    Join Date
    Jan 2009
    Location
    Front row
    Posts
    14,661
    Blog Entries
    2
    It's not a refund it's a loan. The actual refund comes in the normal time not faster. These preparers rely on the desperation of their customers to make a big profit. I would think your DD would have come out ahead by paying a late fee if any on her bills then paying for the rapid refund.

  16. #16
    Super Member azdesertrat's Avatar
    Join Date
    Mar 2007
    Location
    tucson Az
    Posts
    1,124
    Probably because the tax return has not been accepted yet by the government,The government is not going to start accepting tax returns until tomorrow,When I did my returns online myself thru Turbo tax,it told me that the returns would be accepted until the 14th.My state return was accepted the next day and I have already recieved my refund
    I mean that could be why,and they should have let her know this ahead of time if that is indeed the reason

  17. #17
    Power Poster BellaBoo's Avatar
    Join Date
    Jan 2009
    Location
    Front row
    Posts
    14,661
    Blog Entries
    2
    It is amazing to me when I hear of people getting back thousands of dollars or even hundreds. DH and I have never received a refund from federal taxes. We got $32 one time from state.

  18. #18
    Super Member ptquilts's Avatar
    Join Date
    Jun 2010
    Location
    Vermont
    Posts
    5,892
    Quote Originally Posted by BellaBoo
    It is amazing to me when I hear of people getting back thousands of dollars or even hundreds. DH and I have never received a refund from federal taxes. We got $32 one time from state.
    You're doing it right!

  19. #19
    Super Member
    Join Date
    Oct 2009
    Location
    South Carolina
    Posts
    3,246
    Getting a large refund means you have been over paying at each pay period.

  20. #20
    Super Member IrelandDragonQuilting's Avatar
    Join Date
    Jan 2011
    Location
    Limbo
    Posts
    2,032
    I e-filed my taxes the last week of January and had my refund in my bank account the fourth of February. I am sorry to hear that your family is going through this, it sucks! I do know, that if your son in law was injured at work he is entitled to Worker's Compensation, no matter what state he is in, he really needs to get ahold of his local Department of Labor. Now letting him go after getting injured is not legal! No matter what state you are in, now if it is a long term injury that will prevent him from doing the job he was doing at the time of injury then he can be let go after a doctor confirmation on that. I do this as a living. And get sooooo upset when some employer puts one over on their employees, and of course visa versa, but anyways tell him he needs to go get his entitlements.

  21. #21
    Super Member Bluelady's Avatar
    Join Date
    Jun 2010
    Location
    Puyallup, WA
    Posts
    1,777
    Quote Originally Posted by CloverPatch
    .................Unfortunatly the IRS is not accepting any returns till Monday, so the people that helped her file are waiting for the IRS to accept the return first.
    ......................
    The IRS has been accepting returns since Jan 14th. It is not accepting returns with Sch A (itemized deductions),or with Education Credits. I think there are a couple of other items that are delayed also. Those are returns delayed until Feb 14, but all others have been accepted.

  22. #22
    Super Member IrishNY's Avatar
    Join Date
    Feb 2010
    Location
    was Upstate NY, now Winston-Salem NC
    Posts
    2,025
    Quote Originally Posted by SherriB
    He is going to try and get his job back before he does anything. He was told that they would not hold his job for 3 weeks while he was off and was terminated.

    As for DD, I wish they would have filed online. We did and got out money back 3 days later. I will have her bring the papers they gave her and read them with her and hopefully find some answers.

    I just wish I could do more to help them.
    Was your SIL injured at work? If so, I don't believe he can be terminated. There are protections for people injured on the job.

    If he was injured off the job, that's a different story.

  23. #23
    Power Poster BellaBoo's Avatar
    Join Date
    Jan 2009
    Location
    Front row
    Posts
    14,661
    Blog Entries
    2
    Many companies now have a policy that if you are injured off the job in what is considered risky or unsafe activity then a person may be terminated. A lawyer will have to get involved to challenge the legality of it, which is not fair to the employee at all! It should be right or wrong but nothing ever is.

  24. #24
    Super Member Charlee's Avatar
    Join Date
    Sep 2009
    Location
    PNW (I wish it was the Ozarks!)
    Posts
    6,509
    Blog Entries
    6
    SIL's job rights depend on the state...I know Oregon is a "Right to Work" state, meaning that an employer can fire/layoff an employee simply because he decides he doesn't like the color of the employee's eyes, or thinks that the car the employee drives is too junky to be parked in the company parking lot. In other words, he doesn't have to have a reason to terminate employees..

  25. #25
    Super Member Scissor Queen's Avatar
    Join Date
    Jul 2009
    Location
    Southwest Kansas
    Posts
    4,829
    Quote Originally Posted by nycquilter
    the check is not coming from the IRS. If I'm understanding you correctly, that is. The loan is coming from whomever she used for preparation. What percentage are they taking for this? My husband is a CPA, partner in a firm, and he is adamant that this kind of loan should not be permitted. If you file early, the refund turnaround time is pretty quick.
    Those loans do not come from the tax prep company. That is actually against the law. Those loans come from banks that are associated with the tax prep companies.

    Since those loans come from banks, you can be turned down for the loan.

Page 1 of 2 1 2 LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  

SEO by vBSEO ©2011, Crawlability, Inc.