Quickie Tax Loans Generate Profits for Banks and Tax Preparers While Putting Low-Income Taxpayers At Risk
February 27, 2009
The National Consumer Law Center and Consumer Federation of America released their annual report on Refund Anticipation Loans today. The report shows that RAL volume remained high and steady in 2007, draining over $900 million from American families.
In a survey conducted in January, AFFIL members resoundingly said that the government should regulate predatory RALs. You can click here to tell Congress to regulate these high-cost loans targeted at low-income Americans and people of color.
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Americans for Fairness in Lending 
I’ve been involved in taxations for lengthier then I care to acknowledge, both on the private side (all my working life story!!) and from a legal stand since passing the bar and pursuing tax law. I’ve supplied a lot of advice and rectified a lot of wrongs, and I must say that what you’ve posted makes perfect sense. Please carry on the good work – the more individuals know the better they’ll be outfitted to deal with the tax man, and that’s what it’s all about.
The consumer wants their REFUND$ as fast as possible. E-file is what makes it possible.
Congress overcharges 100 million by about $260 Billion a year. The average refund is over $2500.
The real refund beef is with congress.
I have been an EA for 47 years. I think Refunds are bad. Everyone should owe about $10 and pay IRS on April 15th with grEAt tax planning.
Put 15% in the 401 and another $5000 in the IRA.
Now that is forward tax planning.