Tax-related products play an important role during the tax season. Every year millions of consumers access tax-related products in order to facilitate tax preparation fee payment by withholding fees from a taxpayer’s refund. It is difficult for many unbanked working and middle class taxpayers to pay for tax preparation services out of pocket in cash. Tax-related products make the services of our qualified tax professionals available with no upfront fees. Tax Advance refund anticipation loan online services allow consumers the option of a tax advance tax refund loan.
Other tax preparation companies disclose a fee for preparing and e-filing a Federal tax return but then add on additional (hidden) costs for other required services later in the tax return preparation process. We have compiled a list of the most common additional fees but this list is not all inclusive:
Taxnet Financial Inc. has developed a simple and affordable fee structure for taxpayers. We charge a reasonable fee for individual tax preparation services which is not allowed to exceed $450 for a single tax year per company policy.
E-filing tax loan related product applications, audit assistance, amended tax returns, additional copies of tax returns, check issuance, prepaid card issuance and all other administrative fees are services provided to our clients at no additional cost.
Although the majority of tax preparation companies operate with full disclosure, honesty, and integrity a group of unscrupulous companies have misapplied tax loan related products and violated the public’s trust. To combat misrepresentation of tax loan related products Illinois passed the Tax Refund Anticipation Loan Reform Act effective January 2013 which limits interest rates on refund anticipation loans and requires full disclosure to consumers.
To provide fair and full disclosure to our clients and ensure compliance to statutes we have taken the following steps:
We continue to display fee schedules for all refund options including the option to get a tax refund anticipation loan online. On January 1, 2013 we began to “prominently display” on each fee schedule a “Notice Concerning Refund Anticipation Loans” as required by the Tax Refund Anticipation Loan Reform Act.
For the 9 million American households that are unbanked, tax-related products offer the opportunity to receive a refund faster than if they were to receive their refund as an IRS paper check. This refund transfer product also provides a secure method for receiving the refund amount rather than having a large check mailed to the taxpayer’s residence. For many unbanked taxpayers, prepaid card products are great alternatives to check cashing establishments. Prepaid card products give unbanked taxpayers the benefits of an account including security and convenience.
Refund Anticipation Loans are also known as:
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