Once youve done a holiday loan with HR block why isnt there something in place that keeps a customer from being able to do their taxes elsewhere without the Blocks money being held out through the IRS.
2007-11-24 11:05:55 · 4 answers · asked by concerned 1 in Business & Finance ➔ Taxes ➔ United States
My understanding is that Block is not doing the IMAL (Instant Money Anticipation Loan) this year. That is the name for the loans given before tax season began.
The loans are given by a bank not by H & R Block. If the client decides to get a loan and then not have Block prepare the return or has a refund less than the amount of the loan or have a balance due, the client still owes the money to the bank that gave the loan. Block will not be out any money except for the lost client.
I don't think that we can force a client to have their taxes filed with Block if they choose not to.
2007-11-24 11:22:04 · answer #1 · answered by Mark S 5 · 1⤊ 0⤋
There was no mechanism in place to assure that the taxpayer who took out an advance loan based on the amount of his tax return would in fact file with H&R Bank and pay back the loan with the refund proceeds. This was one of the reasons this product was discontinued.
The bank that processed these loans would stop a taxpayer who applied more than once, either through H&R Bank or a competitor.
This year no one is offering those holiday loans because of the many problems they presented. H&R Block does have a line of credit promotion which you can find more about by going to the H&R Block website.
2007-11-24 20:17:44 · answer #2 · answered by ninasgramma 7 · 1⤊ 0⤋
And how do you suggest they'd do that? The IRS doesn't even know about holiday loans that people get, the IRS doesn't accept filings until long after that - they really have nothing to do with the IRS, they're just high interest high fee short term loans. And the IRS wouldn't set up anyway to protect H&R - the IRS is legally prohibited from giving out info, so even if they knew that you had a loan out, which they don't, they wouldn't be allowed to tell the next tax prep company.
2007-11-24 19:30:35 · answer #3 · answered by Judy 7 · 2⤊ 0⤋
Try this site. http://www.CreditCardHelpDesk.com
I have used it a bit for help.
2007-11-24 19:13:59 · answer #4 · answered by Anonymous · 0⤊ 1⤋