We believe in leveraging our time so we have more time to work with your tax preparation and accounting needs. One of the ways we do is share with you links to articles that will give you the information you are searching for about taxes and accounting. Rapid refunds are helpful for many people who want or need their refund as soon as possible.
Take a look at the blog post from The Nest – How Does A Refund Anticipation Loan Work? By Michelle Miley Reviewed by: Ashley Donohoe, MBA Updated April 05, 2019
Excerpt – “Rapid refunds work very differently than they once did. When first created, rapid refunds were refund-anticipation loans, with emphasis on the word loans. Tax preparers or a bank working with them would give customers their tax refund on the spot, but they had to pay a hefty fee to get it.
In 2010, consumer protection and regulatory agencies cracked down on refund anticipation loans and the practice of offering them went away. Today, you can get a rapid refund without paying any interest or fees. Rather than making money off the loans themselves, tax preparers use them as a way to lure customers and get them in the door.”