The state Office of Consumer Affairs and Business Regulation has urged taxpayers to shun so-called Refund Anticipation Loans (RALs). In their press release, DOR Commissioner Navjeet K. Bal is quoted as saying, "Paying an interest cost on your refund doesn't add up."
RAL's promise quick delivery of a refund, but usually at a steep price. Right now, the average taxpayer who files their state return electronically and designates direct deposit should expect to receive their entire refund in 3.5 business days. The money you save by waiting just a few days is worth it.
Sure, an RAL lets you walk out the door with money in your pocket, but it is substantially less than you would otherwise receive. The fees charged for RAL's are often more than the cost of having your return prepared.
A refund anticipation loan is also a risky proposition because it must be repaid even if the taxpayer’s refund is denied, less than expected, or frozen. If the taxpayer cannot pay back the RAL, the lender may send the account to a debt collector.
If you tax preparer tries to steer you to an RAL, find one who won't.
DOR’s Participation in the Family Court Workshops posted on Apr 22
Once a month, the Department of Revenue’s Child Support Enforcement (CSE) lawyers and staff volunteer to be a part of the Family Court Workshops for Mothers and Fathers at the Suffolk County Probate & Family Court in Boston. The workshops, a joint venture between community …Continue Reading DOR’s Participation in the Family Court Workshops
DOR Ruling Favorable in First Circuit Judgment posted on Mar 17
The United States Court of Appeals for the First Circuit issued judgments in the Department of Revenue’s (DOR) favor last month, finding that taxpayers in Bankruptcy proceedings cannot discharge late filed tax returns. The court consolidated two similar cases brought before them involving a total …Continue Reading DOR Ruling Favorable in First Circuit Judgment
Five Reasons to E-File with DOR’s WebFile for Income posted on Feb 24
With Tax season well under way; DOR would like to help you make the decision to E-File with WebFile for Income this year. We know, “I’m not computer savvy” or “What about the safety of my information” has been said many times before, but we’d …Continue Reading Five Reasons to E-File with DOR’s WebFile for Income