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.
Child Support Enforcement mentioned in national publication posted on Sep 4
Erica Gaynor, Workflow Implementation Manager with the Child Support Enforcement (CSE) Division was published in the August edition of the U.S. Dept. of Health and Human Services’ Administration for Children and Families’ newsletter “The Child Support Report”. Gaynor and CSE’s work with predictive analytics is garnering national …Continue Reading Child Support Enforcement mentioned in national publication
Courage at Work posted on Sep 1
“I was amazed that Mark and so many senior staffers took time out of their busy and hectic schedules to be supportive of me and the ALS cause,” she said. “It proves that no matter how challenging work is, there’s always time to show a little love.”
VIDEO: Introducing MassTaxConnect! posted on Aug 24
Take a look at our newest video introducing you to MassTaxConnect, our new, modernized online tax system. Hear from Commissioner Mark Nunnelly and several DOR employees about what to expect come November 30th when we launch MassTaxConnect for business taxpayers, practitioners, and professionals. Get an …Continue Reading VIDEO: Introducing MassTaxConnect!