Rapid Refund was the name of a loan instrument offered by H&R Block tax preparers that delivered, for a fee, the expected amount of the client's net tax refund. According to Forbes, this program amounted to a short-term payday loan with interest rates of up to 185 percent.Continue Reading
In 2001, the New York Times reported that H&R Block had been ordered to cease using the term "Rapid Refund" by federal court judge Raymond Jackson. The term was ruled to be deceptive because it concealed the true nature of the loan that was being marketed. Judge Jackson described annualized interest rates of up to 500 percent and the lack of disclosure as reasons for brokering the consent decree to cease advertising the program as anything other than a short-term loan.
A modified version of the program continued under the name "refund anticipation loan" for another decade after the court's ruling. As reported by Forbes, however, H&R Block suspended its loan program for the 2012 filing season. One reason cited by Forbes was the greatly reduced turnaround time taxpayers experienced in receiving their refunds. By 2012, the IRS anticipated that what had been an eight-week delay had shrunk to only two weeks, making the high-interest loans less desirable for customers.Learn more about Income Tax
The H&R Block Basic tax software includes free technical support via chat or phone and accessible tax return storage for six years, according to H&R Block's website. This tax software also allows users to import W-2s, 1099s and previous tax returns from other software programs. In addition, software users receive a 5 to 10 percent refund bonus for using a portion of their federal refunds to purchase electronic gift cards. Upgraded versions of the software program offer additional features.Full Answer >
Some of the benefits of using H&R Block for tax preparation include getting a guarantee of the work provided by its tax professionals, receiving expert tax advice from experienced tax preparers, and finding easy access to tax offices, since H&R Block offers 11,000 locations across the country. In addition, H&R Block offers audit protection and represents the taxpayer in any audit action with the Internal Revenue Service, according to the H&R Block website.Full Answer >
You can check your tax return status at H&R Block by utilizing the E-File and Refund Status search portal on its website, according to H&R Block. Simply enter your Social Security number, date of birth, last name and indicate how you filed your taxes, and a status is provided.Full Answer >
Customers cannot file tax returns with the H&R Block MyBlock mobile app, according to H&R Block. Customers can use the app to find local H&R Block offices and schedule appointments with tax professionals, as of 2015. The MyBlock app is available on both iPhone and Android devices.Full Answer >