Scammers are stealing refunds from taxpayers by depositing fraudulent tax refunds into accounts and then attempting to reclaim them. Apparently the criminals hack into tax preparers’ computers to steal the taxpayer data. They use the information to file returns and have the refunds deposited into the tax payer’s bank account. After the deposit hits, they then contact the taxpayer stating a refund has been mistakenly deposited into their account and demand that the money be returned....Read more
Tags:
IRS, scam, tax refund
During tax season you can expect to see ads promoting fast refunds, typically offered as refund anticipation loans (also referred to as RALs). These are expensive loans made by a lender based on and repaid by an expected federal income tax refund. You are essentially paying to borrow your own money and the cost can be steep. Here’s some important information you should consider before deciding to take a refund anticipation loan....Read more
Tags:
tax preparation, tax refund, loans