Tax survey shows gap between IRS refund delay and need for a refund
January 05 2018 - 10:05AM
According to a recent survey conducted by H&R Block, 49 percent
of respondents are somewhat or very dependent on their tax refund,
which for many taxpayers is the single largest financial
transaction of the year. However, 51 percent of taxpayers were
unaware that their refund could be delayed if they claimed the
earned income tax credit (EITC) or the additional child tax credit
(ACTC). Last year, roughly 15 million taxpayers claiming the EITC
or ACTC were impacted by the law delaying these refunds. This
year, the IRS expects the refunds to be delayed until the week of
Feb. 27 due to the Protecting Americans from Tax Hikes (PATH) Act.
H&R Block (NYSE:HRB) advises taxpayers the PATH Act will delay
refunds again this year.
“66 percent of respondents said they hope to file their taxes in
January or February, which means if they claim the affected tax
credits, taxpayers won’t see their Federal tax refund in their bank
account until Feb. 27,” said Kathy Pickering, vice president of
regulatory affairs and executive director of The Tax Institute at
H&R Block. “Even though they face delayed refunds, taxpayers
should still file early so they are first in line when the IRS
begins releasing PATH Act-delayed refunds in late February.”
Refund Advance at H&R Block one more reason to file
early
In addition to filing early so they can be first in line when
the IRS begins releasing refunds, upon completion of their tax
return at H&R Block, early filers can also apply for
a Refund Advance* loan of up to $3,000 from BofI Federal Bank.
The Refund Advance, a no-interest loan offered from January 5 –
February 28, 2018, is repaid from the client’s federal or state
income tax refunds and is available to current and new H&R
Block clients. If approved, clients will typically have access to
money the same day they apply, which could be as early as January
5.
“When it comes to getting money, Jan. 5 is better than Feb. 27,”
said Pickering.
Taxpayers can learn more about the Refund
Advance online.
*This is an optional tax refund-related loan from BofI Federal
Bank, Member FDIC; it is not the taxpayer’s tax refund. Loans
are offered in amounts of $500, $750, $1250 or $3000. Approval
and loan amount based on expected refund amount, ID verification,
eligibility criteria, and underwriting. If approved, funds
will be loaded on a prepaid card and the loan amount will be
deducted from the taxpayer’s tax refund, reducing the amount that
is paid directly to the taxpayer. Tax returns may be e-filed
without applying for this loan. Fees for other optional
products or product features may apply. Limited time
offer. Available at participating locations. Not offered
in Puerto Rico. HRB Maine License No.: FRA2. See
hrblock.com/refundadvance for details. ©2017 HRB Tax Group,
Inc.
About H&R Block H&R Block, Inc.
(NYSE:HRB) is a global consumer tax services provider. Tax return
preparation services are provided by professional tax preparers in
approximately 12,000 company-owned and franchise retail tax offices
worldwide, and through H&R Block tax software products for the
DIY consumer. H&R Block also offers adjacent Tax Plus products
and services. In fiscal 2017, H&R Block had annual revenues of
over $3 billion with 23 million tax returns prepared worldwide. For
more information, visit the H&R Block Newsroom.
About BofI Federal Bank BofI Federal Bank is a
federally chartered, FDIC insured, full-service bank that provides
a wide variety of deposit accounts, as well as financing for single
and multifamily residential properties, small-to-medium size
businesses in target sectors, and select specialty finance
receivables. With approximately $8.6 billion in assets, BofI
Federal Bank provides consumer and business banking products
through its low-cost distribution channels and affinity partners.
BofI Holding, Inc. (NASDAQ:BOFI) is the holding company for BofI
Federal Bank. BofI Holding, Inc.’s common stock is listed on the
NASDAQ Global Select Market under the ticker symbol BOFI and is a
component of the Russell 2000® Index and the S&P SmallCap 600®
Index. For more information regarding BofI Federal Bank, please
visit www.bofifederalbank.com.
For Further Information
Susan Waldron, 816-854-5522, susan.waldron@hrblock.com
A photo accompanying this announcement is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/ca922b48-1cb6-4628-a8b6-5d63f47a35dd
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