Gold Dome Live

By vlscpa

February 10, 2009 9:38 AM | Link to this

The State of CA put these folks out of business the old-fashioned way.

By Randall

February 10, 2009 10:03 AM | Link to this

It’s about time someone under the gold dome woke up to the practices of this unregulated industry in GA.

By Tee

February 10, 2009 10:45 AM | Link to this

Refund Anticipation Loans should be illegal. Tax Preparers come up with so many fees that its ridiculous. I was once a victim of this legal scam. I agree with Teilhet. The average American person who files taxes with these companies has to be uneducated on free tax preparing sites that are available for all.

By Pamela

February 10, 2009 10:59 AM | Link to this

I’m so happy that someone is speaking out about this! It’s been far too long that these long sharks have been getting away with this. That is why I NEVER USE THESE TYPES OF PLACES TO DO MY TAXES! I FILE MY OWN TAXES ELECTRONICALLY! IT’S VERY INEXPENSIVE AND IT’S EFFICIENT, SAFE AND FAST TO DO!! I USE TAXACT TO DO MY TAXES AND THEY ARE GREAT!!! So people please just STOP using these long sharks to do your taxes! What sense does it make for you to pay someone triple interest rate just to get your money a few weeks later? It only took 1 week for me to receive my State refund! It takes about 2 for me to receive my Federal Refund electronically - directly deposited to my account! Don’t waste anymore of your money on these loan sharks! It’s a total ripoff!!!

By Pamela

February 10, 2009 11:02 AM | Link to this

Also I wouldn’t advise anyone to use the IRS to do your taxes! I went there one time only and they treated me like dirt! They told me I owed the federal gov’t money and come to find out they were incorrect! I would just go to taxact.com and electronically file my taxes for free. You are only charged a fee if you get direct deposit! If you want them to directly deposit both your federal and state taxes then you would probably pay less than $27.00 for that service. They explain all of that to you. H & R Block is wayy too expensive! I stopped using them over 20 years ago! They are a rip off! They charge you a couple of hundred of dollars per form! Why use them and pay an arm and a leg for them to do your taxes and you can use a little common sense and do your own taxes on-line for free!

By David Beall

February 10, 2009 11:03 AM | Link to this

I agree that these sharks should be regulated-right out of business.

By goober

February 10, 2009 11:52 AM | Link to this

Just more ridiculous unneeded legislation and bureaucracy proposed by another arrogant pompous egotistical politician seeking more undeserved publicity for another law aimed at “protecting” the stupid ignorant uneducated uninformed misled poverty-stricken welfare-collecting non-taxpayers of Georgia from borrowing money on their own free will from someone who wants to loan it on their own free will at interest rates and terms that both parties agree to on their own free will. Spare me the bull$hit.

By Tam

February 10, 2009 12:13 PM | Link to this

Goober - Are you serious? I wish sometimes we’d consider how we’d feel if this were a member of our own family. Would you say all of those things if this was your brother who’d lost his job recently and needed the money (“loan”) to help pay bills until he found work or filed for unemployment like thousands of folks are right now? Honestly, I don’t care how ignorant, uneducated, uninformed, etc.. anyone is, that doesn’t make it okay to take advantage of others. Goober, I really hope you have a change of heart. What you’ve said here is pretty extreme.

I appreciate anyone trying to curb predatory practices.

By deebolden

February 10, 2009 12:14 PM | Link to this

@goober, you must work for H&R Block…go back to your desk and sit on your thumb..Its the %ss backwards thinking you have that personifies why Georgia looks like an %ss backwards state to outsiders.

By GoodScout

February 10, 2009 12:43 PM | Link to this

The Republican members of the Legislature were bought off by this industry last year and the year before. The fix is in, the GOP has been bought and paid for in Georgia, so don’t expect this bill to get anywhere.

By KCDC

February 10, 2009 12:48 PM | Link to this

FOLKS, WHAT YOU DON’T RELIZE IS- MOST OF THE RECIPIENTS OF THESE LOANS DON’T CARE ABOUT ANY FEE- LEGITIMATE, OR ILL-LEGIT, FOR THIS REASON:….. THEIR REFUNDS ARE GREATLY INFLATED FROM THE EARNED INCOME CREDIT. HERE’S AN EXAMPLE..TAXPAYER PAID IN 1000. IN TAXES..BUT, WITH THE EIC (2 CHILDREN) THE TAXPAYERS REFUND INFLATES TO $5000.00! FOLKS THAT ARE WILLING TO TAKE THAT SORT OF HANDOUT DON’T CARE ABOUT FEE’S BECAUSE IT WASN’T THEIR MONEY TO BEGIN WITH- THEY JUST WANT THE REFUND TODAY.

By goober fan

February 10, 2009 12:58 PM | Link to this

Obviously some people aren’t able to discern sarcasm. Goober was paraphrasing what the lawmakers think of their voters. Yes if my family member lost his job, needed money fast, I would hope that in this country of freedom, he would be able to choose for himself and not have some narrow visioned politician take away that freedom of choice. And kudos to KCDC you also hit the nail on the head.

By jsmooth

February 10, 2009 12:59 PM | Link to this

I like Goober. He is classic GOP.

He is right. Who needs this law? Who needs to protect those citizens that don’t read the fine print? After all, most of them are not very intelligent because if they were they would be getting these interest laddened loans anyway. We should get rid of them all anyway because they don’t pay taxes.

In fact deport them all, after they have finished building my houses and mowing my lawns and doing all the other things that they do for this economy, all the things that I am unwilling to do because I am so much smarter than they are and those things are beneath me.

They don’t need any type of protection under the law. Oh no. Then my buddies that own business that rape them would not be able to afford their new golf clubs. That is why I love Goober. He is a great American.

By Joey Porter

February 10, 2009 1:05 PM | Link to this

Once again the fascist miserable commies want to pass a law to create more work for lawyers.

We do not need your help. No one put a gun to anyone’s head and forced them to sign up for a RAL.

Sounds like a legitimate business to me. Don’t like it just mail your tax return.

A GOOD POLITICIAN IS A DEAD POLITICIAN.

By deebolden

February 10, 2009 1:23 PM | Link to this

@goober fan, I understood the sarcasm, but this isn’t the time for jokes or sarcasm though now is it? Grow up

By Fall Line

February 10, 2009 1:51 PM | Link to this

“Caveat Emptor!” Why would you drive legitimate businesses out of the market? If you feel it’s not a good bargain, don’t use it and tell all your friends what the alternatives are. Start an education program if you like, but just because YOU wouldn’t use it, doesn’t mean that OTHERS who may want to for whatever reason be forbidden to do so. Keep YOUR hands out of my pocket and YOUR nose out of my business.

By vlscpa

February 10, 2009 1:58 PM | Link to this

These folks in dire need of their refunds are too uneducated or ill-informed to realize that the correct W-4 treatment of their situations would mean more take-home pay and no refund at all. “NEVER underestimate the value of a CPA.”

By forthepeople

February 10, 2009 2:24 PM | Link to this

I have observed most people on this site make every issue that arises into race war of words or better yet tries to put a color on every situation. In this article, I never read anything about anyone ethnicity or political stance beside a democrats asking for tougher laws. I agree, lawmakers should put all the predatory lenders out of business. However, I also agree with the fact, no one is forcing people to use these lenders. I learned that not knowing something is unacceptable when you have alternatives such as research. In essence, before signing any papers DO your research; there will always be someone preying on the weak.

Goober, you had a lot of harsh words. I agree with jsmooth you are a classic GOP. Think that you are smarter than everyone that doesn’t look or act like you. Remember, the GOP is the reason why the economy is heading for another depression. You GOP people are not as intelligent as you think you are.

By ASAP

February 10, 2009 2:54 PM | Link to this

Here is the real issue - educating people not to get involved in this stuff in the first place. They can make the rules tougher, but people will still be sucked in by these scams. And in some cases, there is nothing anyone can do, either with education or passing laws, to protect people from themselves. Often times, it is a mentality that puts people in these positions in the first place, not necessarily a lack of education or being stupid. I don’t like this kind of stuff either, but I am not sure this will help.

By sam

February 10, 2009 3:09 PM | Link to this

Where is Rocky ( remember before Rocky was a boxer, he was a collector for a street boss)All the lenders and banks are modern day street thugs with the law on their side. They can change the rules anytime they want and make you pay whatever they want, because the government got their backs. Lobbyist stand for paying for votes and paying for government protection.

By harold

February 10, 2009 3:46 PM | Link to this

if they wasnt so slow to get the refunds back, then the places would have not customers

By Mike

February 10, 2009 3:51 PM | Link to this

I’m a CPA, and I’m amazed at the professional tax companies. Refund Anticipation Loans are a huge profitable business, despite the new laws that prevent them from saying that the product gets your refund “faster.” No, it loans you the money until the refund comes in. The ads aren’t nearly as exciting as they used to be.

And for the people who are so poor or have such bad credit they don’t have a checking account - many of these places will cash the loan check for you. For a fee, of course.

Get your taxes filed early. Watch for your refund to show up in two to three weeks (usually on Fridays).

By valady

February 10, 2009 4:01 PM | Link to this

I worked at H&R Block last year and was shocked at the interest rates for the RAL (Refund Anticipation Loans). I took extra care to explain that the client would be paying up to 300% and that it would be cheaper to get an IRS refund check. ALL the clients who requested a RAL did not care about the interest rate. They wanted their money NOW! Most of them received EIC payments and did not care about the H&R Block fees or the RAL cost. After all, the EIC money took care of those expenses. I did not return to H&R Block this year because their system is such a turn off.

By Stephanie

February 10, 2009 4:46 PM | Link to this

I just don’t understand these loans? Can’t people wait a week or two for the refund? I filed my taxes via Turbotax on Monday 2/2/09. I recived my check direct deposited today 2/10. Woooooo…a whole week of waiting.