I surfed the web for tax software - online - so that I could file my own taxes and receive an early return. The website states "get paid in as little as 24 hours* with the QuickAccess tax refund loan feature".

They were supposed to give me a RAL (rapid anticipation loan). I chat with the "team member, Felipe" on today, January 5th to inquire about my refund loan and when it will be direct deposited into my checking account.

He told me that it would be on January 16th since January 15th is a holiday. I told him that the website is very misleading and led me to thing that I'd have it within 2 days (It says RAL 2-day)! I told him had I known that, I would have gone with Tax Act again or filed directly from the IRS website because its about the same amount of time in deliver...I still would have gotten it by that Friday, January 19th but WITHOUT THE $180 COST THAT THEY CHARGED ME!!!

I want my cost returned and my full tax refund disbursed into my checking account on January 15th!!

Beverly

memphis, Tennessee
U.S.A.

Click Here to read other Ripoff Reports on Tax Brain

7 Updates & Rebuttals

Chaka

Inkster,
Michigan,
U.S.A.

You're mind told you right

#2Consumer Comment

Fri, January 12, 2007

As did mine. I was still considering Tax Brain, but after doing some research on RAL's...I got scared. So, I opted to do the 14 day tax refund. When I was about to check out, there was an added fee (a total of $80) when I thought it was only going to be $30. I can go to H & R Block if I wanted to get charged high fees! I am not discouraging anyone from using Tax Brain because they do have good qualities. One should know what they're getting into before using ANY online tax service :-)

Beverly

Memphis,
Tennessee,
U.S.A.

Thanx you Chaka

#3Author of original report

Thu, January 11, 2007

I did follow my mind and go elsewhere bec it wouldn't make sense to pay such a huge amt of money vs. paying nothing and gettin' it in the same week. Also, I understand that the site sates that the IRS wil begin accepting on January 12th but they did not clearly state that I would have to wait that long...only that you can receive one "in as little as 24 hrs" but they didn't say 24 hours from January 12! A loan, mind you, can be made at any time and that's what I was led to believe that it was a loan that could be deposited into my account within 2 days. Thanks for the comments. I appreciate everyone's input.

Chaka

Inkster,
Michigan,
U.S.A.

You're right for going elsewhere

#4Consumer Comment

Thu, January 11, 2007

The reason that I say you're right for going elsewhere is because if you feel that it's trivial to do you're taxes somewhere else because you feel wronged; you should do so. Maybe it's your first mind telling you. I am not an advocate for Tax Brain, but often people say that they are wronged when a site clearly states their intentions. On the Tax Brain site, it states that the IRS won't acknowledge returns until January 12th. If the refund isn't received 2 days after that, then a person should worry.

Liz

Townsend,
Montana,
U.S.A.

Advice from a Tax Preparer

#5Consumer Comment

Tue, January 09, 2007

Hello: I'm sorry you've had to go through this. I know this type of situation is really, really frustrating. I am a professional tax preparer and I don't offer Refund Anticipation Loans (RAL), period. There are two primary reasons for this: 1. These are a huge, huge ripoff and I simply won't offer a product I don't believe in; 2. They increase my risk enormously. If the client doesn't repay the loan, the bank can come after me. I sure don't need that. Many companies who do offer this type of loan do engage in could be called deceptive advertising. They don't out and out lie, but they do stretch the truth quite a bit. I'm not that familiar with Tax Brain, but I wouldn't be suprised if they do this as well. I have only taken a RAL out once, when I was absolutely desperate. I did get the money within 24 hours of the time the IRS accepted my return. The site I used on that occasion was Tax Slayer. I found that site to be very user friendly. I have also used Tax Act, professionally and as a consumer. I have found the calculations on the consumer product are slightly off from the ones the professional package does but for the most part they were not material. I have never taken out a RAL with either of these packages. My advice is to see if you qualify for the IRS free service. If you do, use it. You could also see if there are preparers in your area who have a sliding fee scale. When you file this early the IRS is really pretty good about getting the money to you quickly. I would really stay away from the RALs if you can - you pay outrageous fees and interest, and the service is not all that great either. Good luck to you.

Beverly

Memphis,
Tennessee,
U.S.A.

Juliet...You have it right!

#6Author of original report

Tue, January 09, 2007

I'm Beverly and I'm the person who made the initial report against TaxBrain. Just like Juliet from Alabama stated, they said a 2-day loan (RAL). I've gotten many RAL's in the past from H & R Block and it was during a time that was not near tax filing time! It doesn't matter that it is 2 days from the IRS' "acceptance day" or not...a loan is a loan and it can be made AT ANY TIME!!! That's why I feel that they were misleading and hoping that the interpretation would not be clear to an unsuspecting party. The only reason that I stop going through H & R Block is because they were charging too much - taking too much out of my refund. This year, I was having a bit of a difficult time and needed to pay my 8-year old's school tuition which I'm behind and I felt that it was worth the $180 in order to get back a few thousands. I'm sticking to TaxAct - program is fast, reliable and user-friendly and most of all...FREE!! I can still get it back within 7 to 10 days AFTER IRS starts accepting them. Also, for an update, TaxBrain did back my tax form out of queue so, it will not be filed by them. I'm waiting on TaxActs new 2007 form to be available (I've already filled it out...it's just a matter of TaxAct sending it through when their new program becomes available). Thanks for all the suggestions. I really appreciate it.

Juliet

Birmingham,
Alabama,
U.S.A.

Beverly was expecting a loan

#7Consumer Comment

Tue, January 09, 2007

I think Beverly's issue was that it appears Tax Brain offers a two day Refund LOAN. It doesn't matter when the IRS begins accepting online filing if they are proposing to loan you the amount of your anticipated refund. She doesn't state if they told her there was a reason for her apparently being declined for the Refund loan, but it sounds like she was.

Chaka

Inkster,
Michigan,
U.S.A.

They probably didn't mislead you

#8Consumer Suggestion

Tue, January 09, 2007

Hi. I am a curious about Tax Brain too and I talked to a person named Megan. They probably told you that you will receive your refund on the 16th because the IRS doesn't accept e-file until the January 14th? The 16th is 2 days from the 14th. What I read is that you will receive a refund 2 days after the IRS accepts your return. That can be 1-2 days. At first I was skeptical about using Tax Brain, but they do business on a secure site so I am hopeful. If I can get my money back 2 days after the day I file, which would be the 14th...I will be happy. You should go back to their site and ask when the IRS will accept refunds.

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