I did a tax return shop last year and really enjoyed it. I have not seen any through the dozen or so companies I shop with. Has anyone seen any listed yet (for any tax prep service)? I'm sure it is too early for them to be posted, but I do not want to miss out on any this year. The shop I did last year took quite a while to reimburse, but was very worth it.

I think the first day to efile returns is January 14; it's typically the second Friday of January. It's too early for the tax return shops to post. Sit tight, they're impossible to miss when they hit.

Thanks Mert.

Remember that for most of those you need to have at least $1000 refund expected. If you want to play and are a little shy on the expected refund, you have until I think it is Jan 11 to do an 'estimated quarterly payment' for 4th quarter that could get you into eligibility territory.

Not shops I would do as they generally require a Refund Anticipation Loan (RAL) which like any other loan will require pulling a credit report on you.

I note tonight that the first of these is posted. The ones I am seeing require you to have at least a $300 tax refund due you.

I saw the first one too. The refund won't be an issue. I was a little worried, as I thought they have eliminated RALs this year.

I have seen a couple of these already posted on the Market Force website.

cjohio, RAL's haven't been eliminated but they could definitely be endangered. The IRS doesn't like them and continues their effort to have them banished. A story for another time.

Before I knee-jerked and flunked the screening for these initial tax prep shops, I read Market Force's screening for shops in my area. The shopper/taxpayer needs to be expecting at least a $300 refund, excluding credit for first time homebuyers or the American Opportunity credit (college expenses).

The screening tries to further qualify "if you find you will not receive the minimum refund to qualify for a Refund Transfer (RT), incurred expenses will not be reimbursed". Shoppers need to be careful, as always, not to get stuck. Find out what the minimum refund is to qualify for an RT.

This initial shop is NOT for a RAL. A Refund Transfer is distinctly different. An RT is usually deposited within 8 to 15 days of IRS acceptance of the tax return. The bank sets up a temporary account for the taxpayer and upon IRS funding of a refund, tax preparation and bank fees are deducted from the refund and the taxpayer receives the balance. It's not a loan, there is no credit check, and there are no interest charges. The bank's charge for an RT varies, though it's certainly not as hefty as RAL charges. The advantage of a Refund Transfer is that the taxpayer doesn't have to pay the preparation fees up front. They're withheld from the refund and paid to the preparer. The downside to an RT is that it takes 8-15 days, unlike RALs which take 12-48 hours.

Backstory is one tax preparation company shopped last year is in litigation with HSBC, the lending bank for their RALs. HSBC does not want to be in the RAL business. Another tax prep company shopped last year used Republic Bank who indicates they'll fund RALs again this year.

Must not be able to do these in Florida, I don't see any in my Market Force options.

I can see a bunch of them in Florida. Just use the Advanced Search feature and go out 200 miles. That will let you see the screener questions, though probably none are close enough yet to be interesting to take. From past years my guess is that you will see lots and lots of them available closer as time goes on, but I have never seen them bonused.

It is also important to note that if there are debts you owe to IRS, for former RALs, delinquent student loans, child support, alimony, VA loans etc. that might be deducted from a tax refund you may not have enough left of your refund for the RT.

I did find one but we screened out, who knows what I said to do that, our taxes are very straight forward.

You will get many more chances at the screener as the shops will post in waves from now until April 15. I deliberately go in and blow the screener each year as I am unwilling to do these shops. Nevertheless within a few days I can see them or even at the same time see shops from the previous waves that are still lingering.

I played with the screening and found a few surprising kinks that won't pass. It's best to know from the get-go if it won't fly, so as not to have a rejected shop, especially after going to an unknown preparer.

Update on the square tax prep company ~ they announced Friday they will not be offering RALs for this coming season.

What the tax preparers' charge will barely cover the reimbursement. There are so many requirements for these shops that are hard to meet. I remember last year they stayed on the board for a long time. It was hard to search for anything else because of them. I wouldn't be able to do them anyway because a family member is known to have once had a tax service. I'd likely run into someone I know who would wonder aloud why I don't get my relative to do my taxes for free, which is exactly what happens.

This development affects millions of taxpayers, not solely shoppers doing tax return shops. Congress drug their feet on reinstating certain tax provisions which did not become law until December 17. Subsequently, the IRS must reprogram its systems for the three extended provisions.

Consequently, affected taxpayers will not be able to file until mid to late February for:

1) Returns requiring a Schedule A for itemized deductions.

2) Returns needing Form 8917, Higher Education Tuition and Fees Deduction.

3) Returns claiming the Educator Expense Deduction on Form 1040.

The workaround for affected taxpayers wanting to file early in the tax season, would be to file without these deductions, if it makes financial sense. Then, when the IRS systems are ready, amended returns (1040X) can be filed claiming the deductions.

Mert Wrote:
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> Update on the square tax prep company ~ they
> announced Friday they will not be offering RALs
> for this coming season.

Fascinating. They just had an ad on TV for "Refund Anticipation" cash.

Flash, do you know how the software companies address the delay? I mean, if software was purchased when it came out, but Schedule A's, and the other two remaining provisions were not written in, is it just an online update?

Regarding the square company, refund anticipation cash (RAC) is normally considered the same as a refund transfer (RT).

The TurboTax folks always have updates that continue pretty much through tax season. Usually the late ones are exotics such as the special tax treatment for the second million left handed monkey wrenches your company produced in Zanzibar. This year my run through my tax return will not finish yet because many of the forms are not yet ready. It is anticipated that these updates will be ready approximately 1/6/2011. But obviously some of the new stuff is finding its way into the updates already. Earlier last week I was due a $67 refund but yesterday after updates it was already up to $367 without any changes in data I had entered.

What is the word on the tax return shops? Has anyone seen or heard anything else? I have been checking the site that I got them at last year, but have not seen anything yet. ;-o

Market Force blue portal has had a bunch posted since the beginning of the year.

Has anyone seen any besides market force? They disqualifed me with their silly questions that didn't even apply to me.

Anyone know any other msc other than Market Force doing tax shops this year?

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