LI community group warns against costs of 'Rapid Refunds'
A community group in Hempstead Village has pressed its mayor to pass protective legislation as experts warn Long Islanders against the cost of "Rapid Refunds."
Nassau County requires that tax preparers, who partner with a bank, disclose all fees and interest in the contracts of so-called "refund anticipation loans." The community group ACORN in Hempstead Village has pressed new mayor Wayne Hall to add legislation that requires the information to put into advertising and marketing campaigns as well.
Experts say tax preparers who offer almost immediate refunds often charge high fees or interest that can amount to hundreds of dollars on an annual basis. Experts say a personally filed tax return offers a full refund in a couple of weeks or less for free.