A RAC is a check or other type of payment that allows you to get your refund money. RAC fees are deducted from the refund amount shown on your return. The fees include charges for tax preparation and a fee for the RAC. Before you enter into a RAC agreement with a tax preparer, the [...]
A RAL is not a quick, fast or instant refund. It is a high-interest loan. The lender will charge you interest and fees, which will reduce your refund. Before you enter into a RAL agreement with a tax preparer, the preparer must give you a written disclosure statement that explains: ~you aren’t required to take [...]
~review the entire return before you sign ~make sure your preparer signs the return ~get your papers back, including copies of all final returns ~get a receipt that contains the preparer’s address and phone numbers
