Getting approved by banks to RAL

Hello all. As we all know, the industry has changed and 2011 will be an interesting year. My guess is that we are only going to see more oversight and consolidation each year hereafter. If you are having trouble finding a bank, please let me know if I can help. I am a Service Bureau and have setup and supported more than 100 offices in the past few years and would love to speak with you. I have even heard from a credible source that Republic Bank may still back out of offering the RAL. I believe the final decision will hinge on the outcome of H&R Block/HSBC.

Please email me directly at heathfin@gmail.com if there is anything I can do for you. If nothing else, I welcome the dialogue and networking opportunity.

Best,
Tim

Hi Tim:

I have never meet you before. I like your honest post. Could you explain to everyone, how your fee schedule works. In my tax business, I quote a price over the phone.

Chris

Guys the only conclusion I can feasibly come up with is this...take advantage of FEE COLLECT..and MONEY CARDS...Fee collect is for the people who come in your office and do not have the funds to pay you at the present moment(which is a considerable amount..due to the economy) This product allows you to put their refund into their checking accounts in 3-7 days and also collect your fees out of their refunds...if they do not have a checking account..there is the money card...We are going to have to steer our clients out of RAL products in the future anyways..so why not start NOW..I was advised that the RAL products will NO LONGER EXIST after this year ..So this would be s major step in the right direction..and maybe change our clients thinking..also while SAVING THEM MONEY...I know they want their money NOW..but what is the difference in waiting 2-4 more days..and saving $200-$400 ...we still make a profit..and while saving our clients money..I am in the same situation...I cant meet the VOLUME...either...so I am FORGETTING THE BANKS..and offering these services..I have great faith that it will work out for the BEST...THANKS

Also Tim..if you can help you can email me at bamababe35564@yahoo.com...I really dont see you being able to..but anythings worth a shot..I have done taxes for more than 7 years and NEVER had this problem..But I am trying to come up with alternatives to set my mind and my clients at ease..

Tabitha:

Amazing after 7 years. I believe you. I am a first in business and I have Rals through software company. On Rals, the software company makes 30 per cent of my fees. I am a first year in business.

I dislike RALs not only is it a high expense loan but the back office processing time, etc.

The debt indicator should never have been taken off. Interest rates and fees are regulated already. Lower them instead.

Chris

Hello Kevin,
I tried to email you to get information on the bank products and it said domain name not found. Please let me know what inforamtion you can give me on the bank produxts

Tabitha in Fayette, Alabama said: Guys the only conclusion I can feasibly come up with is this...take advantage of FEE COLLECT..and MONEY CARDS...Fee collect is for the people who come in your office and do not have the funds to pay you at the present moment(which is a considerable amount..due to the economy) This product allows you to put their refund into their checking accounts in 3-7 days and also collect your fees out of their refunds...if they do not have a checking account..there is the money card...We are going to have to steer our clients out of RAL products in the future anyways..so why not start NOW..I was advised that the RAL products will NO LONGER EXIST after this year ..So this would be s major step in the right direction..and maybe change our clients thinking..also while SAVING THEM MONEY...I know they want their money NOW..but what is the difference in waiting 2-4 more days..and saving $200-$400 ...we still make a profit..and while saving our clients money..I am in the same situation...I cant meet the VOLUME...either...so I am FORGETTING THE BANKS..and offering these services..I have great faith that it will work out for the BEST...THANKS

Where can I get that information?

All: Tabitha is right, and I also have experienced the issues with SBBT. I have received some replies from my previous post about possibly helping some with a banking relationship. My apologies if it sounded like I can offer RALs, that was not my intention. I am in the same boat as all of you (and everyone else will be in this boat in 2012, if not in 2011). I do have a banking relationship, but I can only offer the non-loan products, marketing help, and support, not RALs. Again, my apologies if it came across in that way.

I am confident that our clients are coming around to the absurdities of the RAL, especially if we take the time to explain why they are a bad idea for them (I have seen this succeed in the offices I have setup and supported over the past few years). If I can be of assistance to anyone this season, please email me at heathfin@gmail.com. I am looking forward to a great 2011, whatever it may bring.

I am sorry you had a problem, not sure why that would happen. My email address is ktolar@patriottaxsolutions.com. I will answer all your questions and show you exactly what Patriot Tax Solutions, Inc. can do for your business.

Kevin Tolar
Patriot Tax Solutions, Inc.

Rasheed Shabazz in Stone Mountain, Georgia said: To any one interested, I have a solution to your RAL problems, I can set your current business up with these bank products so that don't have to turn away business. Unlike other options, you maintain control of your client info, with means you do there return, you transmit, and you print there check. You do not have to send there return out of your office. This option is available in every state in the US. If interested email rasheed@taxchainpro.com

please e-mail me concerning this

rasheed@taxchainpro.com - your e-mail does not work, please contact me jrbtaxman@aol.com

tried your email and got sent back. I am interested in offering RALS this year any help will be appreciated.

Lisa

ktolar@patriottaxsolutions.com , maybe I typed the email in wrong on another post. I double checked it and this is the correct address. I look forward to speaking with you. Just in case, an alternate email address is ktolar51@gmail.com.

Kevin Tolar

Could you get in contact with me about what you are offering. My e-mail is dwaynecal@bellsouth.net

Hello Rasheed,
I have tried to email you twice in regard to your bank products. Please contact me at candice@hayslipstaxandaccounting.com with your bank product information.

Thank you
Candice

Guys you might want to be very careful about people who dont use correct email addresses..and dont do what I did one year..I signed up with a 3rd party who set me up with bank products but they also took 50% of what I made.,,you can make more money doing fee collect and money cards..without offering RAL products..rather than give these goons 50% of your profits...WORD TO THE WISE!!

Chris who are you going with that is offering 30%?

It is unfair to assume I am a goon without understanding what our company has to offer. I appreciate your looking out for people as that is noble and good. I do not understand why my email address did not go through a couple times, so I included my personal email. ktolar51@gmail.com as well as the company email ktolar@patriottaxsolutions.com. I would love the opportunity to speak with you as well because we may be a great fit for your company as well. Thanks

Kevin Tolar

Tabitha in Fayette, Alabama said: Guys the only conclusion I can feasibly come up with is this...take advantage of FEE COLLECT..and MONEY CARDS...Fee collect is for the people who come in your office and do not have the funds to pay you at the present moment(which is a considerable amount..due to the economy) This product allows you to put their refund into their checking accounts in 3-7 days and also collect your fees out of their refunds...if they do not have a checking account..there is the money card...We are going to have to steer our clients out of RAL products in the future anyways..so why not start NOW..I was advised that the RAL products will NO LONGER EXIST after this year ..So this would be s major step in the right direction..and maybe change our clients thinking..also while SAVING THEM MONEY...I know they want their money NOW..but what is the difference in waiting 2-4 more days..and saving $200-$400 ...we still make a profit..and while saving our clients money..I am in the same situation...I cant meet the VOLUME...either...so I am FORGETTING THE BANKS..and offering these services..I have great faith that it will work out for the BEST...THANKS

I agree, Tabitha. I have seen this exact stance succeed very well in the past 2 years as the RALs have been heading out the door. Customers prefer to stay out of debt when they truly understand the products, and when they realized how much $$ they are saving your reputation as honest tax preparer will pay you back in very handsome dividends year after year.

The only thing with fees collect the tax preparer is charged 15 dollars per return to use this service. At least that is what my software company does.

I would advise you all to take advantage of whatever your office is approved to do. I do not advise you to call a third party and process RALs through them, unless you do your research on how they are processing them. My first reason is that you don't want to take a customer's information in your office and them send it to another company to be filed. You don't know theses companies and how would your clients feel know that their information is being pass all over the world. I personally did this in my business last year and it was a disaster and ended up in the bank that I was working with dropping me and I also lost the remainder of my business for the rest of the year because it was a violation of company policies and the privacy act. I am not saying that some of these companies are not legit, but I wouldn't do this ever again. Not to mention that you will NOT get credit under YOUR EFIN for the returns that are submitted to a third party to be filed. If you can't get credit under your EFIN for filing enough returns, then you will NEVER reach the minimium amount of returns under your own EFIN in order to qualify to provide RALs in your OWN office. Guys use what you have because more people will not get approved for RALs anyway. I only had maybe 3 get approved out of 72 that I sent else where, I practically gave money away last year, and I didn't even meet the minumiun this year to provide RALs this year. If I would not have sent my business elsewhere, I would have met it. Use what you have and do business the right way. You will be happy you did. I hope I didn't offend anyone, but I like to speak the truth. Also does anyone know all of the software providers that offers fee collect?

Anyone have any tips on doing schedule C for tax returns.

I think all of them do fee collect! sorry about your dilema last season...wish you many blessings and more to come!

p.s....I went through the same dilema as you,...but i only did rals through them, and the other 152 people that i processed was under my own efin....now i have to still go out here and reclaim my name. she sent us an email saying that the bank was mailing out all those checks, and it was mail....we had rumors going out about us, and everything. I will NEVER do that again..rals or not....i am going to keep it pushing

Louisiana Girl said: p.s....I went through the same dilema as you,...but i only did rals through them, and the other 152 people that i processed was under my own efin....now i have to still go out here and reclaim my name. she sent us an email saying that the bank was mailing out all those checks, and it was mail....we had rumors going out about us, and everything. I will NEVER do that again..rals or not....i am going to keep it pushing

Louisiana Girl,

We used the same company to process RALS the exact same thing happened to me. Some clients checks got sent to the wrong place, and they were highly upset. Also they called and told me that the bank would be mailing my clients checks directly to them, it was a disaster. My clients were pissed and it was difficult explaining to clients that they would have to wait longer in order to recieve their checks. I only processed rals through them as well, but the bulk of my business was RALS, therefore many of the tax returns I did did not go under my EFIN- I ended up having a little over 100 under my EFIN. I am working hard to reclaim my business name as well. It will be a struggle this year, but I will keep pushing as well with out without RALS too. My business will suffer just because I can't offer them this year, but I will still open my doors for business and expect great things. I wish you much success.

OMG!! I used this same company!!! Is it CLM Resources!!! That was a disaster!! My clients thought I was performing fraud because of what happened. All I can say folks is do your RESEARCH on the the 3rd pary companies. You could ruin your good reputation if not careful.

Solnto Tax,

Yes, it was really bad. My clients thought the same thing. Wish you much success this year!

OMG...i did not want to be the first to name names, but yes,,,chandreika morrison....it was so bad, now i have to reclaim all of that back!

B.R. dont worry about it because if you gave great customer service....and people know that you were sincere from your heart, and they got a good refund, they will respect that and come back to you again!

Rasheed Shabazz
I tried to reach your e-mail several times. Please contact me at jrbtaxman@aol.com

James Brock

How can I offer Fee collect and money cards to my clients?

Well with our company they are two of our banking products we can provide. Our company is unlike other service bureaus. I would love to speak with you about what we have to offer and how we can assist in your companies increased profits and growth. Email me at ktolar@patriottaxsolutions.com or ktolar51@gmail.com. I would be happy to give you all the information for you to consider.

Kevin Tolar
Patriot Tax Solutions, Inc.
Business Development

tax service in Carrollton, Texas said: How can I offer Fee collect and money cards to my clients?

you have to apply to a bank that is setup for ERO's

You have to purchase you software and apply according to banks that you software company works with.

All,

Can anyone give feedback on Taxwise software. I used Taxact last year, but will not this year because they have been purchased by H&R Block. I ordered an evaluation kit and installed it, but it seems like I will have to put a lot of information such as the date, my efin, tax id, etc on each return manually. That's very time consuming and I cannot do this with every return. TaxAct automatically populated this information for me from the master sheet. Has anyone actually used TaxWise and what has been you experience? Thanks for any advance. Be Blessed!

Does anyone have a policy and procedures manual for sale? I am interested in how others handle the customers that have to pay the IRS verses receiving a refund. Thanks my e-mail is latoyadawn04@hotmail.com

You can still use TaxAct. The only thing that the sale to H & R changed was the bank products being offered. I am going to use TaxAct this year. Will not be able to Rals but so will a lot of other tax preparers.

Monique in Greensboro, North Carolina said: I am having a problem getting approved by the banks to do RAL's. I am currently with First Security Bank and they only do RT. I have tried to get approved through SBBT, Chase, and Refund-advantage (ohio valley bank). I think the problem is my credit score and I'm not quite sure if I should continue trying. I would to have a relationship with a bank for the 2009 season so I can increase my business. Has anyone ever had this problem? Any suggestions?

Hi Monique,

I have a solution to all tax preparers who are having a problems getting approved by the banks, If you are interested please contact me at or visit my website: www.mtdbookkeepingtaxservices.net for more information. feel free to pass this message to other preparers.

Marie

have been also trying to offer RALS but the banks you mentioned want at a 250 bank count for 2009. This was impossible for me because I went with SBBT last year as all my previous years and they changed banks to late in the season to be accepted for another bank for the year. I dot think a lot of us preparers are going to offer RALS. I have been reading on the web sits also that H & R Block may not even be able to offer them this year because their bank HSBC is trying to back out of their contract because of the IRS Debt indication has been removed by the IRS. Even if you find a bank to offer RALS they are going to be difficult to obtain. No to mention a very high price to be paid for the RAL. SO my guess is that even if you could offer them and it would be the first time working with the bank the RALS will be denied. This is a loose loose situation for everyone involved. There has been other companies offering the RALS also but until you talk with them they aren't offering them either. I have been searching for months to get with a bank but to no avail. I think the RALS are going to be a thing of the past very soon.

In response to the Taxwise question and specifically about the information. This is done when you first install the program. You will have to "edit" the forms and check off some of your preferences. There is a box that allows you to have your efin and your signature to automatically show on the returns. You can call their help desk and they can walk you through.

Patriot Tax Solutions, Inc. can offer you Crosslink software at no charge, fee collect, CCs and check stock, 5 to 14 day RAC, live software support, interactive tax law library, line by line tax form expl., full support for outside preparers, free software training, CCH tax training, password protection for your clients and more. Email Kevin at ktolar@patriottaxsolutions.com or ktolar51@gmail.com. I look forward to speaking with you.

Kevin Tolar
Patriot Tax Solutions, Inc.
Business Development

Kevin, I visited your website. On your website, you claim that "the IRS requires that you have a banner saying that you are a Tax Professional", and then you proceed to explain that you sell this banner with your program. That is interesting, because I have never seen this requirement that is "mandated" from the IRS. Please correct me if I am wrong and provide where you have found this from the IRS.

Patriot Tax Solutions, Inc. can offer you Crosslink software at no charge, fee collect, CCs and check stock, 5 to 14 day RAC, live software support, interactive tax law library, line by line tax form expl., full support for outside preparers, free software training, CCH tax training, password protection for your clients and more. Email Kevin at ktolar@patriottaxsolutions.com or ktolar51@gmail.com. I look forward to speaking with you.
Kevin Tolar
Patriot Tax Solutions, Inc.
Business Development

Patriot Tax Solutions, Inc. can offer you Crosslink software at no charge, fee collect, CCs and check stock, 5 to 14 day RAC, live software support, interactive tax law library, line by line tax form expl., full support for outside preparers, free software training, CCH tax training, password protection for your clients and more. Email Kevin at ktolar@patriottaxsolutions.com or ktolar51@gmail.com. I look forward to speaking with you.
Kevin Tolar
Patriot Tax Solutions, Inc.
Business Development

I never heard of this either a banner saying your a tax professional? Is this new? Has anyone heard of this?

no. i heard it was paper airplanes. yeah that's it... Every client gets a paper airplane to throw out the window advertising your services...

If you are going to prepare taxes for others, you must have some sort of visible indication such as a banner for people to see. If you decided to use Patriot Tax Solutions, Inc. as your service bureau and you are a new tax prep business we would require our banner to be used. If you are an existing tax business prior to this year, we would not require our banner to be used and would support and help you with the growth of your business. Also, the the tax professionals that are in need of a service bureau will have a more aggressive program from which to work. I will talk with the president of the company and get that wording corrected on the website. I appreciate you bringing this to my attention. I went back and read it and it doesn't read as it should.

Kevin Tolar
Patriot Tax Solutions, Inc.
Business Development

Thanks so much!

Tax professionals, I just read over this and all of these are scams. Do not trust anyone with a non-company email like yahoo.com, etc. Or a web page that promises the world but does not have multiple pages or any contact information with a legal company address. Never give your client list out, it is illegal and you can be sued, and who is to say they will not market directly to your clients to call or fax their w2’s to them and cheat you – have your lawyer look over everything don’t just sign because you need RALs.

Yes the tax industry is changing in many ways the new PTIN system, every tax preparer will have to be certified by 2012, the debt indicator will not appear this year, and the biggest news CHASE is out of the tax business forever and SBBT can not offer RAL’s but may get their ducks in a row before January to offer RT is everyone left waiting is lucky.

If you have a successful business, your only option is to team and grow your business with the only players left in the market. Jackson Hewitt does not even have RALs, but will have RTs. H&R is suing to make sure they do have RALs and RTs, and the outcome should be announced on November 18th, 2010 in a few days. I think it is highly likely they will have some product to offer. And lastly there is Liberty Tax Service, which will have both RALs and RTs this year and has grown by more returns than JH and H&R combined for the last 7 years. This is why I became a franchisee of Liberty, and the royalties are great compared to the others. I am glad, my business has grown by double digits and my clients are happy as I plan to build more and more market share. My local Jackson Hewitt just closed (maybe b/c of me taking their business). So I am in a great place 1 of 2 places that offer all the product options are clients demand.

If I was in the tax business, (and wanted to remain in business) I would convert – and I hear Liberty has a Mom & Pop program right now so go to their website and fill ou

Hi John,
Please email me directly and ask me all the questions you would like about our service bureau. Thank you,

Kevin Tolar
Patriot Tax Solutions, Inc.