In the past I have personally expressed my opinion of refund anticipation loans or RAL's for short. Well the IRS seems to be coming around to my thinking with their recent announcement. Starting with the upcoming filing season, the IRS will not provide tax preparers or financial institutions with the "debt indicator" that is used to determine the creditworthiness of taxpayers for RAL's. For more information on this change be sure to see the details at the IRS website.
Is this the end of RAL's? Let me know your thoughts.
The Tech Accountant