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H&R Block, Inc. Message Board

  • sci_encefiction sci_encefiction Aug 3, 2010 11:40 AM Flag

    Lets address the Rac/erc product

    Rals are going away if not already gone.Clients will go the way of RAC/ERC as a alternative.

    The costs of that product is wayyyyy too high ..in addition to the tax fee there is a bank fee of $30-40 and then theres other lil fees of 9.95 for whatever.
    WERE you aware that Wise tax (ugh)has a feecollect product that charges only $15.? It's run thru the same banks that offer RACs but for a miniscule fee...

    $15. However it's only for people with existing checking/savings account.
    That is prolly the fairest price and the profit is still 90%.

    SO.....the expensive Rac product will only be sold to the poorest of clients..Shame on us for being involved in this. (guilty)sigh.

    I can't justify my actions as anything but greedy....just because the chains do it does'nt make it right.Does that make me a Republican?.

    So in a few years, there will only be tax prep fees to charge..unless i copy the hrb product that sounds like insurance..what is that fee? 20, 30 that product purports to explain the deductions you took if you get audited.excuuuse me what BS is that? in a audit you will be asked to show evidence on deductions...how does hrb help you? they will sit there and watch you go down in flames.
    When my client gets audited, i tell them to dig up all evidence and have it ready.i run a what if you cant prove all deduction scenario and estimate the tax,penalty,interest that you will owe.But should i charge that fee at the beginning?..if i charge 500 clients that fee, i make 12,500 and maybe...there will be 1 or 2 that get audited..so its a great revenue stream(greed in flowery language).

    Yet i can't wait for next season.bills,bills,bills

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    • On what basis do you say the price of RACs are too high? Do you think the amount of fees the tax prep companies lose from clients not paying due to their refund getting snagged is too high? $29.95 for someone to create an account, disperse your tax prep fees to your preparer, cut you a check and arrange for low-cost check cashing is obviously worth something. How much is it worth, if not $29.95? How do you determine the worth? Do you thing the free market isn't capable of determine the right price for goods and services? Should the government just set the price of everything and be done with it?

      If people don't think the product has $30 worth of value then they can whip out their checkbook/Visa card/cash and pay up front and get a direct deposit to their bank account. And if the banks don't like that they'll lower the price to $25 and then $20 and maybe even to $15. But if $30 is the price that maximizes their profit, why shouldn't they charge that? Do you think GM charges what it does for cars because it thinks it wouldn't be fair to charge more? I'm just trying to understand how you determine what is fair. By what criteria?

      • 2 Replies to arnoldtaxinator
      • "Do you think the amount of fees the tax prep companies lose from clients not paying due to their refund getting snagged is too high? $29.95 "

        So your point is collective punishment?

        BTW..I have yet to see just 29.95 as fees, there are always other fees.
        I've seen $9.95 added as transmitter fees..Whats that?
        Isn't all the communications really an e-mail?

        I'm not naive. I too lose on some clients when i can't collect.

        The solution for this is for local credit unions to utilize software that automates the process of opening an account for RAC purpose only, and shutting them when its disbursed. I prefer local CU rather then the big banks(keep the money local is best for the community).
        for a fee of $12.00 to $15.00. It's all profit and everyone wins.
        Then tax prep business gets back to basics..Chains will shrink in size.
        I have no problem with chains and actually try to get preparers from them ...I pay 33% for beginners and up to 45% for top aces.yet i can't get them to leave...go figure..

      • "Do you think the amount of fees the tax prep companies lose from clients not paying due to their refund getting snagged is too high? $29.95 "

        So your point is collective punishment?

        BTW..I have yet to see just 29.95 as fees, there are always other fees.
        I've seen $9.95 added as transmitter fees..Whats that?
        Isn't all the communications really an e-mail?

        I'm not naive. I too lose on some clients when i can't collect.

        The solution for this is for local credit unions to utilize software that automates the process of opening an account for RAC purpose only, and shutting them when its disbursed. I prefer local CU rather then the big banks(keep the money local is best for the community).
        for a fee of $12.00 to $15.00. It's all profit and everyone wins.
        Then tax prep business gets back to basics..Chains will shrink in size.
        I have no problem with chains and actually try to get preparers from them ...I pay 33% for beginners and up to 45% for top aces.yet i can't get them to leave...go figure..

 
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