Here's another warning from the Maryland Association of CPAs, about "refund anticipation loan" scams:

Warning - Refund Anticipation Loans and unqualified tax preparers can
cost you money!

Why give away a portion of your hard-earned income tax refund if you
don't have to? Would you pay an interest rate of 40% up to 700% to get
your refund a few days or weeks early?

The facts about Refund Anticipation Loans from the Maryland Association
of CPAs

As millions of Marylanders begin preparing their tax returns or visiting
their tax preparers, there are some things that you should watch out
for. Don't be mislead by these refund anticipation loans you see
advertised over and over again. You probably can get your refund just as
fast by making sure you electronically file your returns. Here are some
facts you should know about refund anticipation loans and tax preparers:

What is a Refund Anticipation Loan?
It is a loan, NOT a tax refund. An RAL is a high
interest loan against a taxpayer's anticipated income
tax refund. These loans cost you between 40% -
700% annual percentage rate.

What is an "instant refund"?
There is no such thing as an instant refund - this
refers to the Refund Anticipation Loans mentioned
above and will cost you a portion of your total
refund.

Will a Refund Anticipation Loan get me my refund
quicker?
Not really. You may be able to get your refund one week faster
than getting your refund by E-file. But is the cost of
the RAL worth it? Most tax professionals advise to
wait the extra week to get your FULL refund.
What should I ask before getting a RAL?
Ask the tax preparer to explain all of the fees, interest,
and any other charges that will be deducted from
your actual tax refund. Ask them for the amount of
your refund AFTER these fees are deducted from
your refund. Consider using E-file instead!

Top five questions to ask your preparer? from the Maryland Association
of CPAs
1)What is your experience and qualifications? (are you a registered or
licensed professional enrolled agent, tax attorney, or CPA?)

2) Will you provide me with a copy of my completed tax return, receipt
for the charges for preparing the return (including financing charges
associated with a RAL), and return my original documents?

3) Will you provide me with your name, address, and phone number so I
can contact you if there are any questions or problems with my return?

4) Will you be available to represent me before the IRS or Comptroller
if I am audited?

5) Will you be signing my return as a paid preparer (if not, do not use
them!)?

Make sure you are dealing with a qualified preparer - You are
responsible for your taxes!
Before you sign your return, be sure to ask questions
about anything you do not fully understand. Do not be
embarrassed to ask questions. It is important that your
return is filled out accurately. Remember - you are ultimately
responsible for your tax return - erroneous or
fraudulent information will result in back taxes, penalties
and interest.

Financial Literacy - CPAs around the US have began a major campaign to
help individuals manage their money and finances better. Here are some
financial literacy resources to help everyday citizens manage their
money through all of life's events from the Maryland Association of CPAs
and the American Institute of CPAs.

MACPA resources for the public
http://www.macpa.org/Content/16219.aspx

AICPA resources for the public
http://www.360financialliteracy.org/Financial+Guidance+Book

and for a little fun here are two financial literacy clips you might
like:

Our Financial tips from Maryland CPAs video
http://www.youtube.com/watch?v=TjiGEd0FXWE

Our (AICPA/MACPA) Feed the Pig campaign with the Ad council
http://www.feedthepig.org/VideoPlayer.aspx?vid=2


Tom Hood, CPA.CITP
CEO & Executive Director
Maryland Association of CPAs
(443) 632-2301
http://www.macpa.org