{"id":32663,"date":"2018-01-05T09:07:52","date_gmt":"2018-01-05T15:07:52","guid":{"rendered":"https:\/\/resource-center.hrblock.com\/?post_type=newsroom&p=32663"},"modified":"2023-03-01T13:51:21","modified_gmt":"2023-03-01T19:51:21","slug":"tax-survey-shows-gap-irs-refund-delay-need-refund","status":"publish","type":"newsroom","link":"https:\/\/hrbcomlnp.hrblock.com\/tax-center\/newsroom\/irs\/refunds-and-payments\/tax-survey-shows-gap-irs-refund-delay-need-refund\/","title":{"rendered":"Tax survey shows gap between IRS refund delay and need for a refund"},"content":{"rendered":"

Majority of respondents unaware of IRS refund delay; almost half dependent on refunds for paying off debt, rent, bills<\/h2>\n

According to a recent survey conducted by H&R Block, 49 percent of respondents are somewhat or very dependent on their tax refund, which for many taxpayers is the single largest financial transaction of the year. However, 51 percent of taxpayers were unaware that their refund could be delayed if they claimed the earned income tax credit (EITC) or the additional child tax credit (ACTC). Last year, roughly 15 million taxpayers claiming the EITC or ACTC were impacted by the law delaying these refunds.  This year, the IRS expects the refunds to be delayed until the week of Feb. 27 due to the Protecting Americans from Tax Hikes (PATH) Act<\/a>. H&R Block (NYSE: HRB) advises taxpayers the PATH Act will delay refunds again this year.<\/p>\n

\u201c66 percent of respondents said they hope to file their taxes in January or February, which means if they claim the affected tax credits, taxpayers won\u2019t see their Federal tax refund in their bank account until Feb. 27,\u201d said Kathy Pickering, vice president of regulatory affairs and executive director of The Tax Institute at H&R Block. \u201cEven though they face delayed refunds, taxpayers should still file early so they are first in line when the IRS begins releasing PATH Act-delayed refunds in late February.\u201d<\/p>\n

Refund Advance at H&R Block one more reason to file early<\/h2>\n

In addition to filing early so they can be first in line when the IRS begins releasing refunds, upon completion of their tax return at H&R Block, early filers can also apply for a Refund Advance<\/a>* loan of up to $3,000 from BofI Federal Bank. The Refund Advance, a no-interest loan offered from January 5 \u2013 February 28, 2018, is repaid from the client\u2019s federal or state income tax refunds and is available to current and new H&R Block clients. If approved, clients will typically have access to money the same day they apply, which could be as early as January 5.<\/p>\n

\u201cWhen it comes to getting money, Jan. 5 is better than Feb. 27,\u201d said Pickering.<\/p>\n

Taxpayers can learn more about the Refund Advance<\/a> online.<\/p>\n

*This is an optional tax refund-related loan from BofI Federal Bank, Member FDIC; it is not the taxpayer\u2019s tax refund. Loans are offered in amounts of $500, $750, $1250 or $3000. Approval and loan amount based on expected refund amount, ID verification, eligibility criteria, and underwriting. If approved, funds will be loaded on a prepaid card and the loan amount will be deducted from the taxpayer\u2019s tax refund, reducing the amount that is paid directly to the taxpayer. Tax returns may be e-filed without applying for this loan. Fees for other optional products or product features may apply. Limited time offer. Available at participating locations. Not offered in Puerto Rico. HRB Maine License No.: FRA2. See hrblock.com\/refundadvance for details. \u00a92017 HRB Tax Group, Inc.<\/p>\n

###<\/p>\n

About H&R Block<\/strong><\/h3>\n

H&R Block, Inc. (NYSE: HRB) is a global consumer tax services provider. Tax return preparation<\/a> services are provided by professional tax preparers in approximately 12,000 company-owned and franchise retail tax offices<\/a> worldwide, and through H&R Block tax software products<\/a> for the DIY consumer. H&R Block also offers adjacent Tax Plus products and services. In fiscal 2017, H&R Block had annual revenues of over $3 billion with 23 million tax returns prepared worldwide. For more information, visit the H&R Block Newsroom<\/a>.<\/p>\n

About BofI Federal Bank<\/strong><\/h3>\n

BofI Federal Bank is a federally chartered, FDIC insured, full-service bank that provides a wide variety of deposit accounts, as well as financing for single and multifamily residential properties, small-to-medium size businesses in target sectors, and select specialty finance receivables. With approximately $8.6 billion in assets, BofI Federal Bank provides consumer and business banking products through its low-cost distribution channels and affinity partners. BofI Holding, Inc. (NASDAQ: BOFI) is the holding company for BofI Federal Bank. BofI Holding, Inc.\u2019s common stock is listed on the NASDAQ Global Select Market under the ticker symbol BOFI and is a component of the Russell 2000\u00ae Index and the S&P SmallCap 600\u00ae Index. For more information regarding BofI Federal Bank, please visit www.bofifederalbank.com.<\/p>\n","protected":false},"excerpt":{"rendered":"

Majority of respondents unaware of IRS refund delay; almost half dependent on refunds for paying off debt, rent, bills According to a recent survey conducted by H&R Block, 49 percent of respondents are somewhat or very dependent on their tax refund, which for many taxpayers is the single largest financial transaction of the year. However, […]<\/p>\n","protected":false},"author":418,"featured_media":32664,"menu_order":0,"template":"","tags":[],"news-categories":[23363,23366],"class_list":["post-32663","newsroom","type-newsroom","status-publish","has-post-thumbnail","hentry","news-categories-irs","news-categories-refunds-and-payments"],"acf":{"post_rest_thumbnail_alt_id":null},"yoast_head":"IRS refund delay causes gap for early filers | H&R Block Newsroom<\/title>\n<meta name=\"description\" content=\"The Refund Advance, a no-interest loan offered from January 5 \u2013 February 28, 2018, is repaid from the client\u2019s federal or state income tax refunds.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/hrbcomlnp.hrblock.com\/tax-center\/newsroom\/irs\/refunds-and-payments\/tax-survey-shows-gap-irs-refund-delay-need-refund\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta 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