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Thursday, April 14, 2011

WHAT DOES URGENT AND FAST REFUND MEAN?

Many tax companies on the market are now offering “fast tax refund”, “urgent refund”, “emergency tax refund” and other kinds of fast income tax refund. But what does this actually mean? Why does the standard procedure take between 12 and 14 weeks and how exactly do these companies refund the taxes in such a short term?

Please be aware that a fast refund received within 1 month is possible, but only for US citizens. Non-residents are not eligible for this kind of refund. So the procedure that could be done from the companies is the following:
If the status of the client is changed from non-resident to resident the client is eligible for fast refund. What's more, this action can be done without informing the clients and without the clients consent. Once the client receives the “resident” status the taxes can be refunded in the short term.
What are the negatives?

Once the status is changed to resident it is impossible to change it back. Such change is not only illegal but may also cause many problems to your clients, such as: refusal of VISA issue and Green Card application, also large penalties and in the worst case scenario prohibited entry into the USA.

When you choose to receive an urgent tax refund, reconsider as what is the true price you will be paying? If someone offer such service be sure you understand all the risks behind it!




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