“While we’re disappointed with the OCC’s eleventh-hour decision, H&R Block will have a strong product lineup this tax season to meet our clients’ tax and short-term financial needs,” Gene King, a company spokesman, said.
There’s no way to tell exactly how many taxpayers will be affected by the government’s action. But about three-quarters of the estimated 900,000 low-income Ohioans receiving the federal Earned Income Tax Credit use paid tax preparers, according to Policy Matters Ohio, a nonprofit think tank that has studied anticipation loans and other so-called predatory lending issues.
Many people who use paid tax preparers take out short-term loans backed by their expected tax refund to pay for their taxes, said David Rothstein, a researcher with the group.
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