Victory State Bank: Follow Advice of NYC Consumer Affairs Department When Hiring a Tax Preparation Service
STATEN ISLAND, N.Y. – Victory State Bank – the only community-based commercial bank in Staten Island, N.Y. -- suggests doing your homework before hiring a tax preparer.
If you are uncertain about the qualities you should look for in a tax preparation service, the bank suggests you follow these tips from the New York City Department of Consumer Affairs:
- Avoid “Instant,” “Rapid,” “Express” or “Fast Cash” refunds
“Instant” refunds are actually loans with extremely high interest rates known as refund anticipation loans (RALs). RALs must be repaid even if you don’t get your refund or it is smaller than you expected. If you have a bank account and file your taxes electronically, you can arrange for direct deposit of your refund in as little eight days. Ask your tax preparer about this option.
- Know Your Rights When Dealing with Tax Preparers
Tax preparers must post their qualifications, fees and charges, and whether or not they will represent you at a government audit. Preparers must sign every tax return, and provide you with a copy of your tax return and a receipt for your services.
- Protect Yourself
Tax preparers may not charge you fees based on the amount of taxes you owe or your anticipated refund. Never sign a tax return that is blank, incomplete, or filled out in pencil. It could be changed later. Tax preparers are required by law to give each customer a free, current, and legible copy of the Consumer Bill of Rights Regarding Tax Preparers before any discussions with a consumer.
- Don’t pay cash
Never mail cash when paying your taxes. Pay by check or money order only.
- File a tax preparation complaint with DCA online at nyc.gov/consumers or by calling 311.
About Victory State Bank:
VSB Bancorp, Inc. (NASDAQ: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank. For additional information, Victory State Bank may be reached at 718-979-1100 or visited online http://www.victorystatebank.com .