HRB Products Exam 100% Correct!!
Second Look Review - ANSWERS--thorough, professional review of non-Block prepared current TY and 3
prior TYs' returns
--look for missed deductions and certify that return is accurate or amend to get it right
--the matched or amended return is certified and covered by HRB guarantee
Second look: benefits - ANSWERS--find money due to mistakes or missed opportunities
--accurate return covered by HRB guarantee
--confidence in return's accuracy
Second look: best practices - ANSWERS--tell a success story
--complete Second Look reviews in BlockWorks
--ask every new client to bring in last year's tax return and this year's documents
--ask every new client if there was anything that concerned them about last year's return
--schedule follow up Second Look appointment
Second look: need to amend return - ANSWERS--discovering the error before the IRS will limit the
penalties and interest charged
Second look: matched return, why HRB? - ANSWERS--e-file with HRB --> receive notification/ verification
that IRS received/ accepted return, and can receive refund in 8-21 days
Second look: why pay the price? - ANSWERS--to gain any additional refund due plus interest from IRS
(net should be greater than Second Look cost)
Refund Transfer - ANSWERS--tax refund-related deposit product
--not a loan
, --enables clients with an anticipated tax refund to conveniently pay their tax prep and related fees using
their tax refund
Refund Transfer: benefits - ANSWERS--convenience: pay tax prep fees out of refund
--security: refund deposited in secure Bofl bank account with multiple disbursement options
--savings: select Emerald Card or Direct Deposit as disbursement option to avoid check-cashing fees
--speed: Emerald Card means access sooner than with a paper check mailed from IRS; also accessible for
unbanked clients
--notification: via email address when Refund Transfer is completed
Refund Transfer: cost - ANSWERS$39.95 for federal refund transfer (includes $13 state refund transfer at
no additional cost; must take a federal RT in order to take a state RT)
Refund Transfer: qualifying - ANSWERS--must have Refund Transfer funds of at least $1 after tax prep and
related fees are deducted
Refund Transfer: timeline - ANSWERS--available until IRS stops accepting e-filed returns (c. 10/15)
--RT funds are typically available within 21 business days of IRS acceptance of e-filed return
Refund Transfer: disbursements - ANSWERS$ dispersed after tax prep, related fees are deducted
1) direct deposit to Emerald Card
2) direct deposit to client's bank account (must be valid bank account with client listed as owner)
3) check -- additional $25 fee applies to print/mail checks
Emerald Mastercard: spending - ANSWERS--cash back - no fee
--ATM - $3+
--signature/PIN to spend - no fee
--online/mobile bill pay - $1+
Second Look Review - ANSWERS--thorough, professional review of non-Block prepared current TY and 3
prior TYs' returns
--look for missed deductions and certify that return is accurate or amend to get it right
--the matched or amended return is certified and covered by HRB guarantee
Second look: benefits - ANSWERS--find money due to mistakes or missed opportunities
--accurate return covered by HRB guarantee
--confidence in return's accuracy
Second look: best practices - ANSWERS--tell a success story
--complete Second Look reviews in BlockWorks
--ask every new client to bring in last year's tax return and this year's documents
--ask every new client if there was anything that concerned them about last year's return
--schedule follow up Second Look appointment
Second look: need to amend return - ANSWERS--discovering the error before the IRS will limit the
penalties and interest charged
Second look: matched return, why HRB? - ANSWERS--e-file with HRB --> receive notification/ verification
that IRS received/ accepted return, and can receive refund in 8-21 days
Second look: why pay the price? - ANSWERS--to gain any additional refund due plus interest from IRS
(net should be greater than Second Look cost)
Refund Transfer - ANSWERS--tax refund-related deposit product
--not a loan
, --enables clients with an anticipated tax refund to conveniently pay their tax prep and related fees using
their tax refund
Refund Transfer: benefits - ANSWERS--convenience: pay tax prep fees out of refund
--security: refund deposited in secure Bofl bank account with multiple disbursement options
--savings: select Emerald Card or Direct Deposit as disbursement option to avoid check-cashing fees
--speed: Emerald Card means access sooner than with a paper check mailed from IRS; also accessible for
unbanked clients
--notification: via email address when Refund Transfer is completed
Refund Transfer: cost - ANSWERS$39.95 for federal refund transfer (includes $13 state refund transfer at
no additional cost; must take a federal RT in order to take a state RT)
Refund Transfer: qualifying - ANSWERS--must have Refund Transfer funds of at least $1 after tax prep and
related fees are deducted
Refund Transfer: timeline - ANSWERS--available until IRS stops accepting e-filed returns (c. 10/15)
--RT funds are typically available within 21 business days of IRS acceptance of e-filed return
Refund Transfer: disbursements - ANSWERS$ dispersed after tax prep, related fees are deducted
1) direct deposit to Emerald Card
2) direct deposit to client's bank account (must be valid bank account with client listed as owner)
3) check -- additional $25 fee applies to print/mail checks
Emerald Mastercard: spending - ANSWERS--cash back - no fee
--ATM - $3+
--signature/PIN to spend - no fee
--online/mobile bill pay - $1+
