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Taxnet Financial, Inc.

Phone: (888) 573-0222Fax: (866) 812-1260401 N Michigan Ave Ste 1200, ChicagoIL 60611-4264 Send email to Taxnet Financial, Inc.

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BBB Accreditation

A BBB Accredited Business since 12/01/2010

BBB has determined that Taxnet Financial, Inc. meets BBB accreditation standards, which include a commitment to make a good faith effort to resolve any consumer complaints. BBB Accredited Businesses pay a fee for accreditation review/monitoring and for support of BBB services to the public.

BBB accreditation does not mean that the business' products or services have been evaluated or endorsed by BBB, or that BBB has made a determination as to the business' product quality or competency in performing services.

Reason for Rating

BBB rating is based on 16 factors. Get the details about the factors considered.

Factors that lowered Taxnet Financial, Inc.'s rating include:

  • 21 complaints filed against business

Factors that raised Taxnet Financial, Inc.'s rating include:

  • Length of time business has been operating.
  • Response to 21 complaint(s) filed against business.
  • Resolution of complaint(s) filed against business.
  • BBB has sufficient background information on this business.

Customer Complaints SummaryRead complaint details

21 complaints closed with BBB in last 3 years | 9 closed in last 12 months
Complaint TypeTotal Closed Complaints
Advertising / Sales Issues2
Billing / Collection Issues1
Delivery Issues1
Problems with Product / Service17
Guarantee / Warranty Issues0
Total Closed Complaints 21

Complaint Breakdown by Resolution

Complaint Resolution Log (21)BBB Closure Definitions
03/31/2014Problems with Product / Service | Read Complaint Details
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Additional Notes

Complaint: On jan 25 I applied for the ral .got an email on jan 26 saying I was approved .got another email on jan 2 saying I wasn't. Then used their refund status oage and it said my refund woukd be deposited in 24 to 48 hours. It wasn't called them numerous times each time they were having technical difficulties. Finally received my refund on jan 7. Was waiting on my state never received it .so on jan 18 called them only to find out they never efiled it and wanted to blame it in us saying we never sent a w2 in which we did at the same time we applied for the ral. I efiled my state myself on jan 19 . I want the 350 dollars back I paid them for service I never received.

Initial Business Response
Contact Name and Title: ***** ****** CPA
Contact Phone: XXXXXXXXXX
Contact Email: *****@taxnetfinancial.com
Dear Consumer,

The email from January 26 doesn't indicate any wording related to "approval". The email stated that your application has been accepted and a loan review will be conducted. During the loan review you were denied and notification was sent to advise you of the adverse decision. A loan fee was not charge to your account.

We required additional information to complete your free state return; however, the requested state information was never received to date. Your Federal Filing was completed and you were billed for that service. The invoice was provided to you at the time you applied for your RAL as part of the required disclosures $333 for Federal Tax Preparation. State tax returns are completed free of charge provided you consent and provide the required documents needed to complete the state filing. Unfortunately, after you were denied for your loan you filed with another tax professional.
These fees incurred by your other tax professional is your responsibility. We apologize if there was any misunderstanding but the signed agreement is very clear on tax preparation fees. We have issued a $35 off tax preparation code valid for next year's tax return if you would still consider using our service. Again we apologize for any confusion.

Complaint Resolution: Company addressed the complaint issues. The consumer failed to acknowledge acceptance to BBB.

03/10/2014Billing / Collection Issues | Read Complaint Details
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Additional Notes

Complaint Category: Unauthorized bank debits

Complaint: I applied for a RAL LOAN and was approved 1-30-14
I applied for this same loan in 2013 and was approved. I have the documentation proving this loan. For some reason the company is now stating it was done in error. I have the legal documentations to back and prove the loan was approved and this company is committing fraud!

Initial Business Response
Contact Name and Title: ****** ******
Contact Phone: XXXXXXXXXX
Contact Email: *******@taxnetfinancial.com
Client applied for a loan and was approved and never repaid the loan. The account is scheduled to go to collections and our attorney on 4/16/2014 if account is not paid in full.

Our records indicate that $655 was deposited to an account connected to ********* ****'s social security number. Mr ***** applied for a loan and signed a loan agreement.A bank trace was performed and his bank has confirmed receipt of deposit.

The loan was never repaid and is currently outstanding to date in the amount of $655 plus a $57 finance charge.

To settle this matter Taxnet Financial is willing to accept $655 and the finance charge will be waived.

Complaint Resolution: Company addressed the complaint issues. The consumer failed to acknowledge acceptance to BBB.

03/10/2014Problems with Product / Service | Read Complaint Details
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Additional Notes

Complaint Category: Failure to honor a contract or agreement

Complaint: My taxes were approved on feb 6 as of feb 11th I still have not received the money from the ral. I applied for the loan to cover my rent. I called on friday 7th to confirm the direct deposit will occur, was informed it would midnight that night on sat the 8th no transfer. I called again on monday again assured the money would be transfered.
The company not only charges 350 for filing taxes but an additional 57 dollars for the RAl .

Because they did not deposit the money as stated I am looking at being evicted from my apartment. I have a 13 yr old daughter with severe depression cutting and suicide tendencies, the stress also affects my health raises my blood sugar, I am diabetic. I feel that due to their lack of following their advertising I may be homeless I should not have to pay for their service defifianly not the loan fees.

Initial Business Response
Contact Name and Title: ******* *******, Manager
Contact Phone: XXXXXXXXXX
Contact Email: ******@taxnetfinancial.com
Dear Ms *******,

We have reviewed your loan agreement and you were approved for a direct deposit on 2/7/2014. The loan funds were disbursed the same day to the account and financial institution you provided. Unfortunately, since the funds were sent on a Friday it is probable that your bank did not post the funds until the following Monday or Tuesday. As per the RAL agreement we disburse the funds upon approval but we don't have any control over the time your bank makes the funds available to you. As the funds are direct deposited via ACH they do not post over weekends or holidays. We hope this information helps. We conducted a bank trace and confirmed that both the loan funds and your actual Federal Refund have been sent to your account.

We appreciate your feedback and please keep in mind that we attempt to fund our client loan request as soon as possible ;however, we are limited to the restraints of ACH transfers and the rules of your bank.

We hope that you will consider returning with us next year despite the delay this year with your loan funds posting.

Complaint Resolution: Company addressed the complaint issues. The consumer failed to acknowledge acceptance to BBB.

03/03/2014Problems with Product / Service | Read Complaint Details
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Additional Notes

Complaint: I filed a tax loan with this companie over a week ago but have yet to receive loan or detailed info regarding my tax return.They have been avoiding my calls as well.

Initial Business Response
Contact Name and Title: ****** ****
Contact Phone: XXXXXXXXXX
Contact Email: *****@taxnetfinancial.com
Ms ********* unfortunately you were not approved for the tax loan. A notification was sent to the email address you provided.

In order to find out t.he specific reason for loan denial please write us and include a photo ID

Taxnet Financial Inc.
*** N ******** *** ***** ****
Chicago IL XXXXX

Please allow 21 days for a response.

Our customer service department is available from Monday - Friday from 9am to 5pm and the average wait time is less than 5 minutes.

We regret that we were unable to approve you for your loan request and you will not be charged for the loan request or finance charge. This decision will not delay your actual refund.

Complaint Resolution: Company addressed the complaint issues. The consumer failed to acknowledge acceptance to BBB.

02/24/2014Problems with Product / Service | Read Complaint Details
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Additional Notes

Complaint Category: Unauthorized service

Complaint: On 1/6/2014, I inquired about Tax Net Financial ral, refund anticipation loan. I received an email with my taxes, showing a return for 4094.00, they explained the charges for the loan. After I read the documents and the charges, I responded to the email and advised I was not interested in the loan, and I wasn't interested in using them as my tax preparer. I explained that thier fee of 345.00 was too much money and that I qualify to have my taxes prepared for free. I advised that they did not have all my 2013 tax information, so the information they had was not complete. I did not sign any of the forms they sent me and then I called their customer service and told the representative I did not want them to file my taxes because I was not paying 345.00,and they didn't have all my tax information so the refund amount was not correct.I was advised that as long as I didn't sign the forms and I sent back an email telling them I did not wish to use their services I would be fine. I use *** ***** to do my taxes every year, I filed my taxes on 1/31/2014, my refund was $8139, and Tax Net has my refund as $4094. I received an email from *** ***** today stating my 2013 tax return was rejected because they already received a 2013 tax return for my social security number. I then pulled up the emails to and from Tax Net. On their website they have an option to check your refund if they processed your taxes. I entered my social security number and it stated that the IRS received my 2013 taxes that Tax Net had submitted. Now they are going to deduct $345.00 or more from my $4094.00 refund, which I never gave them permission to do. Because of this I'm out $4390.00 because this company did whatever they wanted after I made it very clear I did not want to use their services. I do have the original forms they sent to me requesting me to sign, it is very clear these forms are not signed. I also have my email I responded to them explaining I did not wish to pursue any services from them.

Initial Business Response
Contact Name and Title: ******* *******
Contact Phone: XXX XXX XXXX
Contact Email: *******@taxnetfinancial.com
Management has contacted the consumer. Client applied for a refund anticipation loan and provided information to complete her tax return. Consumer decided that she no longer wanted the RAL ;however, her taxes were filed.

Management has completed an amended tax return for the client and any difference will be refunded back to her directly from the IRS.

Management has contacted consumer to ensure that her tax refund is completed in a timely manner and that consumer receives her full refund.

We are awaiting additional tax documents from consumer in order to finalize her amended return for free since she did not include all documents during initial interview.

Management considers this matter closed as we are working with client to resolve incomplete information on her original tax return filed.

Complaint Resolution: Company addressed the complaint issues. The consumer failed to acknowledge acceptance to BBB.

Page 1 of 4
04/02/2014Problems with Product / Service | Read Complaint Details
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Additional Notes

Complaint Category: Unauthorized service

Complaint: Back in December, we applied for a RAL with the hopes of getting approved for a loan to get some extra cash for Christmas. I used my last check stub to apply for the loan. Unfortunately we were denied. As a result of the denial I spoke with one of their managers and also an agent. When the manager apologized and told me there was nothing else he could do, I then told him I could have applied for a loan elsewhere being they denied me only 4 days before Christmas and I wanted to cancel the entire transaction and that I did not want to continue doing services with Taxnet Financial. The manager then told me that I could cancel but that I needed to understand that I would not be able to do any future business with their company. I agreed. One day later I called and spoke to their agent to confirm my account/transaction was cancelled. The agent confirmed it was cancelled. Going into tax season when I got my W-2, I attempted to do my taxes using my free H&R block software. I was expecting to get back the amount of $1996.00. On February 2, 2014 my tax return was rejected by the IRS due to a duplicate filing and acceptance from Taxnet Financial Inc. Taxnet Financial Inc. filed our taxes using only my check stub and came up with the not so accurate amount of $1878.00, shorting me of $118. Well how could this be? Especially after I clearly stated almost 2 months prior, that I did not want their company preparing and filing my taxes. Also, how could they file taxes without the W-2, which their company obviously did? I was told by their manager that they pulled my W-2 from the W-2express website. That to me is totally fabricated because my job does not even use w-2express. They only use our company website. Even if this was the case then why were our taxes still inaccurate? Then when I finally come to my senses to accept the taxes their company prepared, I contacted one of the managers again. I informed the manager how upset we were about them filing our taxes even after we said not to and without our W-2. I also asked the manager if we had been charged any fees. He stated that we were not charged any fees. On February 6, 2014 I go to the IRS website to check the status of my refund. Not only was it inaccurate, but Taxnet Financial took a whopping $345 out of our refund. This was apparently $12 for the electronic bank transfer of funds and $333 for the tax prepration leaving us with $1533. We were under the assumption these fees were obtained if you were approved for and recieved the RAL loan early. The manager argued that we signed the documents agreeing to such action. Our argument is we were under the assumption that we signed a document applying for a loan. I have been to other tax preparers ( *** block, and ******* ******* and in the previous years have been denied at least once by their company for a RAL. The difference is.. they "asked me" if I would still like to schedule an appointment once I got my W-2 for them to prepare and file my taxes. They gave me that option. Taxnet Financial Inc. did not.

Initial Business Response
Contact Name and Title: ***** ****** CPA
Contact Phone: XXXXXXXXXX
Contact Email: *****@taxnetfinancial.com
Dear Mr and Mrs ******,

We are sorry to hear that you are not completely satisfied with our services this year.

Unfortunately, when you apply for a RAL you are also simultaneously filing your tax return as described in your signed agreement. A manager also communicated this to you in January 2014. The contract/agreement is very clear and concise in this matter that tax preparation fees apply regardless of loan decision.

Once you sign and submit there is no way for us to cancel your filing with the IRS.Loan decisions are made based on signed and submitted tax returns.
The only other option is for us to reject the funds and return any funds received back to the IRS and allow you to refile. You rejected this option since it would have delayed your actual tax refund.

The loan fee was not charged to your account since you were denied for the loan. The only fee incurred was to prepare your Federal and State Tax return. We reviewed your tax preparation fees and determined they are reasonable for the work performed and in line with industry charges.

We note you are a prior year client. Last year we were able to get you approved for your loan and there were no complaints with the service. This year you asked us to apply for a loan and file your taxes. We applied and filed your taxes based on your signature and submission. We were unable to get you approved. We are sorry you were denied but your tax professional has no involvement with your loan application. We wish for all of our clients to get approved but in the event you are not approved you are not charged for a loan and your actual refund is not delayed.

Please reconsider your complaint and understand that we provided our service as described to the agreement you signed.




Initial Consumer Rebuttal
(The consumer indicated he/she DID NOT accept the response from the business.)
I do not feel that the preparation fees were reasonable. First of all you offered to amend my return to correct the amounts that were missing from my income tax return. Your company didn't even do that correctly. I just got a letter from the IRS stating that they cant complete the amended return because there is missing information and was also missing schedule 8812. This is going to delay the process even further. As far as me getting approved last year, just because I was approved for a loan does not mean I was 100% satisfied given the fact Taxnet Financial had to amend our taxes last year also due to filing with missing W-2's. Being that our taxes were not done correctly whether I signed a document or not, AND our amended return was not done correctly. We feel that your services are most certainly not worth $345. It doesn't even matter. We did not agree to this at all. As stated earlier, we were under the assumption that we were signing a form to apply for a loan. We want this fee refunded to us immediately. You asked in an email that I write you a letter to despute and for a resolution. I am attaching a copy of this letter which I will be forwarding a copy in the mail to you as well as the IRS.


I would also like to add that if you look online, (Example: Google search) There are several complaints quite similar to mine against Taxnet Financial Inc. Applying for a loan and signing and finalizing a tax return should be two SEPARATE processes not one. If a person applies for a RAL, whether they are approved or not should be given the option whether they want to proceed or not. They should be given the option to take their business elsewhere and discover other options ESPECIALLY if they have been denied.

Final Business Response
Dear Mrs ******,

We have reviewed your complaint and verified a signed document exists to the terms of agreement. The disclosures provided are in accordance with required disclosures for consumers in your state.

Disclosure #3 Tax preparation fees are clearly stated no hidden fees.

Disclosure #5 indicates consent for Taxnet Financial Inc to apply for a RAL and simultaneously file your Federal and State income taxes for a fee regardless of RAL decision.

The responsibility to review and ensure that all income is included in the original filing is the responsibility of the taxpayer. A summary of income and refund (Form 8879) was signed prior to Taxnet Financial Inc e-filing your tax return. If there is an error/omission of income it is the responsibility of the taxpayer to contact us prior to signing the document; however, once an error has been detected we will continue to help you fix it for free. A tax pro is currently assigned to your amended return to fix any issue(s). Please fax us the letter you received from the IRS to better assist you and we will respond to the IRS/State on your behalf with any additional required documents to process your amended return (Fax number XXX XXX XXXX).

Lastly, you suggested separating the process of tax loans and tax filing ;however, that is not feasible. A tax return must be e-filed (to ensure it is the actual tax return) and acknowledgement received from IRS (to ensure that it is a bona fide tax return) prior to a loan decision. RALs are secured loans not a credit based product. No credit check is performed in a "RAL" application because your tax refund is secured by your actual tax refund. Some companies offer credit based loan products in which your credit report is obtained and used as the basis for a credit decision and a bona fide tax return is therefore not required prior to a decision because your tax refund is not securing the loan. In the case of the RAL we require you to file and apply simultaneously.

We appreciate your suggestions and feedback and never benefit from a dissatisfied consumer. We have disclosures and policies in place to protect Taxnet Financial Inc and the consumer. When misunderstandings arise we review the documents that are provided/signed by consumer and compare to the assertion(s) of the claim. In this claim we find that the disclosures were provided for the fee and that the fee agreement was disclosed as not contingent on a RAL decision. We were able to approve you last year but we were unable to approve you this year.

The good news is that we will work to complete your amended return at no additional charge. We don't have any control over the IRS processing time but we will send any additional required documents required via 2 day express mail at no charge to you in order to hasten the process.

Please contact us directly or let us know if there are any other reasonable suggestions to assist you with this complaint.

Taxnet Financial Inc.
X XXX XXX XXXX









Final Consumer Response
(The consumer indicated he/she DID NOT accept the response from the business.)
Im still not satisfied being that I did not agree to pay the company to file my taxes. Could have done this on my own at no charge. I will not be satisfied until I get our money back. I have a leaking washer which I intended to either have repaired or replaced with my income tax return. Because the company took this ridiculous fee, Im totally stuck without. Furthermore, I have already spoken with IRS and have also filed a complaint with them as well.

Complaint Resolution: BBB determined the company made a reasonable offer to resolve the issues, but the consumer did not accept the offer.

08/21/2013Problems with Product / Service
02/26/2013Problems with Product / Service
05/07/2012Problems with Product / Service
05/07/2012Problems with Product / Service

Industry Comparison| Chart

Tax Return Preparation, Accounting Services, Accountants - Certified Public

Additional Information

top

TaxNet Financial has requested that before filing a BBB complaint, consumers contact Janice Cave, Compliance Manager at Jcave@taxnetfinancial.com or 888-509-1040.

BBB file opened: 03/09/2008Business started: 10/18/2002
Licensing

This company is in an industry that may require licensing, bonding or registration in order to lawfully do business. BBB encourages you to check with the appropriate agency to be certain any requirements are currently being met.

These agencies may include:

Illinois Department of Financial and Professional Regulation
100 W. Randolph 9th Fl
Chicago, IL60601-3218
(312) 814-4500
http://www.idfpr.com

Type of Entity

Corporation

Incorporated: November 2012, IL

Contact Information
Customer Contact: Nytasha Daniels (Manager) Janice Cave (Compliance Officer)
Business Category

Tax Return Preparation, Accounting Services, Accountants - Certified Public

Alternate Business Names
TAXNET FINANCIAL
Industry Tips
Contracts
Avoid Abusive Home-Based Business Tax Schemes
Businesses Urged to Avoid Employment Tax Schemes
Dont Fall Victim to Tax Reduction Schemes!
Finding a Reputable Tax Preparer

Map & Directions

Map & Directions

Address for Taxnet Financial, Inc.

401 N Michigan Ave Ste 1200

Chicago, IL 60611-4264

To | From

LocationsX

1 Locations

  • 401 N Michigan Ave Ste 1200 

    Chicago, IL 60611-4264(888) 573-0222

Industry Comparison ChartX

The information in the table below represents an industry comparison of businesses which are of the same relative size. This is based on BBB's database of businesses located in Chicago and Northern Illinois. Businesses may engage in more than one type of business. The percent of time the business engages in a type of business is not accounted for. There is no known industry standard for the number of complaints a business can expect. The volume of business and number of transactions may have a bearing on the number of complaints received by BBB.

*Taxnet Financial, Inc. is in this range.

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  • Advertising or Sales
  • Billing or Collection
  • Problems with Products or Services
  • Delivery
  • Guarantee or Warranty

We do not handle workplace disputes, discrimination claims or claims about the quality of health or legal services.

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