BENEFICIAL CORPORATION SUBSIDIARIES TO CONTINUE TAX REFUND ANTICIPATION LOAN PROGRAM.WILMINGTON, Delaware--(BUSINESS WIRE)--Dec. 4, 1995--The nation's largest provider of Refund Anticipation Loans A (Tax) Refund Anticipation Loan (RAL) is a high interest rate short-term loan secured by a taxpayer’s expected tax refund. United States In the United States, the taxpayer commonly applies for the loan through a paid tax preparation firm. today announced plans to remain in the business for the 1996 tax season, citing Internal Revenue Service efforts during the off-season to improve the methods for processing refunds through the electronic filing system. Beneficial Tax Masters Inc. and Beneficial National Bank, which processed more than 3.4 million Refund Anticipation Loan (RAL 1. RAL - Rutherford Appleton Laboratory (UK). 2. RAL - An expert system. ) applications during 1995, will draw on their 10 years of expertise to provide eligible taxpayers with all or a portion of the amount of their tax refunds quickly and easily. "The IRS An abbreviation for the Internal Revenue Service, a federal agency charged with the responsibility of administering and enforcing internal revenue laws. efforts to deal head-on with the tough task of streamlining processing operations while improving and building the electronic tax filing program are noteworthy, and we and others in the industry look forward to working with the IRS in 1996 for a successful tax season," said Finn M.W. Caspersen, chairman and chief executive officer of Beneficial Corporation. Beneficial Corporation recorded a $65 million pre-tax loss for the RAL business during the first quarter of 1995 after the IRS changed the way it handled certain electronically filed tax returns and refunds. "Nevertheless, we are very optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op that this program, which has become increasingly important to millions of taxpayers who need their money quickly, will be quite profitable in 1996," said Caspersen. "With highly sophisticated computer systems, Beneficial Tax Masters and the electronic filing industry stand ready to work with the IRS in its efforts to combat fraud in the tax system as the IRS pursues its goal of making the nation's tax system more efficient, more modern, and more secure," he added. Beneficial Tax Masters processes the electronically filed loan applications from tax preparers and electronic return originators across the nation. Beneficial National Bank issues eligible taxpayers a loan in the amount of the refund, minus certain fees, in as few as three days. Beneficial Tax Masters Inc., and Beneficial National Bank are Wilmington, Del.-based subsidiaries of Beneficial Corporation. Beneficial Corporation is a $15 billion, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Stock Exchange-listed financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. holding company. Subsidiaries of the Company provide financial services through their various consumer-finance, credit-card, banking and insurance operations located throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Canada, the United Kingdom and Germany. CONTACT: Beneficial Corporation Robert Wade Robert Wade or Bob Wade is the name of several notable individuals:
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