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The Progressive Accountant is the leading online communit of public tax and accounting professionals focused on using technology to better manage and grow their practice.

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Liberty Parent Curtails Loan Biz

Loan hand moneyNextPoint Financial, which owns Liberty Tax Services, is ceasing to make loans through its LoanMe operations, which it acquired for about $120 million a year go. The company, which is based in Hurst, Texas, but trades on the Toronto stock exchange, said it has cut LoanMe’s workforce and will only continue to service outstanding loans.

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SEC Censures CohnReznik for 2017 Audits

CriticismThe Securities and Exchange Commission has censured accounting firm Cohn Renick and ordered it to pay a $1.9-million civil money penalty. The actions stem from what the SEC said were deficiencies in the firm’s quality controls that led to audit issues with two companies in 2017.

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QB Online Prices Increase 

Price tag Intuit has increased prices for its QuickBooks Online software. The steepest increase is coming with QB Advanced, a mid-market product, which raises 11.1 percent to a $200-monthly base from a $180-monthly base for existing customers who pay directly for their subscriptions.

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Intuit Ends QB Desktop Discounts

Dollar blue greensIntuit has ended discounts for any QuickBooks desktop products and at the same time, pulled the products from retail outlets. All desktop products will be sold at full manufacturer’s suggested price, the company said recently.

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Firms Win Solver Awards

Awards 1Accounting firms performed well in the recent awards given by analytical software company Solver recently. Chief among them was RSM US, which has been named Top Cloud Volume Partner 2021.

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Xero N. American Subs Rise 19.9 Percent

Dollar sign Xero’s subscriptions in North America increased by 19.9 percent for the year ended March 31. The company this month also noted revenue on the continent rose 28 percent year-over-year, 31 percent in constant currency.

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Avantax Wealth Pros Drop 8.3 Percent

Arrow blue odwn The number of financial professionals employed in the Avantax wealth management arm of Blucora fell by 8.3. for the first quarter ended March 31, compared to the level a year earlier. Blucora CEO Chris Walters reported the decline in the company’s recent earnings webcast.

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WK Revs Rise 13 Percent

Arrow blue Revenue for Wolters Kluwer rose by 13 percent for the first quarter ended March 31, up 8 percent in constant currencies and organically, the company said this month. 

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Iris Buys Irish Payroll Service

dollars blue greenIris Software Group, which owns AccountantsWorld and other practice software packages, has acquired Paycheck Plus. Terms were not disclosed for the purchase of the company which handles payrolls for Ireland and the United Kingdom.

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ADP Raises Revenue Guidance 

Arrow forward hand Automatic Data Processing is raising its revenue estimates for the year ending April 30. The company increased its guidance for revenue for fiscal 2022 to 7 percent from the previously expected 6 percent.

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