The Progressive Accountant - Tax (1599)
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Tax 1586
The assets of NextPoint Financial, parent of chain Liberty Tax, have been sold after approval by a Canadian Court and under Chapter 15 bankruptcy in the United States.
Liberty and Canadian Community Tax will continue to operate under the ownership of BP Commercial Funding Trust, Series SPL-X
The action was spurred by NextPoint’s disastrous acquisition of LoanMe, which was supposed to be operated in tandem with Liberty as a one-stop consumer operation. NextPoint purchased both LoanMe and Liberty in 2021 but shuttered LoanMe for new loans in July 2023. NextPoint sued AmeriFirst Home Improvement Finance seeking millions of dollars in damage for the alleged failure of AmeriFirst to live up to the terms of a loan servicing contract.
LoanMe, which had continued to service existing loans, will be wound down. NextPoint’s announcement said there would be no assets to distribute to creditors
View items...Second Brother Draws Preparer Ban
- Tuesday, 18 March 2014
- Tax
- Written by The Progressive Accountant
An Acworth, Ga.-area tax preparer, whose brother has already been kicked out of the business, has agreed to stop preparing tax returns for others. Andrew R. Heath agreed this month to a civil injunction order barring from the business as brother Larry J. Heath had done earlier. The two were alleged to have cost the United States more than $108 million in lost tax revenue.
Financial Products Help Liberty Results
- Monday, 17 March 2014
- Tax
- Written by The Progressive Accountant
Revenue from financial products turned sharply upward in the early part of tax season, JTH Holding, parent of Liberty Tax Service, said in reporting its financial results for third quarter ended January 31. JTH said net income rose about almost two and a half times while revenue was up 8.3 percent over last year's corresponding period.
DIY Returns Up, Pro-prepared Off
- Friday, 14 March 2014
- Tax
- Written by The Progressive Accountant
Do-it-yourself taxpayers continued to feed the growth in the number of tax returns for the current tax season. However, the market is catching up with the backlog created by the January 31 site and the total number of returns filed through March 7 is only one-tenth of a percent ahead of the totals for 2013 through March 8.
Professionals Closing Tax Filing Gap
- Monday, 10 March 2014
- Tax
- Written by The Progressive Accountant
Professionally prepared tax returns are closing the gap with the numbers filed in the 2013 tax season. While the number through February 28 lagged last year's total by 1.4 percent, the gap between 2013 and 2013 has narrowed significantly since the Internal Revenue Service began reporting statistics early in February. Meanwhile, the numbers received and processed continue to outstrip the totals through March 1, 2013.
D.C. Preparer Faces 17 Count Indictment
- Monday, 10 March 2014
- Tax
- Written by The Progressive Accountant
A Washington D.C.-based tax preparer has been indicted for allegedly conspiring to defraud the Internal Revenue Service, aiding and assisting in the preparation of false individual income tax returns and filing false individual income tax returns. Sherri Davis, owner of 2FT Fast Facts Tax Service, faces a maximum of 53 years in prison and a fine of up to $4,250,000 if convicted on all 17 counts.
Tax Season Delay Cuts Block Results
- Friday, 07 March 2014
- Tax
- Written by The Progressive Accountant
The delayed tax season left H&R Block all dressed up with no place to go for the third quarter ended January 31 in terms of financial results. With only one day of filing reflected in the quarterly report, the company reported a steep rise in its loss and a sharp drop in revenue, compared to last year's corresponding quarter. During this week's earnings webcast, CEO Bill Cobb said that $277 million in revenue would shift to the current quarter.
U.S. Seeks to Shutter Texas Preparer
- Tuesday, 04 March 2014
- Tax
- Written by The Progressive Accountant
The United States has asked a federal court that Melissa Alvarez, a Texas tax preparer, be prohibited from preparing federal income tax returns for others. The Department of Justice alleges that of the tax returns examined that were prepared by Alvarez and her three companies, 97 percent had refunds that were inflated Alvarez's actions.
IRS: Tax Season Going Smoothly
- Tuesday, 04 March 2014
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service, which issued few numbers about tax season results in 2013 until the season ended, has been publishing them regularly this year. And for the season through February 21, the number of returns processed and the amount of refunds issue continue to show double-digit gains over the prior year.
Intuit: 550 Enrolled in CPA Select
Intuit has 550 CPAs participating in its TurboTax CPA Select program, the company said in a recent earnings webcast. Begun last year, the program is in what CEO Brad Smith this week called a “full live beta” test. Although he did not quantify results during the earnings presentation, Smith said, “We like the early results of this experiment.”
Liberty Tax Customers Up 7.2 Percent
- Tuesday, 25 February 2014
- Tax
- Written by The Progressive Accountant
The number of customers served by Liberty Tax Service through February 15 is about 7.2 percent higher than in the 2013 tax season. The report was made this week by Liberty's parent JTH Holding. The company said the increase came while the number of locations were down by 2 percent over the prior year.
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