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...Liberty Results Up; Returns Drop
The number of returns prepared and stores operated by Liberty Tax Service were down for the 2016 tax season. But when the company ended its fiscal year on April 30, net income more than doubled and revenue was up by 7 percent over fiscal 2015 with revenue from tax preparation fees and financial products rising as the company cut expenses by 4 percent and realized an increase of 5.3 percent in the average net fees
IRS Online Transcript Service Returns
- Monday, 13 June 2016
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service has brought back the IRS Get Transcript Service. The service went offline last spring, but has been relaunched with what the agency describes as a more secure framework to block potential criminal access, such as affected it last year. The IRS says the enhanced authentication process will provide a foundation for additional self-help service.
Two Mo' Money Preparers Sentenced
Two Memphis, Tenn., area residents, who were partners in a former Mo' Money Taxes tax store, have received prison sentences. Jeremy Blanchard and Erik Pittman, both 35-year-old Memphis residents, this week drew the terms for filing numerous phony individual tax returns. The Mo Money chain was ordered shut down in September 2013 after being accused of systematically preparing fraudulent returns.
Preparer Took $2M in Refunds
- Tuesday, 07 June 2016
- Tax
- Written by The Progressive Accountant
A Stillwell, Kan.-based tax preparer has admitted obtaining more than $2 million in income tax refunds by filing bogus returns in the names of his clients. Richard Drake, 60, pleaded guilty this week to one count of aggravated identity theft and one count of theft of government funds.
Five Arrested in IRS Scam
- Thursday, 02 June 2016
- Tax
- Written by The Progressive Accountant
Five individuals have been arrested in Miami, Fla., for allegedly making telephone calls in which they impersonated Internal Revenue Service Agents. The five allegedly threatened the IRS would arrest the call recipients unless they wired money to pay off the purported amounts they owed.
Intuit Rev Rec Shifts Pro Revs
The number of Intuit's professional tax customers changed slightly for the last tax season, increasing by 1,000 to 122,000. But, the distribution of revenue from what is now called the ProConnect operations shows the major impact of the tax and accounting software company's decision to recognize all revenue ratably.
Intuit Expanding Data Import
Intuit plans to expand the number of documents whose data can be pulled into tax return software. The software company used its Link portal during the recently ended tax season to aggregate data from W-2s which was then extracted. Intuit plans to extend that capability to 10 commonly used forms, including 1099s, K-1s and 1098s, during extension season, says CeCe Morken, EVP of the company's professional tax business.
Tax Loans Add to Republic Results
The new Easy Advance loan program from Republic Bancorp netted the institution $1.6 million for the first quarter ended March 31. The company brought in $5.2 in interest income from the program, offset by $3.6 million provision for loss on the loans. Meanwhile, the company's refund transfer business rose by 11 percent over the first quarter of 2015.
Six Preparers Plead to Fraud/ID Theft
- Tuesday, 24 May 2016
- Tax
- Written by The Progressive Accountant
Six tax return preparers have pleaded guilty to filing bogus tax returns in a scheme that produced $6,663,976 in fraudulent tax refunds. Four other individuals had previously pleaded guilty and been sentenced for their role in utilizing identification information stolen from the records of hospital patients to file returns through Family Tree Taxes, a tax preparation business based in Miami Gardens, Fla.
Former CPA Gets Seven-month Sentence
- Monday, 16 May 2016
- Tax
- Written by The Progressive Accountant
Thomas D. Ziff, a former CPA who operated a firm in Atlanta, Ga., has been sentenced to seven months in prison for tax fraud. Ziff, who pleaded guilty to the charge in February which stemmed from his theft of about $300,000 from a trust associated with a client's will.
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