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...California Tax Preparer Agrees to Ban
- Monday, 06 May 2013
- Tax
- Written by The Progressive Accountant
A tax preparer based in Gardena, Calif., has been permanently barred from preparing federal income tax returns and other tax-related documents for others. Simon Jenkins, who operated under the name, Jenkins Tax Service, had already pled guilty to one count of aiding and assisting in the preparation and presentation of false income tax returns.
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TaxAct Filings Outpace Competitors
The number of returns efiled via TaxAct outpaced major competitors for the recent tax season. The number of returns filed via the software, which is owned by Blucora, is still small compared to Intuit's 26.5 million returns filed via TurboTax and 22 million prepared by H&R Block. But TaxAct's numbers were up 8 percent while Intuit returns rose only 4 percent and Block's total was flat when compared to the 2012 tax season.
L.A. CPA Gets 24-Month Sentence
- Monday, 29 April 2013
- Tax
- Written by The Progressive Accountant
A CPA formerly based in Los Angeles has been sentenced to 24 months in prison after pleading guilty to conspiracy to defraud the United States. Masood Chotani also drew one year of supervised release in addition to prison time after admitting he used the names and Social Security numbers of deceased individuals to file tax returns with the Internal Revenue Service. Chotani was arrested after being a fugitive for three years in Pakistan.
Block Tax Return Levels Dropped Slightly
- Friday, 26 April 2013
- Tax
- Written by The Progressive Accountant
First it was Intuit and later this week it was H&R Block reporting that the number of returns filed during tax season failed to meet expectations. Intuit was forced to change its forecast for the year ending July 31 while Block said the number of returns processed through April 18 were down just under 1 percent and that its share of the consumer tax market was flat.
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CEO: Intuit Had "Tough Tax Season"
- Thursday, 25 April 2013
- Tax
- Written by The Progressive Accountant
Intuit this week lowered its guidance for third and fourth-quarter results based on weaker-than-expected TurboTax sales. That announcement came as CEO Brad Smith expressed disappointment in the wake of 3-percent growth in the sale of federal TurboTax units during the recently ended tax season. However, the Mountain View, Calif.-based company held to projections of 5-percent-to-8-percent revenue growth for its professional tax business for the year ending July 31.
IRS, State Extend Boston Tax Deadline
- Wednesday, 17 April 2013
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service and state of Massachusetts have extended the filing deadline for some of the state's residents following the bombings at the Boston Marathon this week. The IRS extended the deadline for residents of Suffolk County and Boston for three months while the state has also postponed its deadline for all Boston-area residents.
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Thomson: Be Cautious with New Tax Software
The secret to dealing with disasters with new tax software is keeping the prior year's product available. That has been the approach of Thomson Reuters which appears to have been unscathed by the kinds of tax software problems experienced this year by CCH's ATX, TRx, and TaxWorks, all of which had severe issues with their rewritten 2012 products. And that does not include Intuit, whose products had to be fixed in Minnesota, or H&R Block which had issues with health credits.
IRS Takes Anti-ID Theft Program National
- Monday, 01 April 2013
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service has expanded a program aimed at curtailing identity theft from nine states to the entire country. The program is designed to help law enforcement officials obtain tax return data needed in investigating and prosecuting specific cases of Identity theft.
Software Glitches: Some Fixed, Some Not
In a season that has had more than its share of problems with tax software, many problems have been fixed. For example, the state of Minnesota now says that its residents to use Intuit tax applications to prepare and file their taxes. And for TaxWorks, whose rewrite of its application for the 2012 tax year had been extremely troubled, the worst appears to be behind it.
Intuit Says TurboTax Gained Share
Intuit says it is gaining share at the expense of retail stores as the company reported returns for the tax season from January 30 through March 16. The Mountain View, Calif.-based company said for the period, sales of TurboTax Online Units were up 29 percent over the prior year with total TurboTax federal units up 26 percent for the period.
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