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...IRS Disbars EA for Theft
- Monday, 11 March 2013
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service his disbarred a Seattle, Wash.-area Enrolled Agent for stealing a client's tax payments and preparing returns with phony deductions for several clients. The Office of Professional Responsibility revoked the EA status of Lorna M. Walker and barred her from preparing federal tax returns for at least five years in a default judgment.
ATX, TaxWorks Woes Continue for Some
- Tuesday, 05 March 2013
- Tax
- Written by The Progressive Accountant
In a season plagued by serious software issues, the situation has apparently improved for some who purchased the rewritten TaxWorks application. But for those suffering the woes of ATX from CCH Small Firm Services, there are fewer indications that things have gotten much better. Among both groups there are still reports of serious performance problems, clogged or unhelpful tech support and those who have abandoned their initial software to be able to conduct business for tax season.
Read more...Detroit Preparer Indicted for False Returns
- Monday, 04 March 2013
- Tax
- Written by The Progressive Accountant
A Detroit, Mich.-based tax preparer, who failed to file returns for his own taxes for seven years, has been indicted on charges he also filed false returns for others. Arrested on a portion of the charges on January 10, Matthew Bender faces a superseding indictment that charges him with 16 counts of assisting in the presentation of false tax returns to the Internal Revenue Service along with one count of corruptly endeavoring to obstruct the due administration of the Internal Revenue laws.
Are Apps Changing the Tax Research Game?
Many users clearly want to have mobile devices interface with tax research platforms. But what exactly do they want to do? And just how well do smartphones and tablets function in meeting those desires. And will the purchase of targeted apps become a preferred way of buy research and other apps?
New Prez of CCH Unit to Grapple with ATX Mess
- Wednesday, 27 February 2013
- Tax
- Written by The Progressive Accountant
In a company that has seen a lot of high-level personnel change in the last year, CCH's Small Firm Services unit is the latest to replace an executive. Jason Marx took over the president's job this month from Jeff Gramlich, who resigned as the company faced ATX customers who are furious with this year's tax software.
Intuit Sees Returns Catching Up to 2012
The number of tax returns filed for the tax season to date still lags last year. But with the Internal Revenue Service now accepting filings, the totals are rapidly catching up with the numbers of the 2012 tax season, according to Intuit CEO Brad Smith. While the impact of the late Congressional budget action and resulting delays have been greater in January than Intuit expected, Smith said, "Our results give us confidence we are on track."
U.S. Trying to Shutter Miami Preparers
- Wednesday, 20 February 2013
- Tax
- Written by The Progressive Accountant
The United States is seeking to shut down a tax preparation office in Miami and stop two preparers there from completing returns for others. The Department of Justice alleges that Olivia Greene and Walter Jefferson prepared returns through Angel Tax Service that gypped the government through a variety of means.
Read more...
South Carolina Preparers Draw Ban
- Wednesday, 13 February 2013
- Tax
- Written by The Progressive Accountant
Two South Carolina women have been banned from preparing federal tax returns for others. The Justice Department obtained an injunction that permanently bars Rachel D. Watson, of Florence, and Susan Allen of Darlington, S.C., as preparers. The two were also required to send copies of the injunction to any employers for whom they prepared returns since Jan. 1, 2008.
Read more...
TaxWorks Shuts Off Blog Comments
TaxWorks has shut off comments on its blog after the company was hit with a flood of negative statements. It was the second time the company halted the ability of users to post complaints about support at www.taxworks.com in a season in which commented about the new TaxWorks tax preparation software continue to stream in. However, users are still detailing their experiences with the new platform on the Facebook page of TaxWorks parent Red Gear Technologies.
Ruling Against IRS Stands, but PTINs OK
- Monday, 04 February 2013
- Tax
- Written by The Progressive Accountant
A federal judge has refused to suspend his injunction barring the Internal Revenue Service from requiring unlicensed tax preparers to pass tests or take continuing education. However, late last week, U.S. District Court Judge James E. Boasberg said the ruling did not affect the IRS requirement for paid preparers to have Preparer Tax Identification Numbers.
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