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...Intuit CEO: Some Willing to Move from CPAs to DIY
Intuit's first year of providing professional tax advice to TurboTax customers was a success, although not as much as the company liked. But in this week's earnings webcast, CEO Brad Smith gave no doubt that the program is likely to help his company attract tax filers now using the services of CPAs.
Justice Bars Instant Tax Preparer
- Wednesday, 15 August 2012
- Tax
- Written by The Progressive Accountant
A federal court has permanently barred a Kansas City, Kan.-based preparer, Ahferom Goitom, from preparing federal returns for others at an Instant Tax Service store. The Justice Department has five other ongoing legal actions against the chain in Indianapolis; Las Vegas; Chicago; and Dayton, seeking to shut down the four largest franchise owners as well as trying to shutter the corporate franchiser, ITS Financial.
Four Disciplined over $2.1M Wrong Refund
- Wednesday, 25 July 2012
- Tax
- Written by The Progressive Accountant
The Oregon Department of Revenue has demoted one employee and taken disciplinary action against three others for actions that apparently led to a $2.1 million tax refund being issued to Krystle Marie Reyes of Salem. Reyes, who received the refund on a debit card, spent about $150,000 and was been sentenced this month to 5.5 years in prison.
Read more...TaxWorks Gets Significant Rewrite
- Tuesday, 03 July 2012
- Tax
- Written by The Progressive Accountant
TaxWorks is coming to market for 2012 tax software with substantial changes. The product, owned by RedGear Technologies, is getting a new look and a browser-based interface while keeping the historical five-pane return screen.
Jackson Hewitt Links with Matrix
- Monday, 25 June 2012
- Tax
- Written by The Progressive Accountant
Jackson Hewitt Tax Service has entered an agreement with Matrix Learning to make its ExamMatrix Registered Tax Return Preparer Exam Review course available to the tax chain's preparers. Jackson Hewitt says it has more than 25,000 tax professionals.
Read more...
Thomson: Bye to TaxSimple; Hello Agile
Thomson Reuters has bid farewell to the TaxSimple line. Utilizing the technology it acquired with the purchase of that product in August 2010, Thomson has launched Agile, an Internet-based tax preparation application that is designed for the tax-only office.
Liberty Happy with Consumer Loan Program?
Liberty Tax Service appears to be happy with the results of its trial consumer tax loan program during this year's tax season. However, John Hewitt, CEO of the nation's third largest retail chain, said he would not reveal plans for the 2013 season until later because of competitive issues.
Read more...
Liberty Prepared 7.9 Percent More Returns
- Tuesday, 12 June 2012
- Tax
- Written by The Progressive Accountant
Liberty Tax Service said this week that its system prepared 7.9 percent more tax returns through April 18 than in the same period in 2011. Meanwhile, system-wide revenue rose by 4.7 percent.
Tax Software Marking Time for Web Adoption
There is a bit of a sense that vendors are marking time on the way to wide acceptance of Internet-based tax software. While there is no mass migration from desktop applications, there is the since that the move is inevitable. That includes Thomson Reuters which is confident that the SaaS version of UltraTax will eventually gain wide acceptance.
Intuit's Smith: Good Tax Season; But...
Intuit had an 11 percent increase in consumer tax revenue and the first growth in units sold to tax preparation professionals in three years for its third quarter ended April 30. But CEO Brad Smith thought the company should have done better in both areas in what he called a solid performance.Read more...
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