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...Nearly 70 Percent Fed 1040s eFiled
WASHINGTON — Nearly 99 million individuals efiled their federal income tax returns electronically during 2010, a 3-percent increase from the prior year. That's out of a total of 141.5 returns filed to date this year, according to the Internal Revenue Service. With mandates for efiling kicking in next year, that rate seems likely to increase.
IRS Sends PTIN Renewal Reminders
- Tuesday, 09 November 2010
- Tax
- Written by The Progressive Accountant
WASHINGTON - The Internal Revenue Service has begun notifying about 1 million tax return preparers to remind them they must use Preparer Tax Identification Numbers on all federal returns starting January 1. The IRS intends to send about 125,000 notification letters each week for eight weeks, based on the list of preparers who currently have PTINs.
IRS Seeks to Fill ACT Vacancies
WASHINGTON — The Internal Revenue Service is seeking applications to fill 10 vacancies in five different customer segments for its Advisory Committee on Tax Exempt and Government Entities. Appointed by the Department of the Treasurery, members serve two-year terms beginning in June 2011.
IRS to Waive First-Year CPE Requirement
WASHINGTON, D.C. - The Internal Revenue Service wants to be flexible in implementing its paid preparer regulation system and intends to waive the 15 hours of annual continuing education courses required for certain paid tax preparers during the program's first year. IRS Commissioner Douglas Shulman made those comments in a speech delivered before the Fall Tax Meeting of the American Institute of CPAs this week.
PTIN Renewal Notices Sent
WASHINGTON - The Internal Revenue Service has begun reminding about 1 million tax return preparers to renew their Preparer Tax Identification Numbers as use of the numbers will be required on all federal returns signed by paid tax return preparers starting January 1.
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Meta Bank Needs Fed OK to Offer Tax Products
Regulators have ordered MetaBank, a subsidiary of Meta Financial, to get regulatory approval before offering a wide range of credit products, including income tax refund application loans and assisted tax refund transfers. In a statement filed with the SEC, however, the company it expected to continue its relationships with third parties although it cannot ascertain any expected adverse impact on its lending businesses. The bank was also hammered by the Office of Thrift Supervision for engaging in unfair or deceptive practices and ordered to immediately discontinue its iAdvance program.
Right Way for Sales and Use Taxes?
The prevailing attitude toward taking care of sales-and-use taxes looks a lot like the attitude many people have towards payroll processing. That ranges from doing everything yourself to outsourcing everything. In the middle, are all the variants of performing some tasks, but not others. And that probably explains why there’s an array of software and services available, like CCH’s CorpSystem service, which recently joined its software sibling on the market.
IRS Online Preparer Registration Opens
- Tuesday, 28 September 2010
- Tax
- Written by The Progressive Accountant
WASHINGTON -The Internal Revenue Service has opened the online system under which paid tax preparers must obtain a Preparer Tax Identification Number. That move came as the IRS also issued its final regulations regarding the ID for those who prepare all or substantially all of a tax return.
Jackson Hewitt Shares Stay on NYSE
- Friday, 24 September 2010
- Tax
- Written by The Progressive Accountant
PARSIPPANY, N.J. - Jackson Hewitt Tax Service has received approval from the New York Stock Exchange for a plan that would enable it to continue to be listed on the NYSE. The company had been notified about possible delisting after it failed to meet two separate exchange requirements. Jackson Hewitt is subject to quarterly reviews by the NYSE while it works through its plan.
BNA Expands State Tax Research
- Wednesday, 15 September 2010
- Tax
- Written by The Progressive Accountant
BNA has released a new state tax research service, called the Premier State Tax Library, that offers analysis from practitioners organized by state and topic. The expanded state tax library also represents an important increase in emphasis on sales and use taxes as BNA has introduced a practice navigator and sales and use tax monitor and plans the launch of a sales-and-use tax nexus tool next year.
Sales Tax Assessment Tool
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