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...Lacerte and ProSeries Data Import Tested
- Friday, 09 July 2010
- Tax
- Written by The Progressive Accountant
Intuit is conducting a test of importing tax information into its desktop tax preparation
software packages. The company has not published a release date and a spokesman would say only that it would be available in coming months. The ProLine Tax Import offering was available to customers in sneak peaks at the Los Angeles Accounting and Business Show in June.
Read more...
Looking for Savings in Tax Software
Generally, the price of tax preparation software goes up. While some practitioners must look packages with lots of states and forms, there are many with simple needs that can do with much less in software power.
Read more...ETAAC Urges Phase in of Mandatory eFiling
The Electronic Tax Administration Advisory Committee wants mandatory efiling requirements for paid preparers to be phased in over three tax filing seasons. That was one of many recommendations in that body's 2010 annual report to Congress. The committee suggested a requirement of 100 returns for the 2010 filing season, 50 for 2011 and 10 for 2012.
Indoor Tanning Tax Starts July 1
- Monday, 14 June 2010
- Tax
- Written by The Progressive Accountant
WASHINGTON — A 10-percent excise tax goes into effect on July 1 and the Internal Revenue Service has issued regulations for the new program. The tax will be paid by users at the time of purchase of tanning services with the provider paying the amounts quarterly.
Read more...IRS Provides More Insight into 7216
- Tuesday, 08 June 2010
- Tax
- Written by Barry Friedman CPA
It’s that time of year to take a deep breath. It’s also time to catch up with events that may have been relegated to the bottom of the pile as you completed the annual “dash to the IRS finish line” for your tax clients. One big item in need of attention is the Internal Revenue Ruling 2010-4, which was announced on January 25.
Read more...
IRS To Host Preparer Registration Webinar
- Wednesday, 02 June 2010
- Tax
- Written by The Progressive Accountant
WASHINGTON — The Internal Revenue Service will hold a Webinar regarding the new registration requirements for professional tax preparers next week. The hour-long “New Requirements for Tax Return Preparers – Learn the Who, What, When and How" will be Webcast on Wednesday June 9 at 2 p.m Eastern time.
Tax Software 2010: A Survey of What's Ahead
For the last few years, the changes to tax software have been more those involve evolution than revolution. But that's starting to change as major players have introduced their online tax platforms. Still, for most professional preparers, the evolutionary changes are the most important as they remain in the world on on-premise tax software. And with the buying season well underway, this article provides a look at those.
Read more...Early Registrants Get Three-Year Pass on IRS Tests
- Thursday, 27 May 2010
- Tax
- Written by The Progressive Accountant
Although the Internal Revenue Service will require competency testing for paid tax return preparers who are not CPAs, Enrolled Agents or Tax Attorneys, those who register for an identification number before tests are available would have three years before they must undergo the examinations. Those remarks were made this week by David R. Williams, the Internal Revenue Service executive lead for implementation for the program, at the board of directors meeting of the National Society of Accountants.
Technology Required: Making 7216 Easily Manageable
- Wednesday, 26 May 2010
- Tax
- Written by Barry J. Friedman and Christopher A. Davis
Future-thinking firms are taking advantage of the latest and greatest technologies to elevate efficiency at all levels of operation. From automating tax document preparation to delivery of financial statements via portals, technology is at the heart of a well-run and profitable practice. But what about beyond core tax and accounting workflow? Read more...
BNA Study Find States Cautious on Internet Nexus
- Monday, 17 May 2010
- Tax
- Written by The Progressive Accountant
ARLINGTON, Va. – Despite the drop in sales-tax revenue, only three states, New York, California and Rhode Island have enacted “Amazon-laws” that say in-state affiliates of online vendors have established sales tax nexus. However, another 17 states say if the affiliate is paid less than $10,000 a year, an Amazon-top arrangement with an in-state affiliate would trigger Nexus, according to the 10th Annual BNA Survey of State Tax Departments.Sales Tax Assessment Tool
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