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...Lawyers Urge Change in Filing Responsibility
The American College of Tax Counsel is urging the chief counsel of the Internal Revenue Service to re-evaluate a legal standard holding taxpayers responsible for verifying tax return filings. The organization’s Board of Regents said there is no way for taxpayers to electrically file verify that filings have been received by the Internal Revenue Service.
Security Summit Reports New Scam
- Tuesday, 27 August 2019
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service and its Security Summit partners are warning of a new IRS impersonation campaign. Emailers posing as IRS representatives have been sending messages with phrases such as "Automatic Income Tax Reminder" or "Electronic Tax Return Reminder."
Georgia Preparer Faces 22 Years
- Tuesday, 20 August 2019
- Tax
- Written by The Progressive Accountant
A Columbus, Ga., tax preparer has pleaded guilty to charges of federal wire fraud and identity theft. Kevan Walker, 33, of Columbus, faces a sentence of 20 years for wire fraud and a mandatory two-year sentence for ID theft.
McFarlane: Sales Tax Thresholds to Vanish
- Tuesday, 13 August 2019
- Tax
- Written by The Progressive Accountant
Thresholds that determine when remote sellers are subject to sales tax will vanish, Avalara CEO Scott McFarlane predicted recently. McFarlane believes states which adopted economic nexus for taxing out-of-state sellers will follow Kansas’ lead in having no threshold for triggering such taxation.
Liberty Tax to buy Vitamin Shoppe
- Tuesday, 13 August 2019
- Tax
- Written by The Progressive Accountant
Liberty Tax plans to acquire the Vitamin Shoppe for about $208 million in cash. The recently announced deal is part of Liberty’s expansion plan, which in July led to its buying Buddy’s Home Furnishings.
IRS Offers Tax Withholding Estimator
- Tuesday, 06 August 2019
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service has launched a new online Tax Withholding Estimator. The Agency said this week the new tool replaces the Withholding Calculator.
Alabama Preparer Arrested
- Monday, 05 August 2019
- Tax
- Written by The Progressive Accountant
Police in Valley, Ala., have arrested tax preparer Christina Prather Williams. She has been accused of stealing federal income tax returns from clients. First arrested in early in July, William faced more charge after police and the Internal Revenue Service searched the offices of her business, Family Tax Service.
CrossLink Consolidates Offices
- Tuesday, 30 July 2019
- Tax
- Written by The Progressive Accountant
CrossLink Professional Tax Solutions has moved its offices from the long-time locations in Tracy, Calif., to a single site in Lathrop, Calif. Staff that had been spread between five different buildings will be housed in the new facility.
IRS Tells Crypto Owners “Pay Up”
- Monday, 29 July 2019
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service is warning taxpayers with cryptocurrency holdings to report income and pay taxes on transactions. The IRS said by the end of August more than 10,000 taxpayers will receive letters warning them to take action if they have previously failed to report income from such transactions.
Preparer Draws 63-Month Term
- Tuesday, 23 July 2019
- Tax
- Written by The Progressive Accountant
Texas tax preparer Francisco Ventura has been sentenced to 63 in prison for tax return fraud. The Dallas area man has also been ordered this month to repay $8.3 for the tax loss his action cost the United States.
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