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...Liberty Tax Ends Hewitt's Tenure
Liberty Tax Services said this week its board of directors had decided to terminate John Hewitt as CEO and president. The company issued a statement that the hiring of Ed Brunot as COO on June 1 was part of a deliberate succession planning process and it will announce a new CEO "in the coming days"
CPA Allegedly Helped Client Hide $3M
- Monday, 04 September 2017
- Tax
- Written by The Progressive Accountant
A Hawaii businessman, aided by his accountant, has been accused of failing to report more than $3 million of his firm's revenue. Assisted by accountant, Michael H. Higa, Wagdy A. Guirguis allegedly transferred assets to avoid an IRS assessment of about $812,000 on unpaid employment taxes for his engineering company GMP Associates and other businesses.
BNA Debuts International Portfolios
- Friday, 01 September 2017
- Tax
- Written by The Progressive Accountant
Bloomberg BNA has introduced Tax Management Portfolios for several countries and regions. The releases includes include specific portfolios and a new edition of Business Operations in the European Union – Regulatory, which complements the existing European Union Portfolio dealing with EU tax issues.
"With in-depth analysis and practical guidance from leading practitioners integrated with primary source material, practitioners can more effectively manage their international tax obligations," said George Farrah, Editorial Director, Bloomberg BNA's Tax & Accounting division.
Written by in-country experts, each portfolio covers a country's tax and business regulatory system. They are designed to help tax practitioners and investors gain clear and structured insight into the country's major direct and indirect taxes.
The country volumes include new editions of country portfolios: Brazil, Denmark and Switzerland, Portfolios for new areas include operations in the Baltic States,
Greece and Peru.
H&R Block Hires Former Uber Exec
- Tuesday, 29 August 2017
- Tax
- Written by The Progressive Accountant
H&R Block has hired Jeffrey J. Jones II, age 49, as president and CEO-designate. Jones will take over the CEO role on October 9, a move made possible by the retirement of Bill Cobb from the position he had held for six years.
Intuit Renames ProTax Group
Intuit has reorganized its business units with ProConnect, the professional tax software business, renamed as the Strategic Partner segment. The change was discussion during the webcast this week which announced earnings for the year ended July 30.
Former Block CEO's Pay Up 22.6%
In his last year on the job, William Cobb, the recently retired CEO of H&R Block saw a 22.6-percent rise in compensation. Cobb, who left on July 31, was given slightly more than $8 million for the year ended April 30, up from $6.6 million the year before. The company reported its executive pay for fiscal 2017 to the SEC recently, with a list that is rapidly changing.
"Software Update" Email Targets Tax Pros
- Monday, 07 August 2017
- Tax
- Written by The Progressive Accountant
A phishing email scam is targeting tax professionals by purporting to be from tax software companies. Messages in the latest the phishing attack contain subject line of "Software Support Update" and highlights the topic as "Important Software System Upgrade".
Louisiana Preparer Defied Court Ban
- Monday, 07 August 2017
- Tax
- Written by The Progressive Accountant
A Louisiana preparer has pleaded guilty to four counts of preparing fraudulent tax returns. Shawanda Nevers, 49, pleaded guilty to filing bogus returns between 2011 and 2016 even though a court banned her from preparing federal returns in 2014. She owes the Internal Revenue Service almost $7 million.
Wolters Kluwer: Cloud Products Growing
Wolters Kluwer says its CCH Axcess line is seeing accelerating growth. The company made the statement this week as it released financial results for the half ended June 30. CEO Nancy McKinstry said during an earnings webcast that the "cloud is beginning to have more impact on our growth" and singled out Axcess Tax for delivering a 50-percent increase in users over the prior year.
IRS to Pilot Appeals Web Conferencing
- Thursday, 27 July 2017
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service Office of Appeals expects to begin testing a web-based virtual conference option next week. The web option is designed for taxpayers and their representatives who are not located near an IRS Appeals office.
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