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...Phishing eMail Targets Tax Pros
- Monday, 26 June 2017
- Tax
- Written by The Progressive Accountant
Tax preparers are receiving phishing emails purporting to originate from a tax software education provider in the United States. The Internal Revenue Service said recently the latest communication seeks a wide range of information, including e-Services logons and preparers' mothers' maiden names.
Block CEO Touts 2017 Success
H&R Block experienced a victory in its year ended 2017, outgoing CEO Bill Cobb said in a recent earnings webcast. The company had the strongest new client growth in years and significantly improved client retention while taking market share in both assisted and do-it-yourself returns.
IRS Adds Features to Online Accounts
- Tuesday, 20 June 2017
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service has added several features to online accounts for individual taxpayers, including the ability to view up to 18 months of tax payment history. They can also see payoff amounts and tax balances due for each tax year via the accounts.
Liberty to Grow 360 Accounting Chain
Liberty Tax plans to dramatically grow its new 360 accounting stores. The new services, aimed at higher end tax, payroll and accounting customers, started very quietly two years ago with- two stores and expanded that to eight last year.
IRS Suspends PTIN Renewals after Court Decision
- Tuesday, 06 June 2017
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service has suspended the issuance and renewal of Preparer Tax Identification Numbers. The action follows a recent decision by United States District Court for the District of Columbia which said the IRS had the authority to require the use of PTINs, but not to charge user fees for issuing or renewing them.
IRS Electronic Payments Kick In
- Monday, 05 June 2017
- Tax
- Written by The Progressive Accountant
Taxpayers who request letter rulings, closing agreements and certain other rulings from the Internal Revenue Service must utilize the government's Pay.gov starting this summer. The requirement replaces the ability to pay these fees via check and money order.
Preparer Guilty of Worker's Comp Fraud
- Tuesday, 30 May 2017
- Tax
- Written by The Progressive Accountant
A tax preparer who earned more than $100,000 while claiming he was permanently disabled has been ordered to pay the state of Ohio $57,000 in restitution. Fernando Cruz of Maineville, Warren County, Ohio, was found guilty of worker's compensation fraud.
Liberty Tax Hires COO
- Monday, 29 May 2017
- Tax
- Written by The Progressive Accountant
Liberty Tax has hired Edward L. Brunot as chief operating officer effective June 1. His appointment follows a tax season in which the number of returns dropped 16.4 percent from the 2016 season. Also during the last year, Liberty has continued to be hurt by fraud reported at some Baltimore, Md., store operators in 2016 which hampered the effort to recruit franchisees.
Ex-Cop Guilty Of Embezzlement, Tax Fraud
- Monday, 22 May 2017
- Tax
- Written by The Progressive Accountant
A former police sergeant has pleaded guilty to embezzling funds from the accounts of disabled veterans. Glenn P. Pearson, 61, who served on the police force in Whitman, Mass., also admitted to preparing phony returns for his tax preparation clients that cost the government more than $1.5 million.
N.C. Preparer Draws 11 Years in Fraud
- Saturday, 13 May 2017
- Tax
- Written by The Progressive Accountant
A North Carolina tax preparer has received an 11-year sentence for preparing fraudulent returns and training others to do that same. Herbert Lee Martin of Rockingham, N.C., must also serve three years of supervised release and pay $10,605,420 in restitution to the Internal Revenue Service.
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