Tax

Tax (903)

Avii Workspace Adds Tax Functions

Client information and communications are now handled through Avii Workspace. The recently introduced tax features mean the software identifies missing or conflicting information immediately and alerts participants for follow up or confirmation

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Vest, 1st. Global to Be Avantax

Blucora plans to merge its two wealth management businesses under the name Avantax. H.D. Vest is expected to be renamed this month with the name being applied to 1st. Global later this year.

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Liberty Buying Sears Unit       

Liberty Tax, becoming a parent to franchise organizations, has agreed to buy Sears. Hometown Outlet and the Sear’s business, Buddy’s Home Furnishing Stores. The deal is a cash transaction with a value of about $132.9 million and is expected to close next month.

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Block: Wave Revs Up 50%

H&R Block said last week its newly acquired Wave software business registered revenue growth of 50 percent for the first quarter ended July 31. During the webcast for earnings for the quarter, Block added Wave had revenue growth of more than 40 percent year-over-year “over the last several years”.

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CPA Indicted on Foreign Holdings

A former Fort Lauderdale, Fla.-based CPA has been indicted on charges of failing to report his holdings in international accounts and filing false documents with the Internal Revenue Service. The charges were filed in a superseding indictment against Brian Booker who operated a Panama-based cocoa trading company.

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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.

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Security Summit Reports New Scam

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."

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Georgia Preparer Faces 22 Years

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.

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McFarlane: Sales Tax Thresholds to Vanish

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.

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 Liberty Tax to buy Vitamin Shoppe

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.

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