Tax (1572)
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
Intro to Drake Webinars Being Held
Drake Software is conducting “Intro to Drake Tax” webinars all this week. The sessions are being held twice weekly August 24 through August 28.
SafeSend Now Supports Lacerte
SafeSend has added support for tax returns prepared by the use of Lacerte tax preparation software. The move adds to software packages whose products are supported by SafeSend’s automated electronic assembly and delivery system.
AICPA Wants Guidance on Payroll Tax Deferral
The American Institute of CPAs has requested guidance on the deferral of payroll taxes under executive actions signed this month by President Donald Trump. The requests were sent this month to the Treasury Department and the Internal Revenue Service.
CCH Axcess Small-Firm Version Launched
Wolters Kluwer Tax & Accounting has introduced CCH Axcess with QuickStart. The latest version of the suite is designed to reduce implementation side for smaller firms.
WK: Customers Cautious on New Purchases
Tax preparation customers are renewing their products from Wolters Kluwer. However, many existing customers are not buying new products, the company said during its recent webcast for earnings for the first half ended June 30.
Delay Bites into TaxAct 2Q Biz
The delay of the tax season filing deadline under the impact of the COVID-19 virus bit into the tax preparation business for Blucora for the second quarter ended June 30. Revenue for the company’s TaxAct business was $42.4 million for the most recently ended quarter, down $31.4 million from slightly less than $66 million a year ago.
Security Summit: Remote Preparers Should Use VPN
Tax practitioners who are working remotely should utilize a virtual private network, according to the Internal Revenue Service and the Security Summit. The use of a VPN is recommend as an important step to protect against cyber intruders.
Thomson’s Tax Business: Unusual Quarter
The Tax & Accounting Professionals business of Thomson Reuters had a quarter buffeted by unusual events. The second quarter ended June 30 was impacted both by the extension of tax deadline through July 15 and the company’s sale of its government business.
DIY Returns Boost H&R Block
A 10.6-percent rise in do-it-yourself online filings led H&R Block to a 3.3 percent in tax returns prepared for the 2019 tax year. Block this week said it prepared 21.2 million returns for the year through July 17.
Liberty Returns Fall 11.5 Percent
Liberty Tax prepared about 1.15 million federal income tax returns through July 15, its parent, the Franchise Group reported this week. That was down 11.5 percent from 1.3 million for the 2019 season
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