Tax (1588)
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
Advisory Committee: IRS Needs Funds
- Monday, 20 November 2017
- Tax
- Written by The Progressive Accountant
Lack of funds remain a critical issue for the Internal Revenue Service, according to the annual report of the Internal Revenue Service Advisory Council. The conclusions concentrates on the impact of the highly publicized budget cuts for the agency, which the council says amount to about $1 billion since fiscal 2010.
Tax Resolution Services: Benefitting Your People & Your Practice
- Tuesday, 14 November 2017
- Tax
- Written by The Progressive Accountant
Sponsored Content:
If a client comes to you with a tax problem, are you prepared to help? The fact is, the collection division of the IRS employs 14 million people to help catch mistakes, but fewer than 4,000 firms and practitioners offer tax resolution support to their clients.[1]
If you’re not offering tax resolution services, your firm may be selling itself short.
Read more...Thomson Sets Onvio Tax Test
Thomson Reuters is preparing a limited release of its first Onvio Tax module. The company plans to hit the market by the end of the year with a 1041 module, released to what the company termed "a very small group of firms" with all entities ready for a tax season test.
Advisory Council Supports Liberty Tax
- Friday, 10 November 2017
- Tax
- Written by The Progressive Accountant
The Liberty Tax Area Developer and Advisory Council has voiced its support for the tax store chain. The vote of confidence follows the termination of CEO and founder John Hewitt in September by the company's board of directors.
IRS Expanding W-2 Code Test
- Tuesday, 07 November 2017
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service will expand its test of a verification code for W-2 data during the upcoming tax season. The IRS described the measure as part of an initiative to verify the authenticity of Form W-2 data.
Virginia Preparers Gets 30-Month Sentence
- Monday, 30 October 2017
- Tax
- Written by The Progressive Accountant
Timothy Harris, who operated two tax preparation businesses in Virginia, has been sentenced to 30 months in prison. Harris, age 49, must also pay $335,389 in restitution to the Internal Revenue Service.
Florida Preparers Shut Down
- Tuesday, 24 October 2017
- Tax
- Written by The Progressive Accountant
Three Palm Beach, Fla., area preparers have been barred from the tax preparation business. A federal court has ordered the preparers, Fred Pickett Jr., Jalisa Steele and Fred Pickett III, and their companies cannot prepare federal returns for others.
Security for Biz Returns Toughening
- Monday, 23 October 2017
- Tax
- Written by The Progressive Accountant
Steps to deter identity theft involving Forms 1120 and 1041 have been formulated for the next tax season. The Internal Revenue Service will ask professionals to gather more information about business clients to help authenticate returns.
Intuit Moving Tax Apps to Same Code
Intuit plans to unify the code bases for its consumer and professional tax preparation applicatons into one common base. The general outlines of the plans were given recently at Intuit's Investor Day by EVP Dan Wernikoff, who leads the software company's consumer tax operations.
Insurance Tax, e-Services Scams Target Pros
- Thursday, 12 October 2017
- Tax
- Written by The Progressive Accountant
Phony insurance tax form e-services email scams are targeting professional tax preparers. The Internal Revenue Service warned recently attempts to access annuity and life insurance accounts and a renewed effort to con pros with purported e-services agreements.
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