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

TaxWise Online Has New Interface

non Bond, Wolters Kluwer TaxWise Online 2016, which features a redesigned interface, has been made available in preview form by Wolters Kluwer Tax & Accounting. The company says the interface is more intuitive and provides easier navigation. The preview version also offers a bilingual TaxWise forms library, and complete calculations that can be accessed via desktop or mobile devices.

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Intuit Foregoes ProTax Price Increases

Matt Rhodes, IntuitIntuit has decided to avoid regular price increases for its professional tax products. As the software company increasingly links the professional tax and accounting software side of its operations, it has opted to build price increases into the accounting products instead, CEO Brad Smith said this week during the earnings webcast for Intuit's year ended July 31.

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ProConnect Tax Form Imports Planned

Jorge Olavarrieta, IntuitIntuit is setting out its plan for importing 10 tax forms into its cloud-based ProConnect Tax Online (formerly Intuit Tax Online). The company has made import available for the 1099-INT, 1099-Div and 1098 forms. The others will be ready by the end of this year.

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QB Online Tops 1.5M Subscribers

Sasan Goodarzi, IntuitIntuit has topped 1.5 million subscribers for its QuickBooks Online application. That number is up 25,000 from the figure reported for April 30 when Intuit's third quarter ended. The company will have subscription numbers and product sales numbers published on August 23 when it issues results for the fourth quarter ended July 30.

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Preparer Jailed for Civil Contempt

irsA Tennessee preparer has been jailed after spending money on gambling, a Lexus and home furnishings instead of paying $25,000 in fees to the United States. Kevin Williams of Memphis was jailed after surrendering voluntarily after a court issued an arrest warrant on July 21.

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Preparer Convicted $53M Return Fraud

irsA tax preparer based in Oxnard, Calif., has been convicted of filing tax returns that claimed more than $53 million in fraudulent returns. The Internal Revenue Service said it paid out $23 million  to Rodrigo Pablo "Paul" Lozano, also known as "El Profe," 61, and his co-conspirators before spotting the scheme that had them counting out cash in a bathroom at the business.

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TaxAct Seeks New President

JoAnn Kintzel, TaxAct TaxAct is seeking a new president following the announcement that the current job holder, JoAnn Kintzel, plans to leave the company. Kintzel will remain under a transition agreement until a successor is appointed. The company did not report that Kintzel had any immediate plans aftr leaving the company. 

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Advocate Sees Barriers to IRS Future State

Nina E. Olson, National Taxpayer AdvocateThe Internal Revenue Service's plans for a "Future State" for how the agency will operate over the next few years may run into consumer resistance, according to the National Taxpayer Advocate. The Advocate's 2015 annual report to Congress suggests that resistance to technology may thwart development of online accounts.

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Maryland Preparer to Serve Term

jc TAXA Baltimore, Md.-based tax preparer has been sentenced to a 20-month prison term for preparing phony tax returns. Charles Imariagbe, the operator of JC Tax ServiceS, drew the sentence after being found guilty on February 8 on 15 counts of aiding and assisting in the preparation of false income tax returns.

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Security Summit Outlines Plans for 2017

John Koskinen, Internal Revenue ServiceA W-2 Verification Code test will be expanded to cover about 50 million forms in the next season, one of several steps formulated by the Security Summit. The Summit, which is comprised by the Internal Revenue Service, software companies and other leaders in the tax preparation industry, was formed last year to combat identity theft and released plans for 2017 this week.

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