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
IRS Warns Tax Pros of Computer Attacks
- Friday, 02 September 2016
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service this week warned tax professionals of new attacks that allow identify these to take over their computers remotely. The IRS reported about two dozen cases in which practitioners' computers were hijacked in order to file fraudulent tax returns. No details were given on the number of any phony returns that might have been filed.
Taxify Adds Dashboard
- Thursday, 01 September 2016
- Tax
- Written by The Progressive Accountant
Taxify, which provides online sales tax applications, has added a dashboard to its system. The dashboard is designed to enable practitioners to see all of their clients—for whom they provide sales tax services—in one place, according to product marketing manager, Alex Oxford.
TaxWise Online Has New Interface
- Wednesday, 31 August 2016
- Tax
- Written by The Progressive Accountant
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.
Intuit Foregoes ProTax Price Increases
Intuit 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.
ProConnect Tax Form Imports Planned
- Wednesday, 17 August 2016
- Tax
- Written by The Progressive Accountant
Intuit 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.
QB Online Tops 1.5M Subscribers
- Thursday, 11 August 2016
- Tax
- Written by The Progressive Accountant
Intuit 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.
Preparer Jailed for Civil Contempt
- Tuesday, 09 August 2016
- Tax
- Written by The Progressive Accountant
A 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.
Preparer Convicted $53M Return Fraud
- Tuesday, 26 July 2016
- Tax
- Written by The Progressive Accountant
A 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.
TaxAct Seeks New President
- Tuesday, 12 July 2016
- Tax
- Written by The Progressive Accountant
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.
Advocate Sees Barriers to IRS Future State
The 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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