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
New York Preparer in Trouble Again
- Tuesday, 22 March 2016
- Tax
- Written by The Progressive Accountant
A New York tax preparer who pleaded guilty to filing phony state income tax returns in 2009 has been arrested on new tax charges. Steve Sabba, 58-years old of Yorktown Heights, N.Y., has been accused of not filing his personal income tax return for 2014 and misrepresenting his income in 2012, according to the New York Office of Taxation and Finance. He has pleaded not guilty.
Mo Money Preparers Plead Guilty
- Monday, 14 March 2016
- Tax
- Written by The Progressive Accountant
Two preparers who worked at Mo Money Tax stores in the Richmond, Va.-area have pleaded guilty to tax return fraud. The pleas by Jeremy Blanchard, 35, and Erik Pittman, 35, both of Memphis, Tenn., this month are the latest in actions against those involved in Mo Money, which had as many as 300 stores in 18 states before the courts barred the chain's owners from preparing federal taxes for others or being involved in owning a tax business.
Returns Rise for First Time over Last Year
The number of tax returns received by the Internal Revenue Service was higher for the week ended through March 4, compared to the season through March 6 a year ago. It was barely higher as the total was .1 percent more than in the corresponding period in 2015. But it was the first time that total returns received topped the 2015 figures out of the five weekly reports issued by the IRS during this tax season.
Block Returns, Revs Down
H&R Block executives would not directly comment about the impact of the company's $1,000 a day to 1,000 people in the early part of the tax season. Certainly, results for the company's showing returns off by 6.1 percent for Block's fiscal year to date for the period ending February 28 was not what it had hoped.
Tax and a Tale of Two ACAs
There are two different views of the impact on the Affordable Care Act on tax return filing. Intuit CEO Brad Smith thinks it is a "non-event", his words when the company reported its earnings for its January quarter. But two rivals, tax chain H&R Block and Liberty Tax believe that the ACA may be partly behind the delay in filings this year and that the impact will be revealed deeper into the tax season.
Bank Products Drive Liberty Revs
The latest generation of bank products fueled growth for Liberty Tax Service for the third quarter ended January 31. The company posted $4.7 million in net income for the most recently ended quarter, more than double $1.8 million a year earlier. Revenue grew to $53.6 million, up 12. 5 percent from $47.7 million a year earlier.
Preparer Jailed for Defying Court Order
- Monday, 07 March 2016
- Tax
- Written by The Progressive Accountant
A Colorado tax preparer who ignored an injunction that barred him from preparer federal returns for others has been jailed. Gerardo Herrera, who operates in Denver, has been incarcerated for continuing to operate two tax offices even though Senior District Court Judge John L. Kane had issued the order on January 7.
Liberty Tax Reviewing Compliance
Liberty Tax Service is utilizing outside legal counsel among other resources following accusations of fraud by some chain franchisees in Maryland. CEO John Hewitt said in the company's recent earnings webcast that it is evaluating the compliance process in what he said was "inappropriate activity" on the part of a small number of offices.
ProSeries Cloud? Not Yet, But
- Monday, 29 February 2016
- Tax
- Written by The Progressive Accountant
Intuit does not currently see the need for a cloud version of its ProSeries tax preparation package. But if the need does arise, any Internet version would be based on the Lacerte tax engine, says CeCe Morken, EVP of ProTax at the Mountain View, Calif.-based tax software company.
DIY Tax Return Filings Grow
- Monday, 29 February 2016
- Tax
- Written by The Progressive Accountant
The do-it-yourself tax filing market continues to grow. Statistics from the Internal Revenue Service for the tax season through February 19, shows the number of self-prepared efiled returns up by 3.1 percent over last year's season through February 20. Meanwhile, efiled returns prepared by paid professionals remains down from a year ago.
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