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
Three Minnesota Preparers Sentenced
- Tuesday, 10 May 2016
- Tax
- Written by The Progressive Accountant
Three tax preparers, who stole identities, filed bogus returns and looted clients' debit cards have been sentenced to prison. The three drew the prison sentences last month for their conviction on charges related to running a fraudulent tax business with multiple storefronts in the Minneapolis, Minn., area. They were part of a group said to have cost the government between $1.5 million and $3.5 million in lost taxes.
Thomson Reuters Kills Agile Tax
- Tuesday, 10 May 2016
- Tax
- Written by The Progressive Accountant
Thomson Reuters has dropped Agile Tax, its online tax preparation system that was designed for the tax-only office. The product was introduced in the summer of 2012 and was built on technology acquired by Thomson when it purchased the former TaxSimple line in August 2010.
Tax Returns Up 1.9 percent
- Sunday, 08 May 2016
- Tax
- Written by The Progressive Accountant
It took until the end of the tax season and slightly beyond, but the number of individual returns filed hit a level many had expected before the season began. The Internal Revenue Service Reported that as of the season ended May 29, there were138,827,000 individual returns filed, an increase of 1.9 percent compared to 136,191,000 for the 2015 season through May 1.
Read more...TaxAct Revs Up, Consumer eFiles Off
Results for Blucora, parent of the TaxAct tax preparation software, were good for the first quarter ended March 31. Proforma revenue, reflecting the purchase of HD Vest, was up by 5 percent. And the company was pleased with results for both consumer and professional software even though consumer efiles were down 9 percent for the tax season ended April 19.
Tax Season Turns Around at Buzzer
Most statistics regarding the filing of individual income taxes trailed the 2015 season when the Internal Revenue Service reported statistics for the period ended April 15. Maybe it was the extra three days in the filing season, but all those numbers turned positive for the period ended April 22, even the number of efiles from tax professionals which had trailed last year's results all season.
Tax Season: TurboTax Rose, Block Sank
TurboTax was the bigger winner in the recently completely tax season while H&R Block's experience reflected the woes of tax stores. Total TurboTax units sold as of April 23 were 33,908,000, up 12 percent from 30,299,000, compared to the season through April 25, 2015. In contrast, the number of assisted returns prepared at Block locations fell by 5.8 percent to 12.2 million for the season through April 19, Block said this week.
Tax Season Totals Worsen Again
There were still three more days to file tax returns when the Internal Revenue Service issued its report for the season through April 15. But with all figures reported behind the season ended April 17, 2015, it's hard to see that three days will make much difference. Total returns received and processed and those efiled by tax professionals continued to worsen while for the first time, the number for self-prepared returns fell below 2015's corresponding period, off 3.4 percent.
Intuit Unifying Pro Tax Brands
Intuit is making its company name more visible under a new brand for its professional tax preparation applications. The company is bringing the ProSeries and Lacerte applications under the Intuit ProConnect label while changing the name of Intuit Online Tax to ProConnect Tax Online in June. The company says it is not changing the names or features of either Lacerte or ProSeries.
Preparers Draw Prison in Prison Fraud
- Monday, 18 April 2016
- Tax
- Written by The Progressive Accountant
Two tax preparers who filed phony returns for prison inmates have drawn multi-year sentences. Kamal J. James aka Bro Messiah Aziz El, 34, of Seaford, Del., drew a nine-year prison term, and Crystal G. Hawkins aka Sis. Crystal Gabri El, 39, of Laurel, Del., four years for their role in the fraud.
Tax Return Filings Worsen
The results for the tax season fell behind the 2015 results at a rate that has continued to weaken over the last four weeks. The number of returns for the season through April 8 dropped to 107,452,000, down 3 percent from 110,754,000 for the year earlier through April 10, 2015. The number processed dropped by 3.2 percent for the season to date to 104,527,000 returns, off from 108,000,000 from last year's corresponding period.
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