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
TaxAct Revs Up 13 Percent in 2015
TaxAct, the tax preparation business of Blucora, had a 13-percent rise in revenue for 2015. That came as the company's proforma revenue was up 7 percent over 2014 with the company's purchase of HD Vest on December 31, Blucora said during a recent earnings webcast.
Liberty Tax Responds to Maryland Action
- Tuesday, 09 February 2016
- Tax
- Written by The Progressive Accountant
Liberty Tax Service says it is cooperating with Maryland, which has stopped accepting electronically filed state tax returns from 23 Liberty offices in that state. Maryland Comptroller Peter Franchot took the action because of what it said was a high level of suspicious returns being filed from those offices. The action does not affect electronically filed federal returns or any returns filed on paper.
Nation Tax Services Ordered Closed
- Tuesday, 02 February 2016
- Tax
- Written by The Progressive Accountant
NationTax Services, which operates stores in four Southern states, has been ordered to close. A federal court in Orlando, Fla., has told owner Jason Stinson to shutter his stores immediately, finding that they had engaged in a pattern of preparing and filing false tax returns.
Former LBS Franchisee Barred
- Tuesday, 26 January 2016
- Tax
- Written by The Progressive Accountant
A Lake Worth, Fla., man who was once part of the former LBS tax chain accused of systematically preparing phony returns, has been barred from preparing federal tax returns. Wilfrid Antoine agreed to a preliminary injunction to shutter his seven stores in Florida and to disgorge $100,000 after being accused of continuing the same business practices followed by LBS in targeting low-income customers.
Consumers More Aware Of Filing Fraud
Consumer awareness about the problems of identity theft and tax-related has risen sharply over the last two years. A study by Experian found that 76 percent of respondents are familiar with those issues, up from 57 percent in 2014 and 63 percent last year. Also, 42 percent of those responding are now concerned that someone could access their personal data through their tax returns, compared to only 35 percent in 2014 and 38 percent in 2015.
Couple Guilty in Tax Filing Fraud
- Monday, 25 January 2016
- Tax
- Written by The Progressive Accountant
A Pembroke Pines, Florida, couple has pleaded guilty to using stolen identities to file more than 700 returns for tax years 2009 through 2011. Walther Wilson Godfrey, 37 and Rhonda Peggy Gittens, 35, were accused obtaining IDs of living and deceased individuals to request more than $1.9 million in refunds. They also possessed devices for creating ID materials.
And We're Off—Filing Season Opens
The annual race to get taxes prepared and filed on time has officially begun as the Internal Revenue Service is accepting returns. Everyone will be looking to see how filing volume compares with last year and there will be particular emphasis on how well-publicized security measures implemented by governmental bodies and software vendors work to dampen filing fraud.
Intuit Launches ACA Resource Center
- Tuesday, 19 January 2016
- Tax
- Written by The Progressive Accountant
Intuit has launched an Affordable Care Act Resource Center. The online center offers tax professionals information to assist clients in understanding the tax and financial implications of the Affordable Care Act. Last year, the Mountain View, Calif.-based software company had Understanding the Affordable Care Act online.
IRS Releases Video on Stopping ID Theft
- Thursday, 14 January 2016
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service has released the first in a series of YouTube videos, designed to help taxpayers protect tax and financial data. Part of this year's Security Summit effort to combat identity theft and refund frauds, the first video includes tips from four state officials.
Filing Fraud: Tax Season's Hot Issue
This year, everything gets tighter as governmental agencies, software vendors and tax preparers attempt to stem the flood of fraudulently filed income tax returns. The major efforts discussed publicly are requiring more information from taxpayers to prove that they are who they claim to be, along with the use of stronger passwords.
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