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

Liberty, TaxAct Returns Off

John Hewitt, Liberty Tax Among publicly held companies in the tax business, everyone had a so-so-tax season, except for Intuit. The last companies to report results for the 2015 tax season were Liberty Tax Service, which said the number of returns prepared by its offices were up .6 percent, over the prior year, and Blucora's Tax Act, whose total returns were flat. That came as the Affordable Care Act failed to drive customers to paid preparers in any numbers.

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Florida Preparers Indicted

dojTwo Miami, Fla.-area preparers have been indicted on charges they used first-time homebuyer credits to swindle the government. The separate indictments charge Noe Mompoint of Southwest Ranches, Florida, was charged with 14 counts of aiding and assisting in the preparation of false federal income tax returns. Lucvens Francois, of Aventura, Fla., faces 19 counts on the same charge.

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Tax & Accounting Leads Thomson Results

Stephane Bello, Thomson Reuters The Tax and Accounting business led all Thomson Reuters segments in growth of revenue, EDBITDA and operating profit for the first quarter ended March 31. The unit saw a 17-percent increase in operating profit and a 10-percent rise in revenue before currency. And currency was a major issue as the strength of the U.S. dollar pushed corporate results down.

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Block Returns Drop, Revenue Rises

William Cobb, H&R Block The number of individual tax returns prepared by H&R Block during the recent tax season was down by .9 percent from the 2014 tax return. The tax services company said this week that the number of assisted returns through April 16 fell by 4.6 percent from the prior year. However, Block said the number prepared through its software products—including online, desktop and mobile—rose by 8.2 percent.

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TurboTax Posts Strong Results

Intuit ended the 2015 tax season with an 8-percent rise in the number of federal TurboTax units sold. That stemmed from a 13-percent increase in TurboTax Online units as the sale of desktop packages continued to decline. The results were higher than the 5-percent to 7-percent growth range Intuit had anticipated.

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Thomson Offers Healthcare Certificate

Thomson ReutersThomson Reuters has launched the Checkpoint Learning Health Care Reform Certificate Program. Practitioners can earn the certificate by demonstrating their knowledge of the legislative and tax implications of healthcare reform. Program registrants will obtain practical guidance on the Affordable Care Act, including employer and individual mandates and the net investment income tax.

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Tuning Into the Voices in Your Practice

We live in a world where voice recognition and voice activation are greatly appreciated. No matter what the size of your firm, voices play an important role in the well-being of your organization. Many practitioners are convinced that they know what is being said about their firm, and run their practice accordingly. But, it is important to hear what actually is being communicated, both internally, and to the outside world.

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Texas Preparer Gets 36 Months

dojA Texas tax preparer has received a 36-month prison sentence after pleading guilty to preparing a false tax return. Preparer Kenny Iroegbu must also pay $323,046 in restitution to the Internal Revenue Service. The conviction stemmed from action Iroegbu took as a intern before 2005 and after starting his own business that year.

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West Virginia CPA Indicted

DOJA CPA operating in Morgantown, West Va., has been indicted for tax fraud. CPA Gregory N. Cason, 45, was indicted this month on one count of conspiring to defraud the Internal Revenue Service and in conspiring to prepare and file false tax forms. Besides the conspiracy charge, he was also indicted on two counts of preparing and filing bogus tax returns.

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IRS to Stay Out of Direct Filing

free fileThe Internal Revenue Service has agreed it will not provide its own direct tax return filing. That is one of the provisions of a five-year agreement between the Free File Alliance and the IRS. The parties said the agreement could lead to improvements such as the importing of prior-year information, along with additional options for free state tax returns.

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