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

Former CPA Draws 36-month Sentence

dojJeffrey Deshon Applewhite, also known as Jeffrey Donald Mason, has been sentenced today to 36 months in prison. A former CPA, Applewhite drew the term after he was convicted on April 28, following a five-day trial, on 20 counts of aiding and assisting in the preparation and presentation of false and fraudulent tax returns.

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Liberty Launches SiempreTax+

Carlos, Perez, SiempreTax+Tax store chain Liberty Tax Service has launched SiempreTax+, a brand focused on the Hispanic community. But the operation will provide more than tax preparation services—will also offer driver's license assistance, notary services and immigration help. The brand is built around "Siempre", the Spanish word for "always".

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CCH Drops CDs, XP Support

wolters kluwer CCHWolters Kluwer CCH has become the latest major player to move to download only of its tax product. And the Riverwoods, Ill.-based vendor is also dropping support of Windows XP, something that most other companies have also done as Microsoft has ended support of one of it oldest operating systems.

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Louisiana Preparer Gets 87 Months

dojA Robert, La.-based tax preparer has been sentenced to 87 months in prison for inflating client's refunds and trying to hide her actions. Hazel M. McGary, 46, also known as Hazel M. Alexander and Hazel M. Kimble, must also serve two years of supervised release following prison and pay the Internal Revenue Service $148,673 in restitution.

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Liberty Files $300M Shelf Offering

Steve Ibbotson, Liberty Tax directorLiberty Tax has filed a shelf offering with the SEC that will give it more capital. But it also would enable one private equity investor to cash out and the company's major shareholder to reduce his holdings. The company says that it has no plans to announce any specific uses of the funds.

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Intuit to Offer e-Payment for Tax Clients

IJorge Olavarrieta, Intuitntuit hopes to enable clients to pay tax preparers electronically by tax season. The software company also plans to offer ACH transactions, according to Jorge Olavarrieta, an Intuit Group Product manager. He notes the company already has a simple invoicing feature.

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Intuit Renames CPA Select

Brian Crofts, IntuitIntuit has renamed its CPA Select program, in which it matches consumers with CPAs. Now called the TurboTax Personal Pro service, the initiative connects consumers who need advice with screen Referred CPAs, who will prepare the requester's taxes. Intuit also has a new Refund Transfer program in which it will pay preparers who initiate RTs.

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Business e-Filing Up 10 Percent

irsThe Internal Revenue Service says that the volume efiling of business tax returns this year is nearly 10 percent higher than a year ago. The IRS says as of September 21, more than 7 million corporations and partnerships efiled, compared to 3.5 million in 2013's corresponding period.

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Intuit Readies Pro Tax Onslaught

CeCe Morken, IntuitIntuit will debut a wide range products for users of its professional tax applications before tax season. The ancillary offerings include an "intelligent digital organizer" to enable tax pros and their clients to know track missing tax documents and due dates. The plans were outlined during this week's Investor's Day by SVP CeCe Morken, who also noted Intuit's development of a global tax engine aimed at expanding tax services internationally.

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DOJ Sues to Shut Tax Franchisor

The Department of Justice has filed eight civil injunction suits in Florida seeking to close regional tax preparation firm LBS Tax Services. The suits allege systematic and pervasive fraud on the part of founder Wainer G. Gachette, seven LBS franchisees and three LBS tax services managers at the 239-store chain. 

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