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
Court Bars Georgia CPA Preparer
- Tuesday, 17 December 2013
- Tax
- Written by The Progressive Accountant
A federal court has barred a Tucker, Ga.-based CPA and his firms from preparing federal income tax returns for others. A permanent injunction shuts down the preparation business of Matthew Adegbite and his companies, MAS & Associates CPA and Mathew A. Adegbite CPA. The accountant drew the action for allegedly inflating deductions or creating phony ones.
Former CPA Draws Four-year Sentence
- Thursday, 12 December 2013
- Tax
- Written by The Progressive Accountant
A former CPA and attorney, who failed to pay taxes on millions of dollars he earned, has been sentenced to 48 months in prison. John T. Hoang of Woodbridge, Va., who pleaded guilty to charges in July, drew the term for creating phony businesses on some of the hundreds of returns he prepared from 2004 through 2006.
Read more...IRPAC Supports EIN Truncation
- Thursday, 12 December 2013
- Tax
- Written by The Progressive Accountant
A program for truncating Taxpayer Identification Numbers should be extended to Employer Identification Numbers, according to a recommendation from Information Reporting Program Advisory Committee. In its 2013 annual report, the committee says truncating EINs would help prevent identity theft and it also said the IRS should support a proposed bill that would allow Social Security numbers to be truncated on wage reporting forms.
Block: Squeeze on Independent Preparers to Continue
- Wednesday, 11 December 2013
- Tax
- Written by The Progressive Accountant
Read more...
Independent tax preparers have lost market share and will continue to be under pressure, H&R Block said this week. In comments made an an investor's day webcast, Block reported that independents, which it says comprise 44 percent of the preparation market, had lost about 1 percent of market share since 2010.
Standard Mileage Rates Dip in 2014
- Tuesday, 10 December 2013
- Tax
- Written by The Progressive Accountant
Standard mileage rates for business, medical and moving travel will decrease for 2014, down one-half cent from 2013 rates. The new rates used to calculated deductible costs for operating an automobile were announced recently by the Internal Revenue Service.
Liberty Tax Loans Cut Back
The Instant Cash Advance program offered in 27 states last year by Liberty Tax Service as a test is being cut back. The program will go forward in 21 states during the upcoming tax season, Liberty said this week during an earnings webcast for its parent, JTH Holdings.
DOJ Seeks to Halt Tennessee Preparer
- Thursday, 05 December 2013
- Tax
- Written by The Progressive Accountant
The Department of Justice wants to stop a Memphis, Tenn.-based tax preparer and her companies from preparing federal returns for others. The agency seeks to bar Stephanie Edmond and her businesses, the Tax Factory and Tax Factory Enterprise from the tax preparation business. Edmonds and the companies were reported to have prepared more than 9,000 returns since 2011.
Read more...TaxAct Offers Business Downloads
- Thursday, 05 December 2013
- Tax
- Written by The Progressive Accountant
TaxAct has made business tax modules available for download for the first time. The company rolled out preview versions of its Federal 1065, 1120 and 1120S Editions earlier this fall. The Cedar Rapids, Iowa-based company is also offering a line of state business tax forms for its D-I-Y small business customers.
IRS Says 2013 Returns Slightly Down
- Thursday, 05 December 2013
- Tax
- Written by The Progressive Accountant
The number of self-prepared tax returns efiled for 2013 grew up 4.6 percent, according to the Internal Revenue Service. That means the D-I-Y growth continued to outpace the number efiled by tax professionals. The IRS also reported this week that the number of all returns received and processed were down slightly.
IRS to Warn on EITC Claims
- Sunday, 10 November 2013
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service plans to send warning letters to preparers who are suspected of filing inaccurate claims that involve the Earned Income Tax Credit. To be sent out this month and in December, the letters detail issues identified on returns and explain the consequences of filing inaccurate EITC claims.
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