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
U.S. Wants to Bid Aloha to Preparer
- Friday, 25 October 2013
- Tax
- Written by The Progressive Accountant
The United States has taken action in a federal court in Honolulu, Hawaii, to stop James A. Ericson from preparing tax returns for others. The complaint alleges that Ericson, said to have prepared more than 1,000 returns a year, created phony businesses and inflated credits and deductions on clients' returns.
2014 Tax Season Delayed
- Tuesday, 22 October 2013
- Tax
- Written by The Progressive Accountant
Earlier this year, Congressional haggling delayed the start of tax season. Now, the Internal Revenue Service says the recent government shutdown means the 2014 season will also start late with the delay estimated to be from one to two weeks.
Drake Rolls Out Hosted Apps
- Tuesday, 22 October 2013
- Tax
- Written by The Progressive Accountant
Drake Software has placed its entire product line in the cloud via hosting. The Franklin, N.C.-based company said the platform is supporting the Drake Professional Tax Solution, Client Write-Up, Payroll and Document Manager, as well as hosting important Microsoft applications.
Firms Targeting Elderly Shut Down
- Sunday, 20 October 2013
- Tax
- Written by The Progressive Accountant
Two tax preparation companies that specialize in serving the elder, and their owner, have been barred from preparing tax returns for others. A court in Columbus, Ohio, issued the order against Tobias Elsass and his companies, Fraud Recovery Group and Sensible Tax Services. The parties were taking 30 percent to 35 percent of some clients' refunds.
Liberty Tax Expects Walmart Expansion?
As JTH, the parent of Liberty Tax Services, put its restatement of financial results behind it, CEO John Hewitt dropped a brief comment about expanding Liberty's Walmart operations. That came as the company reported a narrower loss on an 11.3-percent rise in revenue for the first quarter ended July 31.
PTIN Renewal Season Delayed
- Wednesday, 16 October 2013
- Tax
- Written by The Progressive Accountant
Even with a deal in place to avoid a debt default by the united States, the PTIN renewal season has been delayed. The Internal Revenue Service had announced the delay prior to the agreement reached today by the U.S. Congress to end its arguing, at least for the moment, over the debt limit
JTH Execs Get Fat Salary Increases
Execs at JTH Holding, the parent of Liberty Tax Service, lost out big on incentive pay. But they more than made up for it as the company awarded double-digit increase in salary for the year ended April 30. For CEO John Hewitt, the result was a 33-percent increase in compensation for fiscal 2013.
Read more...Return Filings Go On; Refunds Don't
- Wednesday, 09 October 2013
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service this week reminded taxpayers on extension that their returns are still due October 15. The IRS issued the reminder as the shutdown that affects many government services went on this week.
Read more...Republic Drops Block Bank Bid
- Tuesday, 08 October 2013
- Tax
- Written by The Progressive Accountant
Republic Bank & Trust has terminated its agreement to buy H&R Block Bank. Republic Bancorp, the parent of RB&T, disclosed its decision this week with an SEC filing. Republic said it notified Block that RB&T was dropping the bid because it had withdrawn applications before the Office of the Comptroller of the Currency.
Liberty Parent: Good Year Despite Issues
- Monday, 30 September 2013
- Tax
- Written by The Progressive Accountant
The reporting of fiscal 2013 results for JTH Holding, the parent of Liberty Tax Service, was delayed by accounting changes demanded by the SEC. But when the recounting was done, JTH had a good year for the period ended April 30 with net income up 8 percent on a 12.5-percent rise in net income.
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