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
IRS Disbars West Coast CPA
- Wednesday, 18 September 2013
- Tax
- Written by The Progressive Accountant
A CPA who held licenses in Washington and California has been disbarred, following his conviction of theft for misappropriating funds as the conservator of his daughter's trust account. The action went into effect after an Administrative Law Judge upheld the request of the Internal Revenue Service to prevent David O. Christiansen from practicing before it.
Research: Mobile and Care Act Means Busy Year
- Wednesday, 18 September 2013
- Tax
- Written by The Progressive Accountant
For some time, tax research has been largely about adding new titles to platforms. But in the last two years, the pace has picked up as technology and regulatory change have coincided to accelerate the rate at which new products are introduced. Those events are the simultaneous processes of the move to mobile devices and the implementation of the Affordable Care Act.
Preparer Sentenced to 70 Months
- Monday, 16 September 2013
- Tax
- Written by The Progressive Accountant
A tax preparer based in Durham, N.C., has been given a 70-month term in a federal prison for falsifying tax returns and stealing identities. Leslie Louise Brewster drew the term after pleading guilty to three felonies. She was also order to pay $92,910 in restitution to the Internal Revenue Service.
U.S. Seeks to Shutter S.C. Preparer
- Wednesday, 04 September 2013
- Tax
- Written by The Progressive Accountant
The United States has asked a court to bar Jessica Geddis of Somerville, S.C. from preparing federal income returns for others. Geddis operated from her home and as a tax preparer as MBM Tax and Accounting Services.
Overseas Returns Draw Preparer Ban
- Thursday, 29 August 2013
- Tax
- Written by The Progressive Accountant
A Texas tax preparer has been banned from preparer tax returns for others for her role in falsifying returns for customers working for defense contractors. The Justice Department said Karena Mondrianh invented business expenses for clients, most of whom perform overseas work, and urged one to lie to an investigator.
Instant Tax Operator Banned
- Monday, 19 August 2013
- Tax
- Written by The Progressive Accountant
The owner of 22 Instant Refund Tax Service locations and his company have been barred from preparing tax returns. The action against owner David Franklin is one of five actions against chain franchisees and its franchisor.
IRS Extends EA, DAR Three Weeks
- Monday, 12 August 2013
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service has given its Disclosure Authorization and Electronic Account Resolution online services three more weeks of life. The IRS still plans to shut down the sites, despite support for them from several professional accounting organizations.
Former Georgia Preparers Sentenced
- Monday, 12 August 2013
- Tax
- Written by The Progressive Accountant
Three former Georgia tax preparers have been sentenced to prison for their roles in an identity theft scheme. The longest sentence, 56 months, was given to Greene Wylie Sheppard, who owned Quick Tax, a Cordele, Ga.-based preparation business.
Drake to Expand Call Center
- Tuesday, 06 August 2013
- Tax
- Written by The Progressive Accountant
Drake Software plans to construct a 10,000 sq. ft. call center that the company expects to open in January. The new facility, to be located in Haynesville, N.C., will house 50 new representatives.
Read more...Former D.C. CPA Guilty of Tax Fraud
- Monday, 05 August 2013
- Tax
- Written by The Progressive Accountant
A former Washington D.C.-area CPA has pleaded guilty to tax fraud in preparing fax returns while also failing to file income tax returns for himself or his businesses despite earning millions in revenue. John T. Hoang of Woodbridge, Va., faces a maximum of six years in prison and a $500,000 fine following the plea to willfully aiding and assisting in the preparation of false income tax returns for tax year 2004.
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