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
Mobile: Where Tax Research Roams
In the last few years, the question about tax research has been as much about where the work gets done and what is available via research. That question is about to what degree tax professionals are interested in conducting research via mobile devices.
Read more...Indiana Preparer Draws DOJ Action
- Tuesday, 09 July 2013
- Tax
- Written by The Progressive Accountant
The Department of Justice is seeking to bar an Indiana woman from preparing federal tax returns for others. The department is accusing Cynthia Hawk, who operates Gain Tax Service, of creating phony business and fake business income to get clients maximum credits under the earned income tax credit.
Alabama Woman Pleads in Refund Scam
- Tuesday, 25 June 2013
- Tax
- Written by The Progressive Accountant
Alabama woman who was part of an identity theft scheme has pleaded guilty to one count of conspiracy to defraud the United States. Scottie Alice Johnson of Montgomery County, Ala., was accused of being part of a family ring that used stolen IDs to obtain more than $1.7 million in tax refunds.
ETAAC: Catching Crooked Preparers Crucial
- Thursday, 20 June 2013
- Tax
- Written by The Progressive Accountant
The most effective way to prevent tax returns is to identify crooked preparers. That statement was part of the report to Congress this week by the Electronic Tax Administration Advisory Committee. The report notes the number of fraudulent tax refunds identified and stopped in 2012 was almost seven times what it was 10 years earlier.
Florida Preparer May Have Cost U.S. Millions
- Wednesday, 19 June 2013
- Tax
- Written by The Progressive Accountant
A tax preparer based in Kissimmee, Fla., has been permanently barred from preparing federal tax returns for others. Carlos A. Cabrera consented to the permanent injunction order without admitting the allegations against him. The government alleged its losses could be tens of millions of dollars for just two years of filed returns.
Florida Preparer Shuttered
- Wednesday, 19 June 2013
- Tax
- Written by The Progressive Accountant
A tax preparer based in Kissimmee, Fla., has been permanently barred from preparing federal tax returns for others. Carlos A. Cabrera consented to the permanent injunction order without admitting the allegations against him. The government alleged its losses could be tens of millions of dollars for just two years of filed returns.
Block to Seek "High-value" Clients
H&R Block will seek to increase the percentage of high-value clients it serves. That new direction was announced this week by CEO William Cobb during the earnings conference call for results for the tax services company's year ended April 30. Cobb did not define high-level, but noted that Block's operations in Canada and Australia had successfully tested the approach.
Tax Software Pre-Season Report
The last tax season was one of the most turbulent in recent years. But those were last year’s problems and we are already well into the buying season for 2013 tax products, which will be minus the veteran TaxWorks application, However, time moves on and features involving the web, mobile and efiling take center stage for the remaining players.
Professional Help Not Reaching Intuit Goals
Intuit's highly publicized use of tax professionals to advise its TurboTax customers has not met the goals of CEO Brad Smith. In the company's recent earnings webcast about financial results for fiscal 2013, Smith said the program would have significant changes for the next tax season. Given the attention that Intuit gave the program, any change would be a significant about face.
Intuit Pro Tax Biz Gained Users for 2013 Season
- Wednesday, 22 May 2013
- Tax
- Written by The Progressive Accountant
Intuit's professional software business, which had seen little user growth for a few years, has increased the number of customers during the last two tax seasons. This year, the number of professional customers reached 121,000, up from 119,000 for tax season 2012 and 117,000 for the 2011 tax season.
Read more...
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