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
Tax Firm Owner Pleads Guilty
- Monday, 05 November 2012
- Tax
- Written by The Progressive Accountant
The owner of a tax preparation firm that operations locations in Alabama and Georgia has pleaded guilty to charges of conspiring to defraud the United States and filing false tax returns. Bruce King, who owns Premier Tax, is one of nine people associated with Premier Tax to have been convicted of crimes involving phony returns. On Thursday, Vonecia Orum, a preparer who worked at the company, pleaded guilty to delivering false tax returns to the Internal Revenue Service.
Instant Tax Draws Preliminary Injunction
- Thursday, 01 November 2012
- Tax
- Written by The Progressive Accountant
Instant Tax Service, which claims to be the fourth-largest tax preparation chain, has consented to a preliminary injunction that bars it from preparing false returns or offering phony loans. A trial on the government's effort to shut down the operation is scheduled to begin on May 20 in Dayton, Ohio.
Preparers Among 40 Charged in ID Theft Dragnet
- Wednesday, 17 October 2012
- Tax
- Written by The Progressive Accountant
Liberty Joining Block in Wal-Mart
- Wednesday, 10 October 2012
- Tax
- Written by The Progressive Accountant
Liberty Tax Service is moving into Wal-Mart to join H&R Block, which is dramatically expanding its presence in that chain after it and Sears parted company. Liberty said it will have offer tax preparation services in more than 300 Wal-Mart stores next tax season.
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Preparer Faces 215 Years for Fake Returns
- Tuesday, 02 October 2012
- Tax
- Written by The Progressive Accountant
An Idaho tax preparer faces a maximum sentence of 215 years in prison and a fine of up to $10.5 million and restitution to the Internal Revenue Service for a national scheme for filing fake returns. Penny Jones of Rigby, Idaho, has pleaded guilty before a judge in Fort Lauderdale, Fla., to forty-one counts of causing the filing of false claims for income tax refunds and one count of conspiracy. She was one of seven individuals indicted in the case in December.
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Intuit Planning Role-Based TurboTax?
Intuit says it will "personalize" TurboTax for the upcoming tax season. And the company's comments suggest that personalization may involve customizing elements of the popular consumer tax product for occupations such as educators. That appeared to be the thrust of remarks made at this week's investor day by Dan Maurer, who runs the company's consumer group.
Jackson Hewitt Drops Republic, Gets Suit Threat
- Wednesday, 19 September 2012
- Tax
- Written by The Progressive Accountant
Republic Bancorp is considering legal action against Jackson Hewitt Tax Services. Republic has demanded mediation and arbitration after Jackson Hewitt terminated a contract under which Republic Bank provided refund transfer and direct deposit products via its tax preparation retail stores.
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Court Nixes Three Philly Preparers
- Monday, 17 September 2012
- Tax
- Written by The Progressive Accountant
A federal court has permanently barred three Philadelphia-area men from preparing federal tax returns for others. The three Liberian national prepared fraudulent federal income tax returns for a primarily Liberian clientele, according to the Justice Department complaint.
Price Hikes Boost Intuit Accountant Revs
Price hikes for tax software were probably the major factor behind increases in revenue and operating profit for Intuit's Accounting Professionals business for the year ended July 31. Operating profit grew by almost two percentage points over fiscal 2011 while revenue rose by 5.6 percent.
Liberty Tax Cancels Republic Contract
- Wednesday, 29 August 2012
- Tax
- Written by The Progressive Accountant
The parent company of Liberty Tax Service has canceled its contract for tax season financial products provided by Republic Bank. And while JTH Tax cites the end of refund loan programs as reason for dropping the bank, Republic Bancorp says there was no good reason for the action. This comes at a time when JTH has invested in another company that provides bank products for tax season, Meta Financial Group.
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