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
Intuit Downloads to Avoid Tax
- Monday, 14 May 2012
- Tax
- Written by The Progressive Accountant
Intuit plans to offer a download-only distribution of its 2012 Lacerte and ProSeries tax preparation software. The method is aimed at avoiding sales tax on software distributed via CD in 14 states, including California.
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Read more...Two Guilty in $22M Tax Fraud
- Wednesday, 02 May 2012
- Tax
- Written by The Progressive Accountant
A Colorado man who prepared 50 returns and a co-defendant have been found guilty of filing about $22 million in false claims with the Internal Revenue Service. Curtis Morris, 43, of Elizabeth, Colo., and Richard Kellogg Armstrong, 77, of Prescott, Ariz., were convicted of a number of charges stemming from the scheme. Read more...
New York Preparer Draws 37-Month Sentence
- Thursday, 26 April 2012
- Tax
- Written by The Progressive Accountant
Howard Levine, owner of a Dix Hill, N.Y.-based tax preparation business was sentenced to 37 months in prison this week after he pleaded guilty in January to obstructing internal revenue laws and preparing false returns for clients. He was also ordered to pay $320,998 in restitution to the Internal Revenue Service.
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TurboTax Unit Sales Rose 6 Percent
- Monday, 23 April 2012
- Tax
- Written by The Progressive Accountant
TurboTax unit sales were up 6 percent for the recently concluded tax season when compared to a year ago. Intuit released its final update for the 2012 on April 20 for the season through April 18, While digital tax unit sales were lower than expected, Dan Maurer, SVP and general manager of the company's consumer group, said Intuit believes it gained one point of market share online.
Feds Seek Bar of Philly Preparers
- Monday, 23 April 2012
- Tax
- Written by The Progressive Accountant
The Department of Justice is asking a federal court to bar three Philadelphia-area tax preparers from preparing federal tax returns for others. The government seeks to block Deron Joe, Edmund Dassin and James Tokpawhiea, Liberian nationals who are legal permanent residents of the United States, from engaging in the tax preparation business. The suit alleges that most customers of their business, Urban Tax Professionals, are also from Liberia and were referred by friends and relatives.
Read more...Republic's Bank Product Income Drops
- Friday, 20 April 2012
- Tax
- Written by The Progressive Accountant
Republic Bancorp, which had been the last remaining source of Refund Anticipation Loans, saw a 10-percent decrease in net income its Tax Refund Solutions segment for the first quarter ended March 31. Income fell to $61.9 million because of a decline in volume for RALs and electronic refund checks and electronic refund deposits. The company cited greater demand for on-line tax preparation services and increased competition for the decline.
With RALs, Gone Suits Threaten RACs
Refund Anticipation Loans died following the end of tax season. But the attack on bank products utilized by tax software companies and preparers has entered a new phase. A broad-based legal challenge has been mounted against refund anticipation checks while the suits also seek damages based on fees charged for RALs for several years. Last fall, class action suits were filed against the two leading tax preparation chains, H&R Block and Liberty Tax and this month the cases were consolidated before the federal court of the Northern District of Illinois.
F. Lee Bailey: Big Wins, Losses in Tax Case
Famed defense attorney F. Lee Bailey owes an unknown amount of delinquent tax and penalties under a tax court decision entered this month. The court found him negligent in his underpayments for tax years 1993 through 1995 and 1997 through 2000. However, Bailey, who represented himself, won a substantial victory when the court rejected the claim by the Internal Revenue Service that millions of dollars in stock he held in trust for a client were income.
Intuit Offers Ask an Expert for Tax Season
- Tuesday, 03 April 2012
- Tax
- Written by The Progressive Accountant
Intuit's Accounting Professional Division is hosting an Ask the Expert series on its Lacerte and ProSeries Live Community web pages through April 13. The series is available Monday through Friday from 10am through 2pm Central Time. The service provides answers to product and general tax questions for users of the two professional tax preparation packages.
IRS Seeks Committee Members
- Friday, 30 March 2012
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service has opened up nominations memberships for the Information Reporting Program Advisory Committee. IRPAC is a federal advisory group that provides recommendations to the IRS on information reporting issues and presents an annual report to the IRS Commissioner each fall.
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