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
Feds Conduct ID Theft Sweep
- Wednesday, 01 February 2012
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service and the Justice Department has conducted a nationwide sweep to arrest perpetrators of tax refund fraud and identity theft. The agencies said they had targeted 105 people in 23 states and filed 939 criminal charges as part of 69 indictments.
Alabama Preparer Shut Down
- Friday, 27 January 2012
- Tax
- Written by The Progressive Accountant
A federal court has permanently barred Lakeisha Pearson of Birmingham, Ala., from preparing federal tax returns for others. Pearson operated under the names, LGS Tax Service, PositiveEndeavors and AGA Tax Service. Pearson was ordered to provide a copy of the injunction that bars her work to each person for whom she has prepared a federal tax return since Jan. 1, 2008.
Read more...Tax Season Pushes Portal Use
While the average professional tax preparer is not using a cloud-based system this season, the Internet is still having a major impact on tax preparation. And that is because web-based tools, particularly portals, are pushing much of the rest of the process online.
Modernized EFile Shut Down
- Wednesday, 18 January 2012
- Tax
- Written by The Progressive Accountant
The Internal Revenue System shut down the Modernized EFile system yesterday, January 17, on the first day of efiling. The official reason was that the IRS needed to tune the system. It was supposed to be back in operation today, but that had not happened as of this morning, according to a post on a Drake Software blog.
Read more...Thomson Moves Into Canadian Tax Market
- Thursday, 12 January 2012
- Tax
- Written by The Progressive Accountant
The Tax & Accounting business of Thomson Reuters has acquired Dr Tax, a Canadian company that makes income tax preparation software for accounting firms and consumers. Terms were not disclosed. Thomson says the Canadian company markets DT Max, a line of tax compliance software that is used by more than 3,000 Canadian firms. It also has the UFile and Impôt Expert consumer tax line sthat are sold through retail outlets.
Consumer Lending to Fund Refund Loans?
For anyone who applauds the end of Refund Anticipation Loans, which appear likely to die after tax season, there's a new phenomena developing. At least two organizations have begun using consumer lending to fund tax loan products. TaxWorks and Liberty Tax have begun utilize lenders that are subject to state regulation, not federal banking rules, in order to meet the demand for bank products.
Read more...
IRS Expands Innocent Spouse Relief
- Monday, 09 January 2012
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service has released new proposed guidelines that would more people eligible to request relief from income tax liability as innocent spouses. The new revenue procedure would revise threshold requirements and factors used by the IRS to evaluate such requests.
Read more...
Intuit Readies Mobile App for Tax Online
- Friday, 06 January 2012
- Tax
- Written by The Progressive Accountant
Intuit is getting ready to release a mobile application that will enable iPhone users to utilize information from its Tax Online (formerly known as Proline Tax Online). The company's website says more information will be available mid-month.
Read more...
IRS Names New Council Members
- Wednesday, 28 December 2011
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service has appointed seven new members to the Internal Revenue Service Advisory Council. The group, which has 17 returning members next year, provides a forum for IRS officials and representatives of the public to discuss key tax administration issues.
Preparers Must File Due Diligence Checklist
- Wednesday, 21 December 2011
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service has issued final regulations that require paid tax return preparers to file a due diligence checklist next year. Starting January 1, they must file Form 8867, with any federal return claiming the Earned Income Tax Credit, which is currently required to be completed and retained in a preparer's records, subject to IRS review.
Most Read
-
-
Mar 05 2026
-
Written by The Progressive Accountant
Learn about the latest trends in accounting technology, including automation,…
-
-
-
Jan 04 2026
-
Written by The Progressive Accountant
Emergent trends in tax compliance and preparation reveal the increasing…
-
-
-
Mar 05 2026
-
Written by The Progressive Accountant
Explore how accounting firms are leveraging hybrid work models to…
-
-
-
Jan 04 2026
-
Written by The Progressive Accountant
Explore how recent regulatory changes in the U.S. auditing landscape…
-