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
Court Shuts Down N.J. Preparer
- Tuesday, 18 October 2011
- Tax
- Written by The Progressive Accountant
A federal court has permanently barred Luvander Hollaway of Newark, N.J. from preparing federal tax returns for others. Hollaway was acccused of falsifiying reported income and listing fake dependents so his customers could claim the maximum earned income tax credit. Hollaway consented to a civil injunction order.
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U.S. Seeks to Halt Floridian's Tax Scheme
- Thursday, 13 October 2011
- Tax
- Written by The Progressive Accountant
The United States has sued Judy Grace Sellers, a tax preparer based in Chipley, Fla., to bar her from promoting fraudulent tax refund claims. Her customers have filed for $6 billion in refunds based on the "Secured Party Creditor" agreement, which the Internal Revenue Service says is part of a frivolous tax return argument.
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IRS Names Advisory Committee Members
- Thursday, 13 October 2011
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service has named five new members to the Electronic Tax Administration Advisory Committee, including representatives from the nation's two largest tax preparation chains. And one of them, Mark Steber of Jackson Hewitt Tax Service, has been elected as ETAAC chairman for 2011-2012 by committee members.
AICPA Opposes Proposed IRS Fees
- Friday, 07 October 2011
- Tax
- Written by The Progressive Accountant
The American Institute of CPAs says fees proposed for individuals required to take competency exams would burden small and medium-sized firms. In testimony before the Internal Revenue Service this week, the AICPA was also concerned about the proposed fingerprinting of supervised non-signing, non-licensed staff.
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IRS Proposes Filing of EITC Check List
- Thursday, 06 October 2011
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service has proposed regulations that would require paid tax return preparers to file a due-diligence checklist with any federal return claiming the Earned Income Tax Credit. The IRS wants preparers to file Form 8867, the same form preparers are required to retain in their records, starting next year.
TaxWorks to Offer Cash Advance Loans
- Monday, 03 October 2011
- Tax
- Written by The Progressive Accountant
RedGear Technologies, which markets the TaxWorks and 1040Works tax packages, is starting a program to provide cash advance loans to customers who expect federal income tax refunds. The Tax Season Cash Advance is being provided by the Schear Lending Group and Atlas Financial Services.
Block Drops ExpressTax
- Thursday, 29 September 2011
- Tax
- Written by The Progressive Accountant
H&R Block says it is halting its ExpressTax brand, a service that helped people who filed their taxes early and wanted refunds quickly. The company said it would ask many of the franchisees who operate 269 ExpressTax offices to join its main tax store channel.
IRS Sets PTIN Rules
- Thursday, 22 September 2011
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service says individuals must renew preparer tax identification numbers on a calendar-year basis, part of a number of issues addressed by the agency as it sets the rules for the regulation of professional preparers. The IRS set fees for PTIN applications and spelled out the forms that must be used while stating that an education requirement will go into effect next year. It is also requiring fingerprinting of those who have provisional PTINs.
The IRS, QuickBooks Files and Audits
- Tuesday, 20 September 2011
- Tax
- Written by Jim Buttonow
Most small businesses in the United States have entered the electronic age-especially when it comes to using QuickBooks, Peachtree and other accounting software. No one is more aware of this trend than the Internal Revenue Service and its auditors.
Read more...Intuit Offers Free Online Extension Filing
- Monday, 19 September 2011
- Tax
- Written by The Progressive Accountant
Intuit is offering free use of its Tax Online tax preparation system from the filing of extensions through October 16. The company says the offer is good for new and existing customers. Intuit also says that it it plans to add states and 1041 forms for the 2011 version of the product, along with providing improved application performance.
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