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
Block Returns Rise 2.5 Percent
H&R Block reported this week that the number of returns it had prepared through February 15 had risen by 2.5 percent with retail returns rising only a half a percent over the same period in 2011, Meanwhile, market's strong trend towards online preparation continued. Online returns rose by 28 percent while all digitally prepared returns, including those prepared via H&R Block's tax software, rose by 7.3 percent.
Liberty Tax Returns Rise 14.2 percent
- Tuesday, 22 February 2011
- Tax
- Written by The Progressive Accountant
VIRGINIA BEACH, VA. - The tax season has had its share of challenges so far, but Liberty Tax Service says the number of returns filed through February 15 with its stores is up 14.2 percent and revenue is up 15.1 percent over the same period a year earlier. Same store sales were up 7.4 percent. Same store sales are for those units that were open more than a year.
Offshore Tax Cheats Get Break
WASHINGTON -- The Internal Revenue Service is giving those who hide money offshore until August 31 to get current with their taxes under a special initiative. This is the second voluntary disclosure program aimed that those who have undisclosed income although the penalties are not as low as in the first program which closed on Oct. 15, 2009 and drew 15,000 participants.
IRS Fills Advisory Council Seats
- Tuesday, 25 January 2011
- Tax
- Written by The Progressive Accountant
WASHINGTON - The Internal Revenue Service has named 10 new members of the Internal Revenue Service Advisory Council, which provides a public forum for IRS officials and the public to discuss key tax administration issues. It also made last year's vice chairman, Charles P. Rettig, J.D. L.L.M. of Beverly Hills, Calif., as chairman for 2011. Rettig is a partner with Hochman, Salkin, Rettig, Toscher & Perez,
IRS Airing Tax Show on Telemundo TV
The Internal Revenue Service is participating in a tax broadcast for Spanish-speaking taxpayers on the Telemundo television network on Sunday, January 30. The one-hour program, "Los Impuestos y Usted" will address a number of tax issues including qualification for the Earned Income Tax Credit.
IRS Moves 1040 Deadline for 2011
WASHINGTON - The Internal Revenue Service has opened the tax filing season with the announcement that the filing deadline for individual returns has been extended to Monday, April 18. That's because The District of Columbia is celebrating Emancipation Day on Friday, April 15, giving taxpayers around the country the extra days.
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Tax Chain CEOs: RAL Actions Hurt Taxpayers
- Monday, 03 January 2011
- Tax
- Written by The Progressive Accountant
The CEOs of the three leading tax preparation chains, H&R Block, Jackson Hewitt Tax Services and Liberty Tax, have written that the Internal Revenue Service's actions on Refund Anticipation Loans will end up costing taxpayers more money. The statement was made in a blog on CNBC and was signed by Alan Bennett, Harry Buckley and John Hewitt, CEOs of the respective companies.
Jackson Hewitt Boosting Walmart Presence
- Friday, 31 December 2010
- Tax
- Written by The Progressive Accountant
Jackson Hewitt Tax Service, which suddenly has a leg up on rival H&R Block, said it will operate in more than 2,000 stores during the 2011 tax season.
Jackson Hewitt Intros Consumer Portal
Tax services chain Jackson Hewitt has introduced MyTaxManager that offers many of the 
features professional tax publishers have been bringing to paid preparers, although key features aren't yet operational. That includes the ability to scan and upload tax documents and status tracking for returns. And although the company didn't use the term, it is also offering what is essentially a tax organizer that enables taxpayers to submit basic information prior to conferences with their preparers.
AICPA Launches Taxpayer Web Site
The American Institute of CPAs has launched www.360Taxes.org, a public service website that is designed to help taxpayers better understand the federal tax system. The site was developed to provide free, plain-English answers to the most common tax questions and is an extension of the AICPA's 360 Degrees of Financial Literacy program.
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