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
Jackson Hewitt Faces Possible Delisting
Jackson Hewitt Tax Service has been notified by the New York Stock Exchange that the company's common shares have fallen below the exchange's requirement that listed stocks have a minimum average share price of $1 per during a consecutive 30-day trading period. The company has until six months from receipt of the notice to meet the requirement or face possible delisting of its stock. It was the second such notice this year.
IRS Releases Healthcare Credit Form
- Tuesday, 07 September 2010
- Tax
- Written by The Progressive Accountant
WASHINGTON --The Internal Revenue Service has released a draft version of the form that small businesses and tax-exempt organizations will use to calculate the small business healthcare tax credit. The form will be used when income tax returns are filed in 2011. The IRS also announced how eligible tax-exempt organizations can claim the credit during next year's filing season.
NSA Opposes CPA Exemptions
- Tuesday, 07 September 2010
- Tax
- Written by The Progressive Accountant
ALEXANDRIA. Va.- The National Society of Accountants is opposing a possible exemption of CPA firm staff members from proposed Internal Revenue Service rules that would require Preparer Tax Identification Numbers for all professionals involved in preparing tax returns. In a prepared statement, NSA EVP John Ams said that the IRS proposals had been the result of work by organizations that produced what was felt to be a fair and equitable registration process.
Treasury to Pilot Refund Direct Deposit
- Thursday, 02 September 2010
- Tax
- Written by The Progressive Accountant
WASHINGTON - The U.S. Department of the Treasury is planning a pilot program of direct deposit of tax refunds for low- and moderate-income individuals. It would enable them to open new accounts that can be accessed via debit cards.
Read more...Jackson Hewitt Creates VP Post
- Thursday, 26 August 2010
- Tax
- Written by The Progressive Accountant
PARSIPPANY, N.J. - Jackson Hewitt Tax Services, which had a tough tax season this year, has named franchising veteran Philip H. Sanford as the EVP of strategy and performance measurement. He was given a one-year term with no automatic extensions of his position. Sanford, who is principal of a private equity firm, spent less than a year in his prior executive job.
Tax Vendors Focus on Data Entry
IRS Sets PTIN Fees
WASHINGTON - The Internal Revenue Service expects an online application system for paid tax preparers to receive Preparer Tax Identification Numbers will go live in the middle of next month. Under proposed regulations, these professionals must obtain or reapply for a PTIN and pay a user fee of $64.25 each.
Read more...IRS Prepares for End of Paper Coupons
WASHNGTON - The Internal Revenue Service has issued proposed regulations to eliminate rules for making federal tax deposits by paper coupon since that system is coming to an end after December 31. Deposits will then all be made through the Electronic Federal Tax Payment System via computer or telephone.
Thomson Reuters Buys TaxSimple
Thomson Reuters has acquired the assets of TaxSimple, one of the last independent tax software companies in the tax preparation market. But instead of folding the product line, Thomson is going to use the acquired business to address the small firm market and won't kill TaxSimple products. Terms of the acquisition and the number of TaxSimple customers were not disclosed.
Web-based Tax Company Debuting
- Monday, 16 August 2010
- Tax
- Written by The Progressive Accountant
ISSAQUAH, Wash. - YonderWorks, which is developing an Internet-based tax preparation application, is planning to test its program for tax year 2010 with the intention to have a complete program in the market the following year. The company has been exhibiting at the Internal Revenue Service Tax Forums this summer as it prepares its test.
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