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
IRS Picks Issues for Resolution Program
- Monday, 05 April 2010
- Tax
- Written by The Progressive Accountant
WASHINGTON —Taxation issues in the telecommunications and retail industries, which affect nearly all taxpayers in those markets, have been chosen by the Internal Revenue Service and the Treasury Department for the development of guidance under the IRS’s Industry Issue Resolution program. Read more...
Fees Possible for New Tax Preparer ID
Proposed requirements for professional tax preparers hold out the possibility that professionals might be required to pay for applying for and obtaining identification numbers, the PTINs that are a key part of new regulations proposed by the Internal Revenue Service. The IRS estimates that the requirements would affect as many as 1.2 million tax preparers, with about 70 to 80 percent of these employed in businesses that earn less than $8.5 million each annually
Read more...
RAL Providers Face Mystery Shoppers and Audits
The Refund Anticipation Loan business isn't going away but it will become lot tougher on tax preparers as banks implement policy standards set by the Office of the Comptroller of the Currency that will guide their relationships with preparers. Preparers will be subject to back ground checks, monitoring of their practices and also face the development of a mystery shopper program at preparer locations that the regulators see as necessary to ensure fair fees and practices. The agency also called for training via an annual certification process.
The IRS Asks for Trouble; Some Kinds Anyway
- Wednesday, 17 March 2010
- Tax
- Written by The Progressive Accountant
WASHINGTON — The Internal Revenue Service wants trouble, at least in the sense that it wants tax issues such as controversies, disputes or unnecessary burdens on business taxpayers submitted to Industry Issue Resolution. Submission received by March 31 will be considered for acceptance. Those accepted will be placed on the Treasury/IRS Priority Guidance List. Read more...
IRS Issues Guidance on Chilean Earthquake
- Tuesday, 09 March 2010
- Tax
- Written by Kurt Martin
WASHINGTON, D.C. The Internal Revenue Service has designated the earthquake that occurred in Chile last month as a qualified disaster for federal tax purposes. The guidance enables those dividuals who receive qualified disaster relief payments from any person to exclude those payments from income on their tax returns. It also permits employer-sponsored private foundations to assist employee-victims in affected areas without altering their tax-exempt status.
Read more...
Ten Tax Season Tips for Preparers from CCH
- Monday, 22 February 2010
- Tax
- Written by The Progressive Accountant
With accountants ready to enter the busiest part of busy season, it's always good to check your oil and air, so to speak, to make sure the vehicle is ready to run the distance. Some of these involve technology and disaster planning, other process and people issues that can make the tax preparation process a lot less painful.
Debt Cancellation Rules Crucial This Year
- Tuesday, 16 February 2010
- Tax
- Written by Bill Massey
As tax season heats up, practitioners may discover that more clients have debt cancellation income than in past filing seasons. That is understandable. When the recession got into high gear in early 2009, many credit card lenders realized that some consumers were so overextended that they would never be able to pay the full amount of their debts. As a result, some lenders decided to take whatever they could get from these distressed borrowers and forgive the rest. In addition, as real estate prices soured, more and more lenders foreclosed on home loans or allowed borrowers to engage in short sales. All this has translated to more clients with debt cancellation income, which is taxable unless an exception or exclusion applies. Read more...
IRS Suspends Houston CPA for Preparing False Returns
WASHINGTON - A CPA based in Houston has been suspended from practice before the Internal Revenue Service for 12 months for providing false or misleading information in connection with the preparation of client tax returns. The Office of Professional Responsibility took the action against CPA Robert A. Loeser who it said assisted clients in claiming false business expenses on tax returns he prepared. Read more...
IRS Seeks ETAAC Members
- Friday, 05 February 2010
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service is accepting applications to fill vacancies on the Electronic Tax Administration Advisory Committee, which provides feedback on the policies, programs and procedures of electronic tax administration. Resumes should be submitted and applications submitted by March 15. Members cannot be federally registered lobbyists. Read more...
Intuit Extends Intro Pricing for Online Pro Tax App
- Tuesday, 02 February 2010
- Tax
- Written by The Progressive Accountant
Intuit has extended an introductory price for its first Internet-based professional tax preparation program through tax season. The company said the $9.95 per return price for ProLine Tax Online is being extended because of what it called an “overwhelmingly positive response.” Full pricing is $19.95 per return.
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- Verizon Wireless
- Fuze Meeting
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- Verizon Communications
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- 3GPP Long Term Evolution
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- 1040
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