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

Vertex’s 2008 Sales Tax Rate Report Reveals Escalating Rate of Change, New Record-High State Tax Average.

People in Government are promising change. When it comes to Sales Tax, change is happening. Last year I interviewed the folks at Vertex, Inc. and continue to be impressed with their system and services. Vertex just issued a report about change: in 2008, 554 US cities changed their sales tax rates, including new taxes and increases to existing rates. Read more at their web site. If Sales Tax is on your radar screen, make sure you vie the The Progressive Accountant’s webinar.

Read more...

Achieving Ultimate Efficiency with a Paperless Tax Workflow - Six Best Practices that Get You There

Scanned DocumentsStreamlining workflow is a constantly neglected to-do item for many CPA firms, especially as client demands increase and new regulations continue to come down the pike. With all that is involved, the complexity of the average firm’s tax workflow can seem overwhelming. Throw in the ongoing shortage of professional staff with the pressures of tax season deadlines and it’s easy to understand why firms continue to prepare returns using the“old ways” that have worked for them in the past. However, in the tax and accounting industry time is money, which is why accountants are always searching for ways to improve efficiency in their firms. These Six Best Practices are the key steps that will ease the transition to a paperless tax workflow. 

Read more...

SpeedTax Launches FREE Sales Tax Compliance Risk Calculator

SpeedTax, Inc. has launched an online CPA Questionnaire that allows accounting professionals to determine their clients’ sales tax audit risk.

The (free) questionnaire was designed to educate clients  while collecting information about zones of risk that accountants can use to determine corrective action. Read more...

IRS to TurboTax Users - 'Wait for a Paper Check!'

The IRS evidently had a bit of a programming snafu relative to those taxpayers electing to have their tax prep fees deducted from their refund -- as do many TurboTax users. Oops!! I'm hearing from practitioners all over the country that those impacted are hopping mad. It's an interesting "love-hate" relationship between Intuit and the IRS. They seem to work really hard to cooperate (they NEED each other), yet they seem to pretty regularly stub their collective toes.

The letter that Intuit sent out last week appears after the jump.

Read more...

Visit other PMG Sites:

Template Settings

Color

For each color, the params below will give default values
Tomato Green Blue Cyan Dark_Red Dark_Blue

Body

Background Color
Text Color

Header

Background Color

Footer

Select menu
Google Font
Body Font-size
Body Font-family
Direction
PMG360 is committed to protecting the privacy of the personal data we collect from our subscribers/agents/customers/exhibitors and sponsors. On May 25th, the European's GDPR policy will be enforced. Nothing is changing about your current settings or how your information is processed, however, we have made a few changes. We have updated our Privacy Policy and Cookie Policy to make it easier for you to understand what information we collect, how and why we collect it.