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
Updated TaxAct Features Outlined
- Sunday, 30 December 2018
- Tax
- Written by The Progressive Accountant
Enhanced side-by-side form views have been added to TaxAct Professional. In outlining changes to 2018 software, the company said recently users will be able to compare all forms from the current and prior years side by side.
IRS Halting Transcript Faxing
- Thursday, 20 December 2018
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service will stop its tax transcript faxing service as of February 4. The decision applies to business tax and individual tax transcripts. The IRS said it is another step in protecting data, which started with the IRS’ masking personally identifiable information on the transcription starting last September.
CPA Gets Term in Client Fraud
- Tuesday, 18 December 2018
- Tax
- Written by The Progressive Accountant
A California CPA has been sentenced to eight months in prison for helping client avoid $4.7 million in taxes. Marc Howard Berger, 68, of Walnut Creek, Calif., drew the sentence for aiding and assisting in the filing of false tax returns.
Intuit Releases Tax Reform Calculator
- Tuesday, 18 December 2018
- Tax
- Written by The Progressive Accountant
IRS Provides Guidance on Parking Expenses
- Tuesday, 11 December 2018
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service has issued interim guidance transportation fringe benefit expenses paid or incurred after Dec. 31, 2017. The rues assist taxpayers in determining which parking expenses are no longer tax deductible also aid tax-exempt organizations in determine how nondeductible parking expenses create or increase unrelated business taxable income.
Liberty Catches Up on SEC Filings
Liberty Tax has issued its Form 10-Q for the second half ended October 31, becoming current on its filing obligations for the first time since last year. The company lost $12.9 million in the most recently ended period, compared to a loss of $13.1 million a year ago.
N.J. Preparer Draws 32-Month Sentence
A 56-old tax preparer based in Port Murray, N.J., will serve a 32-month prison sentence and pay almost $500,000 in restitution to the Internal Revenue Service and his victims. He used phony deductions and expenses to inflate refunds, but also stole money from clients.
IRS Opens Instagram Account
The Internal Revenue Service has launched IRS News, an Instagram account. The account is designed to provide taxpayers with current information on a large variety of topics including tax law changes.
Intuit Kicks off TurboTax Live
Intuit has officially introduced TurboTax Live, which enables taxpayers to seek advice from tax professionals from within the tax preparation application. Although the company termed this a launch, Intuit hired 2,000 CPAs, Enrolled Agents and tax attorneys to offer services during the second part of the 2018 tax season.
Liberty Tax Receives Takeover Bid
Liberty Tax, whose ownership changed hands during the summer, has received a bid for all outstanding share at $13 per share. That is about $182 million based on shares reported outstanding in the company’s most recent Form 10-K.
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