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
TurboTax Live Draws Assisted Customers
Intuit’s new TurboTax Live is drawing customers who have used assisted tax return preparation. During this week’s third-quarter earnings webcast, CEO Brad Smith said Live is drawing those customers at a higher rate than TurboTax Online had previously.
TaxAct Revs Up, Users Down
Customer and efiling counts were down for TaxAct for the first quarter ended March 31. But the parent company, Blucora, said revenue was up as the company sought out customers that produce higher levels of sales instead of those simply seeking free tax return filing
Another Liberty Tax CFO Resigns
Nicholas Bates, who has served as CFO of Liberty Tax Service since January, has resigned his position effective June 15. The tax services company, which has been in turmoil since its CEO John Hewitt was fired in September, the resignation will follow the anticipated delayed reporting of its quarter ended Oct. 31, 2017 and Jan. 31, 2018.
IRS Intros Exempt Organization Tool
- Monday, 07 May 2018
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service has introduced a new online tool for researching information about tax-exempt organizations. The tool, Tax Exempt Organization Search, replaces EO Select Check, which was introduced in 2012.
IRS: Filings Kept Rising
- Sunday, 06 May 2018
- Tax
- Written by The Progressive Accountant
The number tax returns filed continued to rise as tax season ended. For the season through April 27, the Internal Revenue Service received 139,903,000 returns, an increase of 1.7 percent 137,496,000 for the period ended April 28, 2017. That was a noticeable acceleration for the period ended April 20, when the number of returns received were .9 percent over the corresponding period in 20
Liberty’s Hewitt Makes Other Plans
Liberty Tax founder John Hewitt, fired as CEO in September, has begun a new business venture, Loyalty Brands. Hewitt hosted a Loyalty Brands Discovery Day on April 26 in Virginia Beach, Va., with the evite for the event providing little information about the new line of business.
Thomson Requires Multi-Factor Authentication
- Tuesday, 01 May 2018
- Tax
- Written by The Progressive Accountant
Thomson Reuters has begun requiring multi-factor authentication for efiling tax returns. The company recommended the security measure during tax season but as of May 1 is requiring the technique.
IRS Offers Health Care Relief
- Monday, 30 April 2018
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service is offering relief to small employers that wish to claim the Small Business Health Care Tax Credit. The guidance for 2017 and later years applies to those who first claim the credit for 2016 or later years through a Shop Marketplace but do not have marketplace plans available to employees.
Read more...Tax Filings Surge in Last Week
The number of returns filed in the last week pushed tax season to where observers thought it would end. Statistics from the Internal Revenue Service for the season ended April 20 showed the number of returns filed were up .9 percent over last year through April 21, 2017. Many expected results would be up by no amore than 1 percent.
TurboTax Units Rise 4 Percent
- Thursday, 26 April 2018
- Tax
- Written by The Progressive Accountant
Intuit ended tax season with TurboTax unit sales 4 percent higher than in the 2017. A 5-percent decline in desktop sales partially offset a 6-percent rise in online subscriptions, the company said this week.
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