Tax (1588)
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: Withholding Guidance This Month
- Tuesday, 26 December 2017
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service is working to develop withholding guidance for the tax reform bill. It anticipates issuing initial guidance next month with employers and payroll providers encouraged to implement them in February.
Thomson Releases Tax Reform Articles
- Wednesday, 20 December 2017
- Tax
- Written by The Progressive Accountant
Thomson Reuters has released a series of articles covering important issues in the final version of the "Tax Cuts & Jobs Act". These Thomson Reuters Federal Tax Updates cover more than 100 provisions.
Xero Debuts Self-Employed Software
- Tuesday, 19 December 2017
- Tax
- Written by The Progressive Accountant
Xero has launched Xero +C for self-employed users. The release comes as products target to the self-employed have an important segment of the business software market. Rival Intuit has seen rapid growth for its QuickBooks Self-Employed.
Two Liberty Board Members Resign
- Monday, 18 December 2017
- Tax
- Written by The Progressive Accountant
The board of directors of Liberty Tax continues to churn following the board's September 5 firing of CEO and founder John Hewitt. On December 15, Steven Ibbotson, chair of the compensation committee submitted his resignation.
Liberty Tax Names CFO
- Monday, 18 December 2017
- Tax
- Written by The Progressive Accountant
Liberty Tax, troubled by the firing of its CEO and resulting turmoil, has promoted 37-year-old Nicholas Bates to the position of CFO. He replaces Kathleen Donovan, who resigned in November despite being given a retention bonus after the company terminated CEO and founder John Hewitt in September.
KPMG Quits as Liberty Tax Auditor
Liberty Tax appears to be a business in turmoil. The resignation of KMPG as auditor brought into focus issues that led to the September 5 firing of founder and CEO John Hewitt. Area news reports say Hewitt was dumped following an investigation of employee complaints—including the human resource director—the CEO was heard having sex in his office and favored employees he was involved with.
Get Transcript Online Reopens
- Sunday, 10 December 2017
- Tax
- Written by The Progressive Accountant
Taxpayers can once again create new accounts for Get Transcript Online. The Internal Revenue Service said recently it has resumed allowing the creation of new accounts and for other online tools protected by Secure Access authentication. Tools were expected to be available this week.
Liberty Delays Earnings Call
- Thursday, 07 December 2017
- Tax
- Written by The Progressive Accountant
Liberty Tax has delayed its scheduled earnings release and conference call for the second quarter ended October 30. The conference call had been scheduled for today.
TaxAct Allies with Taxaroo
- Tuesday, 05 December 2017
- Tax
- Written by The Progressive Accountant
TaxAct has entered an agreement for Taxaroo to provide practice management applications. Those applications include information collection, document storage, e-signature, and invoicing and payment.
Block, Intuit Roll Out Pro Assistance
H&R Block and Intuit have introduced programs to let tax software users receive help from professionals. In Block's case, the company says its Tax Pro Review is merely a new name for a decade-old program, formerly called the Best of Both Service.
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