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
New Tax Software Scam Circulating
- Monday, 20 February 2017
- Tax
- Written by The Progressive Accountant
Scammers are impersonating software providers in the latest scam aimed at procuring information from tax professionals. The Internal Revenue Service and state agencies are warning of an email that claims preparer software accounts have been suspended.
Blucora 2016 Results Reflects Changed Company
Blucora, which owns H.D. Vest and TaxAct, reported a $65.2 million loss for the year ended December 31, up from a loss of $38.9 million in 2015. But that loss reflected the company's transformation in selling off its Infospace and Monoprice businesses and a full year of its ownership of H.D. Vest.
Tax Filings Still Down But Improved
- Thursday, 16 February 2017
- Tax
- Written by The Progressive Accountant
Tax return filing continues to lag the 2016 season. But the total number of returns for the period through February 12 narrowed from the gap for the two earlier periods reported by the Internal Revenue Service. The number of returns received for the recent period were down 17.2 percent over the period ended Feb. 10, 2016.
Former ITS Franchisee Sentenced
- Monday, 13 February 2017
- Tax
- Written by The Progressive Accountant
Semere Tsehaye, who owned at last 20 Instant Tax Service stores in three states, has been sentenced to 27 months in prison. Tsehaye, age 39, was convicted on two counts of tax evasion in October for understating income from two tax businesses that operated his ITS locations.
Tax Returns Slide in First Weeks
- Wednesday, 08 February 2017
- Tax
- Written by The Progressive Accountant
Tax season slumped in its initial period as the total number returns filed for the week ended February 3 plunged by 24.3 percent compared to the week ended February 5 a year ago. Numbers dropped for self-prepared returns by 20.8 percent received but were down 29.2 percent for those filed by tax professionals.
TurboTax Hispanic Campaign Starts
- Tuesday, 07 February 2017
- Tax
- Written by The Progressive Accountant
Intuit has launched a marketing campaign for the Latino community. Under the Spanish title, "Relájate, Tienes TurboTax," (Relax, There's TurboTax) has Spanish language television spots featuring actress Karla Souza and retired baseball player David Ortiz to demonstrate the features and capabilities of the company's tax preparation software.
IRS: Email Phishing Spreads
- Tuesday, 07 February 2017
- Tax
- Written by The Progressive Accountant
Taxing authorities says that a scam aimed at obtaining employee W-2s emails from the corporate world has spread to other sector,s including school districts, tribal organizations and nonprofits. The email-based phishing is also being combined with an older wire transfer scheme.
Preparer Receives 150-Month Term
- Monday, 06 February 2017
- Tax
- Written by The Progressive Accountant
An Atlanta, Ga.-based tax preparer has been sentenced to 150 months in prison for filing fraudulent returns that claimed more than $20 million in refunds. Cheryl Singleton, age 29, who owned and operated Advanced Tax Services, used a variety of tools to increase client refunds, along with stealing identities.
Free Filers Can Use Mobile Devices
- Friday, 03 February 2017
- Tax
- Written by The Progressive Accountant
Taxpayers who utilize the Internal Revenue Service's Free File program can now use smart phones and tables to prepare and file federal and state tax returns. The IRS and companies which offer use of their software for free have implemented a design that supports desktops, laptops, mobile phones and tablets.
Practice Aids Move into Deskbooks
- Saturday, 28 January 2017
- Tax
- Written by The Progressive Accountant
Thomson Reuters is making its Interactive Practice aids are being incorporated into Checkpoint PPC Tax Deskbooks. Practice Aids can be accessed from inside Checkpoint and saved to a Checkpoint folder. They can also be exported.
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