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
N.J. Preparer Draws 37-Month Prison Term
- Tuesday, 10 January 2017
- Tax
- Written by The Progressive Accountant
A Toms River, N.J.-based tax preparer has been sentenced to 37 months in prison pocketing refunds she sought without her client's permission. Doreen Gentile has also been ordered to pay $1,863,013 in restitution. She also admitted failing to pay taxes for her business from 2006 through 2009.
IRS: Four of Five Returns to Be eFiled
- Friday, 06 January 2017
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service expects four out of five returns submitted during the tax season that kicks off on January 23 to be efiled. The agency also predicts a similar proportion of refunds issued through direct deposit.
California Preparer Pleads Guilty
- Monday, 02 January 2017
- Tax
- Written by The Progressive Accountant
An El Cajon, Calif.-based tax preparer has pleaded guilty to preparing returns that cheated the Internal Revenue Service of more than $1.2 million. Marla Cunningham, age 50, ower of Cunningham's Tax Service admitted to preparing bogus returns between 2008 and 2010.
TurboTax Self-Employed Introduced
- Thursday, 22 December 2016
- Tax
- Written by The Progressive Accountant
Continuing its efforts with self-employed individuals, Intuit has introduced TurboTax Self Employed. The new application integrates with QuickBooks Self-Employed which provides expense tracking.
Credit Karma Offers Tax Prep
- Tuesday, 20 December 2016
- Tax
- Written by The Progressive Accountant
Credit Karma, known for its credit score services, has launched Credit Karma Tax, an online tax preparation service. The company describes the service as providing always-free federal and state tax preparation and efiling.
Thomson Adds Research Credit Guidance
- Tuesday, 20 December 2016
- Tax
- Written by The Progressive Accountant
Guidance on the federal tax credit for increasing research and development) activities has been added to Thomson Reuters Checkpoint Catalyst. Made permanent by the 2015 PATH Act, the reinstated credit can now be used by businesses with revenue under $5 million in revenue to offset the alternative minimum tax.
TurboTax Online Open to Developers
- Thursday, 15 December 2016
- Tax
- Written by The Progressive Accountant
Intuit has established a platform to enable developers to write applications on top of TurboTax Online. It is the first time the software company has given developers access to its consumer tax preparation product in order to create other applications.
2017 Mileage Reimbursement Rates Drop
- Wednesday, 14 December 2016
- Tax
- Written by The Progressive Accountant
The mileage rates used to calculate deductible costs for operating automobiles for business, medical and moving purposes will drop next year. The Internal Revenue Service has issued the rates for those purposes and for miles driven in service of charitable organizations beginning January 1.
Block Seeks to Curb Loss of Clients
H&R Block is implementing changes throughout its operations in order to stem client closses. The tax services chain, which had a weak 2016 tax season, has reworked "all customer-facing parts of the business," according to CEO Bill Cobb.
Tenenz Offers Client Tax Videos
Tenenz, which offers online marketing tools and tax and accounting products, has launched a tax-theme client video service. Each TaxVid client video provides a one- to three-minute summary of a common tax topic, branded with the accounting firm's logo and contact information.
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