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
IRS Offers Tool For Account Info
- Thursday, 01 December 2016
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service has launched an online application to assist taxpayers with balance inquiries. Available on IRS.gov, the tool enables them to view account balances, will include amounts they owe for tax, penalties and interest.
Preparer Draws 48 Months in ID Theft
- Wednesday, 30 November 2016
- Tax
- Written by The Progressive Accountant
A tax preparer based in Stillwell, Kan., has been sentenced to 48 months in prison for using stolen client identities to obtain income tax refunds. Richard Drake was convicted of using the IDs to receive more than $2 million in refunds in clients' names, which he deposited into his own accounts.
AICPA Committee Calls for Repeal of AMT
- Friday, 25 November 2016
- Tax
- Written by The Progressive Accountant
The Alternative Minimum Tax should be repealed for simplicity and transparency, the American Institute of CPAs' Tax Executive Committee said recently. That provision was one of several the committee made for the next Congress in order to reform tax policy.
Former Franchisor Socked with $5M Judgment
- Thursday, 17 November 2016
- Tax
- Written by The Progressive Accountant
A federal court has barred Walner Gachette, the franchisor for the former LBS Tax Services chain, from preparing tax returns for others. A $5-million judgment was also entered against the man who ran the nation's fourth-largest tax store chain until it was shut down by federal action for pervasive fraud and charging some customers $999 for preparing an individual tax return.
Lacerte to Have Dual Monitor Support
Intuit is giving its Lacerte tax software native support for dual monitors. Although many accountants have three and four monitors, the professional tax package had not had native support for dual monitors but will have that capability in its 2016 software.
Intuit Heightens Tax Software Security
- Wednesday, 09 November 2016
- Tax
- Written by The Progressive Accountant
Intuit has added a number of measures to provide great security for preparers using Lacerte, ProSeries and ProConnect Tax Online. The announcement follows a recent meeting of the IRS Security Summit, which has developed industry requirements for authentication for online and desktop professional tax products.
IRS Warns of New Scam of Tax Pros
- Monday, 07 November 2016
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service has warned tax professionals of a new scam aimed at them. The agency says professionals who use e-services are receiving emails asking them to update their accounts and directing them to a fake website.
IRS Spells Out New Security Measures
Thirty-seven new data elements will be added to the transmission of tax returns during the 2017 filing season, one of the steps being taken to increase return security. That is among the major initiatives being implemented as a result of the Security Summit in which the IRS, states and vendors agree to measures to combat fraud.
N.Y. Attorney Guilty in Tax Prep Fraud
- Thursday, 03 November 2016
- Tax
- Written by The Progressive Accountant
An attorney who operated a tax preparation business in the Bronx, N.Y., has pleaded guilty to charges he prepared returns that claimed more than $6 million in bogus deductions. William Doonan, 69, pleaded guilty to one count of aiding and assisting in the preparation of a false tax return.
South Carolina Liberty Franchisee Shuttered
- Thursday, 27 October 2016
- Tax
- Written by The Progressive Accountant
A federal court has ordered the owner of a Liberty Tax Service franchise in Columbia, S.C., to stop preparing federal tax returns for others. Christopher Paul Haynes, who operated three Liberty stores in the Columbia area, and was accused of filing bogus claims for the Earned Income Tax Credit and also engaging in fee gouging and using phony Preparer Tax Identification Numbers.
Most Read
-
-
Mar 05 2026
-
Written by The Progressive Accountant
Learn about the latest trends in accounting technology, including automation,…
-
-
-
Jan 04 2026
-
Written by The Progressive Accountant
Emergent trends in tax compliance and preparation reveal the increasing…
-
-
-
Mar 05 2026
-
Written by The Progressive Accountant
Explore how accounting firms are leveraging hybrid work models to…
-
-
-
Jan 04 2026
-
Written by The Progressive Accountant
Explore how recent regulatory changes in the U.S. auditing landscape…
-