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
ITIN Renewals Open
- Thursday, 06 October 2016
- Tax
- Written by The Progressive Accountant
Renewals under the Individual Taxpayer Identification Number program are now being accepted by Internal Revenue Service. The IRS notes that under a 2015 law, any ITIN not used at least once in the last three years will not be valid on tax return after this year ends. The IRS also says it is providing a wider effort to educate those needing this form of identification.
Read more...Former Revenue Officer Pleads to Tax Evasion
- Wednesday, 05 October 2016
- Tax
- Written by The Progressive Accountant
A former revenue officer of the Internal Revenue Service and tax preparer has pleaded guilty to one count of tax evasion and one count of corruptly endeavoring to impede the due administration of the internal revenue. Greensboro, N.C. resident, Henti Lucian Baird, age 60, admitted he filed returns but had not paid self-assessed taxes since at least 1998 while operating his own business.
IRS Names Private Tax Collectors
- Monday, 03 October 2016
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service has selected four collectors to implement the private collection of federal taxes next spring. The program is designed to handle accounts that the IRS is not actively working for a variety of reasons, including the fact they are older or because of because of a lack agency resources.
IRS Tests Streamlining Installment Requests
- Tuesday, 27 September 2016
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service is testing expanded criteria for speeding processing of requests for installment agreements. The test is scheduled to run through Sept. 30, 2017 and will provide more taxpayers the ability to qualify for streamlined processing of requests and the changes could be made permanent based on results.
Read more...IRS Toughens e-Services Accounts
- Thursday, 22 September 2016
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service is strengthening defenses for e-services accounts next month. The IRS has a target date of October 24 for instituting a stronger identity verification process for existing and new e-services users with users needing to revalidate identities to maintain access to accounts.
Read more...ProSystem for Small Firms Launched
- Tuesday, 20 September 2016
- Tax
- Written by The Progressive Accountant
Wolters Kluwer Tax and Accounting has introduced CCH ProSystem fx for Small Firms. The company describes the product as a bundle of ProSystem modules for small firms who prepare simple and complex tax returns and offer year-round services. The introduction gives it three tax preparation applications that address the small firm market.
E&Y to Pay $9.3M in SEC Case
- Monday, 19 September 2016
- Tax
- Written by The Progressive Accountant
E&Y has agreed to pay $9.3 million in monetary sanctions in a case in which the two formers audit partners maintained improperly close relationships with individuals at client companies. One had a close friendship with the CFO of a firm he was auditing and another partner on an engagement team for the audit of another company was romantically involved with the business' chief accounting officer.
Read more...NOLA Preparer Gets 36-Month Sentence
- Tuesday, 20 September 2016
- Tax
- Written by The Progressive Accountant
A former tax preparer in New Orleans, LA., has been sentenced to 36 months in prison for stealing refunds intended for others. The former preparer, Donald Stewart, 60, had previously pleaded guilty to one count of theft of public funds and one count of aggravated identity theft involved in his receiving $539,393 in federal income tax refunds intended for others.
Read more...Xero Readies New Partner Program
- Wednesday, 14 September 2016
- Tax
- Written by The Progressive Accountant
Xero will roll out a new global Partner Program in November along with Xero HQ, which the web-based software company calls an open practice platform. The changes accompany the new Xero certification process and the ability to earn points by adding clients, which will give them the opportunity to grow more quickly.
Read more...Block Accounting Firm Program Ends
- Wednesday, 14 September 2016
- Tax
- Written by The Progressive Accountant
A program from H&R Block designed to provide buy accounting firms or enable them to become franchise operations has ended. And last month, Jennifer Katrulya, whose organization was an important part of the program, left Block.
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