The Progressive Accountant - Tax (1550)

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Tax 1537

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

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Drake to Expand Call Center

Drake Software plans to construct a 10,000 sq. ft. call center that the company expects to open in January. The new facility, to be located in Haynesville, N.C., will house 50 new representatives.

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Former D.C. CPA Guilty of Tax Fraud

DOJA former Washington D.C.-area CPA has pleaded guilty to tax fraud in preparing fax returns while also failing to file income tax returns for himself or his businesses despite earning millions in revenue. John T. Hoang of Woodbridge, Va., faces a maximum of six years in prison and a $500,000 fine following the plea to willfully aiding and assisting in the preparation of false income tax returns for tax year 2004.

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Late Tax Season Hikes Blucora Results

William Ruckelshaus, BlucoraThe delay in the tax season contributed to a 19-percent rise in revenue for the tax preparation business of Blucora, which owns the TaxAct line, for the second quarter ended June 30. The segment's operating profit rose to $14.4 million, a 20.8-percent increase from just under $12 million a year ago.

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SEC Questions Delay Liberty Results

Liberty taxQuestions about franchise fee revenue recognition has caused JTH Holding, the parent of Liberty Tax Service, to delay the release of financial results for the year ended April 30. The company reported it has been in discussion with the staff and the SEC's Division of Corporation Finance about results for fiscal 2012 and the quarter ended January 31 this year.

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South Carolina Preparer Banned

dojA Charleston, S.C.-based tax preparer has been barred from preparing tax returns for others after he was accused of creating false copies of Form 1099 for customers. The action was taken against Stacy Middleton, who is also accused of creating fake income to enable clients to claim the Earned Income Tax Credit.

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Louisiana Preparer Gets 11 Years

JusticeBaton Rouge, La., resident Angela Myers has been sentenced to 11 years in federal prison for wire fraud, making false claims, subscribing to false tax returns and aggravated identity theft. Myers, who operated Angie’s Tax Service, was found guilty of running an ID theft scheme with many of the victims nursing home patients.

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Mobile: Where Tax Research Roams

In the last few years, the question about tax research has been as much about where the work gets done and what is available via research. That question is about to what degree tax professionals are interested in conducting research via mobile devices.

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Indiana Preparer Draws DOJ Action

dojThe Department of Justice is seeking to bar an Indiana woman from preparing federal tax returns for others. The department is accusing Cynthia Hawk, who operates Gain Tax Service, of creating phony business and fake business income to get clients maximum credits under the earned income tax credit.

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Alabama Woman Pleads in Refund Scam

DOJAlabama woman who was part of an identity theft scheme has pleaded guilty to one count of conspiracy to defraud the United States. Scottie Alice Johnson of Montgomery County, Ala., was accused of being part of a family ring that used stolen IDs to obtain more than $1.7 million in tax refunds.

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ETAAC: Catching Crooked Preparers Crucial

IRS logoThe most effective way to prevent tax returns is to identify crooked preparers. That statement was part of the report to Congress this week by the Electronic Tax Administration Advisory Committee. The report notes the number of fraudulent tax refunds identified and stopped in 2012 was almost seven times what it was 10 years earlier.

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