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
View items...Liberty Tax Hires COO
- Monday, 29 May 2017
- Tax
- Written by The Progressive Accountant
Liberty Tax has hired Edward L. Brunot as chief operating officer effective June 1. His appointment follows a tax season in which the number of returns dropped 16.4 percent from the 2016 season. Also during the last year, Liberty has continued to be hurt by fraud reported at some Baltimore, Md., store operators in 2016 which hampered the effort to recruit franchisees.
Ex-Cop Guilty Of Embezzlement, Tax Fraud
- Monday, 22 May 2017
- Tax
- Written by The Progressive Accountant
A former police sergeant has pleaded guilty to embezzling funds from the accounts of disabled veterans. Glenn P. Pearson, 61, who served on the police force in Whitman, Mass., also admitted to preparing phony returns for his tax preparation clients that cost the government more than $1.5 million.
N.C. Preparer Draws 11 Years in Fraud
- Saturday, 13 May 2017
- Tax
- Written by The Progressive Accountant
A North Carolina tax preparer has received an 11-year sentence for preparing fraudulent returns and training others to do that same. Herbert Lee Martin of Rockingham, N.C., must also serve three years of supervised release and pay $10,605,420 in restitution to the Internal Revenue Service.
Attorney Sentenced in Bogus Filings
- Tuesday, 09 May 2017
- Tax
- Written by The Progressive Accountant
A Bronx, N.Y.-based attorney has been sentenced to two years in prison for filing thousands of bogus tax returns. William Doonan was found to have claimed more than $6 million in bogus deductions for clients of his tax return business.
Price Hikes Move TaxAct Business
Blucora, the parent of TaxAct, saw a double-digit drop in efiles for the recently ended tax season. But the company still managed to grow its tax business revenue for the first quarter ended March 31, primarily through price increases. Blucora also had a 7-percent rise in quarterly wealth management revenue—the H.D. Vest business.
Thomson Tax & Accounting Revs Up 6%
- Tuesday, 09 May 2017
- Tax
- Written by The Progressive Accountant
Revenue for the Tax & Accounting business of Thomson Reuters reached $417 million for the first quarter ended March 31. That was an increase of 6 percent before currency from $389 million a year earlier with the Professional segment leading the way with 13-percent growth.
IRS Seeks Advisory Council Members
- Tuesday, 02 May 2017
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service is accepting nominations for the IRS Advisory Council. The council provides a forum for IRS officials and representatives of the public to discuss federal tax administration issues. Committee members submit report to the IRS commissioner each year.
Returns for 2017 Fall Short
The Internal Revenue Service and many industry observers expected returns filed this year would exceed 2016 totals by 1 percent. Instead, the total fell .7-percent short as a last minute surge of 135.6 million returns did not overcome the gap between this year through April 21 and last year's corresponding period as efiled returns from paid professionals dropped but the self-prepared total rose slightly.
Intuit Wins Tax Season—Again
H&R Block told customers to get taxes won, not done. But for tax season 2017 the winner was again Intuit which saw increased sales of its TurboTax units while the two publicly held tax store chains, Block and Liberty Tax Services, reported declines year-over-year for the season through 22.
Tax Defying Preparer Draws 10-Year Term
- Thursday, 27 April 2017
- Tax
- Written by The Progressive Accountant
A scheme that caused the Internal Revenue Service to pay more than $9 million in undeserved refunds has netted a California prepare 120 months in prison. Pollock Pines, Calif.-based Teresa Marty, 57-years old, must also serve two years of supervised release and repay the IRS slightly more than $9.5 million. Marty and others pleaded guilty in a case in which they were identified as tax defiers.
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