The Progressive Accountant - Tax (1598)
Children categories
Tax 1585
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...TaxAct Has Sluggish Season Start
TaxAct got off to a slow start for the current tax season, Chris Walters, CEO of parent company Blucora said this month. However, Walters said the product line typically lags the market but catches up as the season develops.
Tax Pro Ordered to Pay $2.6 Million
An Austell, Ga.-based tax preparer has been ordered to pay $2,601,957 in restitution to the Internal Revenue Service. Thomas Holmes was ordered this month to pay that amount this month and sentenced to three years one month in prison.
Utah Tax Preparer Family Indicted
An Orem, Utah-based man and his two adult children—all tax preparers—have been accused of trying to hide the father’s assets from the Internal Revenue Service. Sergio Sosa and his children, Alissa and David Sosa, were indicted this week for alleging conspiring to defraud the United States.
Self-Prepared E-files Rise
Do-it-yourself tax preparation showed continued strength as the Internal Revenue Service issued statistics for tax season through February 7. The total was up by 3.5 percent over the period ended Feb. 8, 2019 while professionally filed returns dropped by 3.7.
Early Tax Results Look Familiar
The first filing statistics for tax season showed only 15,777,000 returns received through January 31—four days of filing. But the overall pattern of figures reported by the Internal Revenue Service resemble the shape of past seasons.
IRS Adds ID Theft Reporting Page
The Internal Revenue Service has created Identity Theft Central, which is designed to provided information for identifying and reporting ID theft. Information offered includes ways taxpayers can protect themselves against tools such as phishing and online scams.
Group: IRS Should Create Practitioner Division
The Internal Revenue Services should create a Practitioner Services Division, a group of industry organizations has recommended. The American Institute of CPAs and nine other organization made the proposal recently for steps the IRS should take in implementing the Taxpayer First Act
IRS Enables e-Filing of Form 1023
The Internal Revenue Services has revised Form 1023, which charities use to apply for Section 501(c)(3) tax-exempt status. This enabled e-filing of the form, which started on January 31.
Louisiana Trio Accused of Return Fraud
Three Louisiana tax preparers have been accused of a variety of tax return offenses, including charging fees as high as $1,100 for preparing returns and often deducting these from client refunds. The three—Morgan Antoine, Jennifer Austin, and Brittany Patterson—were indicted on a variety of counts involving return and wire fraud and aggravated identity theft.
Tax Season 2020 Kicks Off
With no government shutdown to deal with this year , the Internal Revenue Service kicked off the 2020 tax season today with relative ease. It began accepting and processing federal tax returns for tax year 2019.
Most Read
-
-
Apr 26 2026
-
Written by The Progressive Accountant
Explore recent state income tax reforms in the US and…
-
-
-
Apr 26 2026
-
Written by The Progressive Accountant
Explore how cloud technology is reshaping the accounting industry by…
-
-
-
May 03 2026
-
Written by The Progressive Accountant
Explore the latest changes in sales tax compliance and economic…
-
-
-
Apr 26 2026
-
Written by The Progressive Accountant
Discover how automation is revolutionizing accounting firms by enhancing efficiency…
-