The Progressive Accountant - Tax (1598)
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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...IRS OKs Direct Debit for Collections
The Internal Revenue Service has authorized the use preauthorized direct debit in its private debt collection program. Taxpayers can opt to use the method to make one payment or series of payments.
Intuit Strikes Tax Hosting Deal
Intuit has agreed to recommend Right Networks for users who want to have a third-party host their Lacerte and ProSeries tax applications. But as important is Intuit will provide support for hosting users.
CPA Sentenced in Bankruptcy Fraud
- Monday, 30 September 2019
- The Progressive Accountant - Tax
- Written by Bob Scott
A Lansing, N.Y.-based CPA has been sentenced to 86 months in prison stemming from a personal bankruptcy filing in 2004. Andrew N. LaVigne, age 64, ewho owed about $7.6 million to more than unsecured creditors, admitted hiding millions from the bankruptcy court, and to fleecing one elderly investor of $4.6 millon, in a guilty plea this month..
IRS Releases Draft 1065 and K-1
- Monday, 30 September 2019
- The Progressive Accountant - Tax
- Written by Bob Scott
The Intenal Revenue Service has released a draft of the tax year 2019 Form 1065 and its accompanying Schedule K-1. The agency said changes made to the documents are designed to improve the quality of information reported by partnerships.
Intuit to Launch New Payroll Line
- Thursday, 19 September 2019
- Tax
- Written by The Progressive Accountant
Intuit plans to introduce new a QuickBooks Online Payroll line in the next few weeks. The company said this week it will start in “the next few weeks” in releasing revamped and products to a small number of new customers and then ramp up to a full release.
Suit Targets Liberty’s Purchase of Buddy’s
A union pension fund is suing over Liberty Tax’s acquisition of Budd’s Buddy’s Home Furnishings business, for about $25 million. In August, the Asbestos Workers’ Philadelphia Pension Fund filed suit alleging Liberty shareholders and former shareholders unjustly enriched themselves through the Buddy’s deal.
New 100% Depreciation Regs Released
- Monday, 16 September 2019
- Tax
- Written by The Progressive Accountant
Final regulations and additional proposed regulations have been released for 100-percent depreciation, issued under section 168(k) of the Internal Revenue Code. The final regulations were proposed in August 2018 under the Tax Cuts and Jobs Act.
Avii Workspace Adds Tax Functions
- Tuesday, 10 September 2019
- Tax
- Written by The Progressive Accountant
Client information and communications are now handled through Avii Workspace. The recently introduced tax features mean the software identifies missing or conflicting information immediately and alerts participants for follow up or confirmation
Vest, 1st. Global to Be Avantax
Blucora plans to merge its two wealth management businesses under the name Avantax. H.D. Vest is expected to be renamed this month with the name being applied to 1st. Global later this year.
Liberty Buying Sears Unit
- Monday, 09 September 2019
- Tax
- Written by The Progressive Accountant
Liberty Tax, becoming a parent to franchise organizations, has agreed to buy Sears. Hometown Outlet and the Sear’s business, Buddy’s Home Furnishing Stores. The deal is a cash transaction with a value of about $132.9 million and is expected to close next month.
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