The Progressive Accountant - Tax (1551)
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Tax 1538
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 Happy with Consumer Loan Program?
Liberty Tax Service appears to be happy with the results of its trial consumer tax loan program during this year's tax season. However, John Hewitt, CEO of the nation's third largest retail chain, said he would not reveal plans for the 2013 season until later because of competitive issues.
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Liberty Prepared 7.9 Percent More Returns
- Tuesday, 12 June 2012
- Tax
- Written by The Progressive Accountant
Liberty Tax Service said this week that its system prepared 7.9 percent more tax returns through April 18 than in the same period in 2011. Meanwhile, system-wide revenue rose by 4.7 percent.
Tax Software Marking Time for Web Adoption
There is a bit of a sense that vendors are marking time on the way to wide acceptance of Internet-based tax software. While there is no mass migration from desktop applications, there is the since that the move is inevitable. That includes Thomson Reuters which is confident that the SaaS version of UltraTax will eventually gain wide acceptance.
Intuit's Smith: Good Tax Season; But...
Intuit had an 11 percent increase in consumer tax revenue and the first growth in units sold to tax preparation professionals in three years for its third quarter ended April 30. But CEO Brad Smith thought the company should have done better in both areas in what he called a solid performance.Read more...
LexisNexis Tool Used to Fight Georgia Tax Fraud
- Tuesday, 22 May 2012
- Tax
- Written by The Progressive Accountant
LexisNexis says that the State of Georgia is utilizing one of its products in a pilot program aimed at fighting identity fraud. The LexisNexis Tax Refund Investigative Solution has been used since the program was launched in January and utilizes identity verification and authentication tools to find and hopefully halt the filing of fradulent tax returns.
IRS Eases OIC Terms
- Tuesday, 22 May 2012
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service has again expanded its "Fresh Start" initiative by offering more flexible terms to its Offer in Compromise program. According to the IRS, the changes will enable some taxpayers to cut the resolution of their tax problems to as little as two years from four to five years previously.
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DOJ Seeks Shut Down of Texas Preparers
- Friday, 18 May 2012
- Tax
- Written by The Progressive Accountant
The Department of Justice has sued a San Antonio couple, Pete Gutierrez and Jeanette Gutierrez, because of allegations the two prepared fraudulent returns. The government seeks an adjunction to bar the married couple from preparing federal tax returns for others. The action also extends to their companies FCRE Inc., and Fast Cash Refund Express Electronic Tax Service.
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Intuit Downloads to Avoid Tax
- Monday, 14 May 2012
- Tax
- Written by The Progressive Accountant
Intuit plans to offer a download-only distribution of its 2012 Lacerte and ProSeries tax preparation software. The method is aimed at avoiding sales tax on software distributed via CD in 14 states, including California.
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Two Guilty in $22M Tax Fraud
- Wednesday, 02 May 2012
- Tax
- Written by The Progressive Accountant
A Colorado man who prepared 50 returns and a co-defendant have been found guilty of filing about $22 million in false claims with the Internal Revenue Service. Curtis Morris, 43, of Elizabeth, Colo., and Richard Kellogg Armstrong, 77, of Prescott, Ariz., were convicted of a number of charges stemming from the scheme. Read more...
New York Preparer Draws 37-Month Sentence
- Thursday, 26 April 2012
- Tax
- Written by The Progressive Accountant
Howard Levine, owner of a Dix Hill, N.Y.-based tax preparation business was sentenced to 37 months in prison this week after he pleaded guilty in January to obstructing internal revenue laws and preparing false returns for clients. He was also ordered to pay $320,998 in restitution to the Internal Revenue Service.
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