The Progressive Accountant - Tax (1552)
Children categories
Tax 1539
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...Blucora: Not Right Time to Sell TaxAct
Blucora says it not the right time to sell its TaxAct software business as demanded by an insurgent investor group. Blucora reports “long before Ancora began buying shares, Blucora’s Board and management had begun considering such scenarios with independent financial advisors.”
Parent Grows Liberty Tax as Sale Looms
The Franchise Group, parent to Liberty Tax, has outlined a plan to grow the tax preparation business despite the looming sale of Liberty. During its recent webcast for earnings for the year during December 31, the Franchise Group said it is planning on establishing Liberty offices and kiosks in locations of two of its other properties.
Block Grew Wave Revs 30 Percent
H&R Block said that Wave revenue grew by 30 percent for the third quarter ended January 31. The tax services company made the comments during an earnings webcast.
Returns Filed Catch up by Five Points
The filing of tax returns continues to catch up with the 2020 season. The number of returns filed through March 5 were down by 18.1 from the corresponding period ended March 6, 2020, an improvement for being 23.7 percent behind last year in the prior weekly filing report.
Dallas Preparer Ordered to Pay $11.9M
A North Dallas, Texas, tax preparer has been sentenced to 3.5 years in prison and ordered to pay the government $11.9 million in restitution. Alma Jean Gilbert, age 54, was sentenced after pleading guilty to aiding and assisting in the preparation of a materially false tax return in October 2019.
Returns Up 30.5 Percent Over Prior Week
The Internal Revenue Service has received 45,271,000 returns for the tax season through February 26, a 30.5-percent increase from 34,693,000 reported the prior week. The numbers still lag behind 2020 as the recent statistics were for 15 filing days, as opposed to 33 days for the comparable period in 2020.
AICPA Wants Later Tax Deadline
The American Institute of CPAs has asked the Internal Revenue Service to extend this year’s tax filing and payment deadlines until June 15. This follows a letter earlier this week in which the AICPA urged the IRS and Treasury Department to give adequate notice of any postponements.
Read more...IRS Reports Eight Days of Filing
The Internal Revenue Service has reported there were 34,693,000 tax returns filed in the first eight days of the tax season. But the February 12 start to the season meant that the report for the period ended February 19 compared to the year earlier season-to-date which reflected 26 days of filing in 2019.
IRS Says Notice on 2019 Returns Unnecessary
The Internal Revenue Service this month issued notices to about 260,000 taxpayers that they have not filed 2019 federal tax returns. However, the IRS notes because it has not completed processing all 2019 returns, the CP59 notices should not have been sent.
Phishing Emails Seek Preparers’ EFINs
A scam email is attempting to trick preparers into providing the electronic filing identification and drivers’ license numbers. The Internal Revenue Service has reported the email says it is from “IRS Tax E-Filing" and warns preparers their ability to efile will be disabled if they do not comply.
Sales Tax Assessment Tool
The Accounting Top 100
Sales Tax Calculator
Social Leader board
The Accounting Top 100 social media leaderboard ranks accounting professionals based on their overall presence, influence, and engagement on social media platforms. Each user’s rank is determined by that user’s Klout Score in addition to a list of custom metrics, and all updated rankings are displayed in new leaderboards generated every two weeks.
Did you make the list?
Congratulations! You can now track your progress on the leaderboard by clicking “Follow us” at the top of the list. Want to get the word out about your new celebrity status? Share this page with all of your friends and followers so they can view and join in on this fun social activity.
Think you’ve got what it takes to make the Top 100?
Disclaimer
Avalara’s Accounting Top 100 leaderboard (the “Leaderboard”) is assembled using a list of accounting professional users that’s curated by manual entry as well as by Rise.Global's internal Twitter search functionality. We reserve the right to change scoring metrics used for ranking and to exclude anyone from the list, in our sole discretion. The Leaderboard is not an endorsement, recommendation or sponsorship of any of the accounting professionals on the Leaderboard, and we do not make any representation or guarantee of their ability or reliability. Assessments by different methods or based on different information may yield different results. The Leaderboard is only a starting point to gather information about accounting professionals, and you should not rely on it to decide whether to hire an accounting professional.
For feedback and/or questions please contact [email protected]
.
Most Read
-
-
May 05 2025
-
Written by The Progressive Accountant
In celebration of National Small Business Week, ADP recently gathered…
-
-
-
Apr 01 2025
-
Written by The Progressive Accountant
Explore how ESG reporting is transforming the auditing landscape, driven…
-
-
-
Apr 01 2025
-
Written by The Progressive Accountant
Explore how AI is revolutionizing tax consulting amidst recent regulatory…
-
-
-
Apr 01 2025
-
Written by The Progressive Accountant
Explore the growing importance of ESG reporting within US firms…
-