The Progressive Accountant - Tax (1560)
Children categories
Tax 1547
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...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.
Bloomberg Issues Tax Season Watch
Bloomberg Tax & Accounting has issued its annual Tax Season Watch, which features resources related to Covid-19 and tax filings and payments. The publication is available for a free trial through March 31.
N.C. Preparer Draws 50-Month Sentence
A Rocky Mount, N.C., tax return preparer has been sentenced to 50 months in prison. Adrienne Williams must also pay $4.8 million in restitution to the Internal Revenue Service.
Late Tax Season Start Cuts Intuit 2Q
Intuit says the late start to the tax season will cut from 23 percent to 25 percent of its revenue from the first quarter ended January 31. The company this week also adjusted its expected operating income to an operating loss.
Intuit can be expected to make up much of the revenue in the current quarter with the February 12 start to tax season. Last year's July 15 tax season deadline similarly moved a substantial amount of revenue from the April quarter to the July quarter.
The company expects revenue of $1.57 billion to $1.576 billion for the first quarter, down from the prior rang of $1,935 billion to $1.965 billion. Instead of operating income of $171 million to $191 million, Intuit now says it will reports an operating loss of $30 million to $25 million.
Earnings per share will drop significantly falling to six cents to seven cents per share, down from the previous expectation of 43 cents to 49 cent per share.
Read more...Tax Forums Go Virtual Again
The IRS Tax Forums will be held virtually again this year. Internal Revenue Service announced the format as it said registration this year opens on March 1 for 2021 IRS Nationwide Tax Forum and Expo.
Preparer to Pay $1.2 Million Restitution
A Maryland man working as a tax preparer in New Jersey has been sentenced to five years in prison. Joseph Kenny Batts, age 52, of Elkridge, Md., was ordered to pay $1.2 million in restitution to the Internal Revenue Service.
SafeSend Rebrands, Refreshes
SafeSend has rebranded and overhauled its website. The company, whose software automates assembly, delivery and e-signing of prepared returns, said it has also added resources to the site
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…
-
-
-
Jun 29 2025
-
Written by The Progressive Accountant
Explore the latest shifts in U.S. accounting standards led by…
-
-
-
Jun 15 2025
-
Written by The Progressive Accountant
Discover how remote auditing is reshaping CPA firms' operations. Learn…
-
-
-
Jun 15 2025
-
Written by The Progressive Accountant
Explore the critical importance of strategic planning for modern accounting…
-