The Progressive Accountant - Tax (1560)
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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...Credits and Incentives Portfolio Available
Bloomberg Tax & Accounting has made available a new Tax Management Portfolio—Credits and Incentives: Multistate Considerations and Planning. The recently released treatise details state and federal tax credits and incentives.
Tax Season Creeps Upward
Results for the current tax season for the period ended February 28 edged up from the week ended February 21. Total returns were up .1 percent from the comparable period ended March 1, 2019 and better than the .1 percent drop from this year’s prior report.
Bloomberg Issues Tax Season Watch
Bloomberg Tax & Accounting has released Tax Season Watch this week. The product offers content and analysis related to federal and state issues developed for the 2019 tax year.
TurboTax Live Helps Intuit Grow Share
Intuit has grown market share in consumer tax preparation in the current tax season, the company said this week. And CEO Sasan Goodarzi said TurboTax Live, via which consumers can get advice from tax professionals, is a factor.
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.
Sales Tax Assessment Tool
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