The Progressive Accountant - Tax (1552)
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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...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.
Bloomberg Expands Int’l Tax Research
- Monday, 09 September 2019
- The Progressive Accountant - Tax
- Written by The Progressive Accountant
Bloomberg Tax & Accounting has added analysis, commentary, and practice tools for 40 countries. Coverage expansion includes the release of new Country Guides, which feature an overview of respective tax regimes and focused cross-border analysis.
Block: Wave Revs Up 50%
H&R Block said last week its newly acquired Wave software business registered revenue growth of 50 percent for the first quarter ended July 31. During the webcast for earnings for the quarter, Block added Wave had revenue growth of more than 40 percent year-over-year “over the last several years”.
CPA Indicted on Foreign Holdings
A former Fort Lauderdale, Fla.-based CPA has been indicted on charges of failing to report his holdings in international accounts and filing false documents with the Internal Revenue Service. The charges were filed in a superseding indictment against Brian Booker who operated a Panama-based cocoa trading company.
Lawyers Urge Change in Filing Responsibility
The American College of Tax Counsel is urging the chief counsel of the Internal Revenue Service to re-evaluate a legal standard holding taxpayers responsible for verifying tax return filings. The organization’s Board of Regents said there is no way for taxpayers to electrically file verify that filings have been received by the Internal Revenue Service.
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