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...IRS Offers Tax Withholding Estimator
- Tuesday, 06 August 2019
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service has launched a new online Tax Withholding Estimator. The Agency said this week the new tool replaces the Withholding Calculator.
Alabama Preparer Arrested
- Monday, 05 August 2019
- Tax
- Written by The Progressive Accountant
Police in Valley, Ala., have arrested tax preparer Christina Prather Williams. She has been accused of stealing federal income tax returns from clients. First arrested in early in July, William faced more charge after police and the Internal Revenue Service searched the offices of her business, Family Tax Service.
CrossLink Consolidates Offices
- Tuesday, 30 July 2019
- Tax
- Written by The Progressive Accountant
CrossLink Professional Tax Solutions has moved its offices from the long-time locations in Tracy, Calif., to a single site in Lathrop, Calif. Staff that had been spread between five different buildings will be housed in the new facility.
IRS Tells Crypto Owners “Pay Up”
- Monday, 29 July 2019
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service is warning taxpayers with cryptocurrency holdings to report income and pay taxes on transactions. The IRS said by the end of August more than 10,000 taxpayers will receive letters warning them to take action if they have previously failed to report income from such transactions.
Preparer Draws 63-Month Term
- Tuesday, 23 July 2019
- Tax
- Written by The Progressive Accountant
Texas tax preparer Francisco Ventura has been sentenced to 63 in prison for tax return fraud. The Dallas area man has also been ordered this month to repay $8.3 for the tax loss his action cost the United States.
Advocate Recommends EITC Changes
Congress should clarify the role of the Internal Revenue Service in administering the Earned Income Tax Credit, Tax Advocate Nina Olson, said in report relesed to Congress this month. Other changes should include new definitions and processes, along with establishing minimum standards for tax preparers, the results said.
TaxWise Mobile Launched
- Tuesday, 16 July 2019
- Tax
- Written by The Progressive Accountant
Wolters Kluwer Tax & Accounting has launched TaxWise Mobile, a mobile interface, which integrates with TaxWise Online. The system is designed to support full remote tax preparation, the company said recently.
Liberty Tax Sets New Direction
- Thursday, 11 July 2019
- Tax
- Written by The Progressive Accountant
Liberty Tax has embarked on a dramatically new direction in which the company acquires franchised or complimentary businesses. That includes its purchase this month of Buddy’s Newco, which operates most of Buddy’s Home Furnishings business, for about $25 million.
CrossLink Promotes Executives
- Tuesday, 09 July 2019
- Tax
- Written by The Progressive Accountant
CrossLink Professional Tax Solutions has promoted two executives to the company’s officer team. It has also promoted two others to vice president positions and hired a former employee into another VP slot.
Security Top ETAAC Issue
Congress needs to remove legislative barriers that prevent financial services companies from sharing information about tax identity fraud, the Electronic Administration Advisory Committee recommended this week. The Internal Revenue Service should also have authority for security standards and enforce in the areas of business tax and payroll, it said.
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