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...Liberty Gets Recapitalization Bid
Liberty Tax Service has received a $12-per-share recapitalization offer from Vintage Capital Management, which already controls the tax services company. Vintage also indicated that it could quickly add other "operating assets" to Liberty’s business, along with the debt-and-equity offer.
Wayfair to “Ripple” through Indirect Taxes
The Supreme Court’s Wayfair decision, which lets states tax online sales, is going to have an impact across the indirect tax market, according to Scott Peterson. Peterson, director of government affairs for Avalara, said this month the decision will force all levels of government to rethink taxes.
Preparer Arrested in False OID Claims
- Thursday, 09 May 2019
- Tax
- Written by The Progressive Accountant
A California tax preparer utilized Form 1099-OID withholdings to seek $5.49 in phony tax refunds, a federal indictment allegedthis week. Cubby Wayne Williams, 63, of Alhambra, was indicted on 22 counts of assisting in preparation of phony returns for clients and four counts for preparing bogus returns for himself.
IRS Seeks IRSAC Members
- Tuesday, 07 May 2019
- Tax
- Written by Patrick O'Leary
Internal Revenue Service is seeking applications for membership for the Internal Revenue Service Advisory Council. The council serves as an advisory body to the commissioner of Internal Revenue.
Read more...Former Mo Money Preparer Draws Five Years
- Monday, 06 May 2019
- Tax
- Written by The Progressive Accountant
A franchisee of the former Mo Money tax store chain has been sentence to five years in prison. Teresa Chism is the latest person formerly associated with the chain, which had once more than 300 stores in 13 states, to be convicted for tax return fraud. She continued operating tax businesses after the chain itself was closed.
DIYs Responsible for Tax Season Growth
The number of returns filed for the tax season through April 19 was up .2 percent over the year through April 20, 2018. The statistical report from the Internal Revenue Service, which encompassed this year’s filing deadline, showed that all growth stemmed from self-prepared returns.
Dallas Preparer Must Repay $3.9 Million
- Monday, 29 April 2019
- Tax
- Written by The Progressive Accountant
A Dallas, Texas-area preparer has been sentenced to 51 months for tax filing fraud. The preparer, Mario Melendez, was also ordered to pay $3,885,456 in restitution for activities at Uptown Multi Services from November 2013 through April 2014.
Online Sales Boost Block, TurboTax
- Friday, 26 April 2019
- Tax
- Written by The Progressive Accountant
Intuit and H&R Block reported results this week that beat the increase in tax returns filed the overall tax season. The totals for both were pushed by growth in online software while desktop sales dropped as did the number of returns prepared at Block stores.
N.J. Preparer Accused of Hiding Income
- Tuesday, 23 April 2019
- Tax
- Written by The Progressive Accountant
A New Jersey-based tax preparer concealed about $2 million in 
personal and corporate income, the Department of Justice alleged this month. The preparer, Terrance LeGall, 64, of Linden, N.J., was indicted on 11 accounts of aiding and abetting the preparation of a false tax return and eight counts of tax evasion for failure to file personal and corporate income tax returns.
IRS Outlines Modernization Plan
- Monday, 22 April 2019
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service has released a six-year plan for modernizing its information technology systems. Estimates are the IRS Integrated Modernization Business Plan will cost between $2.3 billion to $2.7 billion through FY 2024.
Read more...Sales Tax Assessment Tool
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