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...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...Tax Season Filings Move Up
- Monday, 22 April 2019
- Tax
- Written by The Progressive Accountant
The number of returns filed with the Internal Revenue System for the season through April 12 increased from the totals for the year-earlier season through April 13, 2018. It was the first time that returns for this year’s tax season exceeded totals for the corresponding period in 2018.
eFiles Top 2018 Totals
- Monday, 15 April 2019
- Tax
- Written by The Progressive Accountant
Efiled returns for the tx season through April 5 reached 96,844,000, a 1-percent increase from 95,899,000 for the period through April 6, 2018. It was the first time during the current season efiles beat 2018 totals, all on the growth in self-prepared returns.
Read more...eFile Receipts Even with Last Season
- Monday, 08 April 2019
- Tax
- Written by The Progressive Accountant
The gap between the rate of filing for 2018 and 2019 continued to close with the statistical report for the tax season through March 29. With this report, the number of efiled receipts reported to date, 87,288,000, was virtual unchanged from 87,328,000 for the season through March 30, 2018.
Returns Filed Edge Closer to Last Year
- Monday, 01 April 2019
- Tax
- Written by The Progressive Accountant
The results of return filing for the tax season through March 22 resumed closing the gap on last year’s season through March 23, 2018. While the average return continue to change little, the number of returns received gained on the prior season.
IRS Revises EIN Application Process
- Wednesday, 27 March 2019
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service has revised the process for applying for an Employer Identification Number. Starting May 13, only individuals with tax identification numbers can request an EIN as the responsible party on the application.
IRS Expands Underpayment Relief
- Monday, 25 March 2019
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service is lowering the threshold for taxpayers who wish to qualify for relief from penalties on 2018 federal income tax withholding and estimated tax payments. The agency reduced the threshold for penalties on underpayment to 80 percent of tax liabilities.
Philadelphia Preparers Charged with ID Theft
- Monday, 25 March 2019
- Tax
- Written by The Progressive Accountant
Two Philadelphia, Pa., tax preparers have been accused of buying and selling personal identifying information of children to claim as dependents on tax returns. Nvahbulai Quisiah and Gofin Kosia, both 43 years old, each face six counts of aggravated identity theft. They have also each been charged on 17 counts of aiding and assisting in the preparation and filing of a false tax return and six counts of wire fraud.
Refunds and Returns Flatten Out
The average refund issued by the Internal Revenue Service through March 15 dropped by .1 percent over the comparable period ended March 16, 2018. Since the prior report had refunds up by the same percentage over the prior tax season, the pace of change for refunds appears to have plateaued.
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