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...Tax Season Stats Closing Gap on 2018
- Sunday, 10 March 2019
- Tax
- Written by The Progressive Accountant
With the year past the middle of tax season, filing statistics continued to improve over 2018. The average refund for this year through March 1 was $3,046, a .7-percent increase over $3,068 for the period through March 2, 2018. That was an improvement from a .1-percent rise through February 22.
CrossLink Buys Tax Tech
- Tuesday, 05 March 2019
- Tax
- Written by The Progressive Accountant
CrossLink Professional Tax Solutions has acquired Tax Tech, which serves the consumer finance market. Tax Tech is now called CrossLink Tax Tech Solutions". Tax Tech president Stan Hutchison takes the title of president of CTTS.
Read more...Refunds for 2018 Turn Positive
After sharply for the prior weekly report, the average refund for the current tax season ended up with slight growth. For the season through February 22, the average refund was up .1 percent compared to the season through Feb. 23, 2018, a sharp turnaround from down 16.3 percent for the season through February 15.
Bloomberg Intros Tax Cut Resource
- Monday, 25 February 2019
- Tax
- Written by The Progressive Accountant
Bloomberg Tax has introduced Tax Reform Guidance Watch, which features tools and information. Guidance Watch is designed to help clients understand IRS guidance implementing the 2017 Tax Cuts and Jobs Act.
2019 Refunds Statistics Plunge
Statistics for refunds plunged in the third weekly report issued by the Internal Revenue Service for this year's tax season The average refund, which was off by 9.2 percent in the prior report, fell 26.5 percent for the season ended February 15 from the comparable period ended Feb. 16, 2018.
Avalara Pushes Int’l Filing Automation
Avalara is readying a roll out of automation of international indirect tax preparation. CEO Scott McFarlane said this month the compan yramping up its activity internationally in “advance of launching automated filing technologies.”
Texas Preparer Pleads to Tax Return Fraud
- Tuesday, 19 February 2019
- Tax
- Written by The Progressive Accountant
An Irving, Texas-based tax preparer has pleaded guilty to preparing returns that caused the government an $8.3-million tax loss. Preparer Francisco Ventura not only prepared phony returns but offered classes to teach other preparers how to do the same.
Average Refunds Slip Further Behind 2018
- Friday, 15 February 2019
- Tax
- Written by The Progressive Accountant
Refunds started off the tax season behind 2018 levels and fell further behind this month. The average refund was 9.2 percent lower for the period ended February 9, than for the corresponding period end Feb. 8, 2019, the Internal Revenue Service reported this week.
Mississippi CPA Convicted of Filing Fraud
- Monday, 11 February 2019
- Tax
- Written by The Progressive Accountant
Carl Nicholson, once auditor for Hattiesburg and Forrest County, Miss., has been convicted of filing phony returns for clients and his own income taxes. A federal jury this month convicted the CPA of conspiracy to defraud the United States, six counts of aiding in the preparation of false tax returns, and four counts of filing false tax returns
Tax Season: Everything Starts Down
The government shutdown impacted the start of the current tax season as every statistic released by the Internal Revenue Service for the first time for 2018 was down. But this year, the key metric may be the average refund as a measure of the impact of the new tax law.
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