The Progressive Accountant - Tax (1552)
Children categories
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...Liberty Tax Holds On in FY 2018
Liberty Tax eked out a small profit and increase in revenue for the year ended April 30 despite management turmoil. The company promises to have its Form 10-K and 10-Qs for two quarters in 2018 and one in the current fiscal year filed with the SEC by October 31.
New Liberty Directors Elected
- Wednesday, 15 August 2018
- Tax
- Written by The Progressive Accountant
Five new members of the board of directors have been elected this month by Liberty Tax. The new faces signal the takeover of the tax services company by Vintage Tributum, an affiliate of Vintage Capital Management, which purchased the controlling Liberty shares of founder and former CEO John Hewitt.
Preparer Pleads to Seeking $3.5M Refunds
- Monday, 13 August 2018
- Tax
- Written by The Progressive Accountant
A former Durant, Miss., resident has pleaded guilty to filing more than 550 tax returns which sought more than $3.5 million in undeserved refunds. Teresa C. Chism also failed to file her own individual income tax returns for tax years 2013 through 2015 even though she earned more than $100,000 during that period.
Regs Proposes on Passthrough Deductions
- Monday, 13 August 2018
- Tax
- Written by The Progressive Accountant
Proposed regulations have been issued for a provision which allows many owners of sole proprietorships, partnerships, trusts and S corporations to deduct 20 percent of their qualified business income. The Internal Revenue Service has proposed regulations for the Section 199A deduction, also referred to as the deduction for qualified business income was created by the Tax Cuts and Jobs Act.
Avalara to Launch Firm Filing Tool
- Thursday, 09 August 2018
- Tax
- Written by The Progressive Accountant
Avalara is testing a software application that will enable accounting firms to prepare and file sales and use tax returns for clients. The test was announced this week by CEO Scott McFarlane as the company reported the first quarterly financial results as a public company since going public in June.
Preparer Took Plea in 2009, Faces New Charges
- Monday, 06 August 2018
- Tax
- Written by The Progressive Accountant
A Yorktown, N.Y.-based tax preparer who agreed to dissolve his business in 2009 had been indicted on charges he failed to report the income from the sale of that operation. Steve Sabba, who pleaded guilty to filing a fraudulent New York Tax return in 2009, pleaded not guilty Monday to an eight-count indictment which alleges he engaged in a series of tax crimes from February 2012 through March 2018.
Nasdaq to Suspend Liberty Stock Trading
The Nasdaq Hearings Panel has decided to delist the common stock of Liberty Tax with its trading to be suspended at the beginning of business on August 2. However, the company said this week will it appeal that decision to the Nasdaq Listing and Hearing Review Council.
AICPA Supports Tax Preparer Regulation
- Wednesday, 01 August 2018
- Tax
- Written by The Progressive Accountant
The American Institute of CPAs has given its support to a proposed law that would regulate tax return preparers. The organization sent a letterin support of the bill, recently to Senators Rob Portman and Ben Cardin, who are the sponsors of Protecting Taxpayers Act, S. 3278,
NJ Preparer, 23 Others Indicted
- Monday, 30 July 2018
- Tax
- Written by The Progressive Accountant
A New Jersey tax preparer and 23 other state residents have been indicted on charges they stole $246,667 through refunds gained from phony Hawaii tax returns. Mylove D. Tetterton, 44, of East Orange N.J., is accused of gambling away much money earned by using stolen IDs to file Hawaii state returns.
Hewitt Sells Shares, Control of Liberty
Former CEO John Hewitt has agreed to sell all his shares in Liberty Tax to an investment group which will assume control of the tax services company. He will also resign his position as chair with four board members he appointed also resigning, the company said this week. That includes Nicole Ossenfort, who will retain her CEO job after the sale.
Sales Tax Assessment Tool
The Accounting Top 100
Sales Tax Calculator
Social Leader board
The Accounting Top 100 social media leaderboard ranks accounting professionals based on their overall presence, influence, and engagement on social media platforms. Each user’s rank is determined by that user’s Klout Score in addition to a list of custom metrics, and all updated rankings are displayed in new leaderboards generated every two weeks.
Did you make the list?
Congratulations! You can now track your progress on the leaderboard by clicking “Follow us” at the top of the list. Want to get the word out about your new celebrity status? Share this page with all of your friends and followers so they can view and join in on this fun social activity.
Think you’ve got what it takes to make the Top 100?
Disclaimer
Avalara’s Accounting Top 100 leaderboard (the “Leaderboard”) is assembled using a list of accounting professional users that’s curated by manual entry as well as by Rise.Global's internal Twitter search functionality. We reserve the right to change scoring metrics used for ranking and to exclude anyone from the list, in our sole discretion. The Leaderboard is not an endorsement, recommendation or sponsorship of any of the accounting professionals on the Leaderboard, and we do not make any representation or guarantee of their ability or reliability. Assessments by different methods or based on different information may yield different results. The Leaderboard is only a starting point to gather information about accounting professionals, and you should not rely on it to decide whether to hire an accounting professional.
For feedback and/or questions please contact [email protected]
.
Most Read
-
-
May 05 2025
-
Written by The Progressive Accountant
In celebration of National Small Business Week, ADP recently gathered…
-
-
-
Apr 01 2025
-
Written by The Progressive Accountant
Explore how ESG reporting is transforming the auditing landscape, driven…
-
-
-
Apr 01 2025
-
Written by The Progressive Accountant
Explore how AI is revolutionizing tax consulting amidst recent regulatory…
-
-
-
Apr 01 2025
-
Written by The Progressive Accountant
Explore the growing importance of ESG reporting within US firms…
-