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...Thomson Requires Multi-Factor Authentication
- Tuesday, 01 May 2018
- Tax
- Written by The Progressive Accountant
Thomson Reuters has begun requiring multi-factor authentication for efiling tax returns. The company recommended the security measure during tax season but as of May 1 is requiring the technique.
IRS Offers Health Care Relief
- Monday, 30 April 2018
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service is offering relief to small employers that wish to claim the Small Business Health Care Tax Credit. The guidance for 2017 and later years applies to those who first claim the credit for 2016 or later years through a Shop Marketplace but do not have marketplace plans available to employees.
Read more...Tax Filings Surge in Last Week
The number of returns filed in the last week pushed tax season to where observers thought it would end. Statistics from the Internal Revenue Service for the season ended April 20 showed the number of returns filed were up .9 percent over last year through April 21, 2017. Many expected results would be up by no amore than 1 percent.
TurboTax Units Rise 4 Percent
- Thursday, 26 April 2018
- Tax
- Written by The Progressive Accountant
Intuit ended tax season with TurboTax unit sales 4 percent higher than in the 2017. A 5-percent decline in desktop sales partially offset a 6-percent rise in online subscriptions, the company said this week.
Block Returns Up for Tax Season
- Wednesday, 25 April 2018
- Tax
- Written by The Progressive Accountant
P
reliminary results show the number of returns processed through H&R Block stores and software rose this year. The Kansas City, Mo.-based company said there were 19.9 million returns handled this year, a 2.6-percent increase over fiscal 2017, but assisted returns continued to decline, although only slightly.
Filing Stats Bit Weaker Before Final Week
- Friday, 20 April 2018
- Tax
- Written by The Progressive Accountant
The numbers ought to improve from the statistics reported by the Internal Revenue Service for the period ended April 13. After all, after the agency’s computer systems went down and came back up on Tuesday April 17, the IRS said 14 million returns had been filed by 9 a.m. Wednesday, April 18.
Liberty Tax Signs New Auditor
- Friday, 20 April 2018
- Tax
- Written by The Progressive Accountant
Liberty Tax has engaged Carr Riggs & Ingram as its outside auditor. The tax services company also said it has been notified that owing to appointments of two independent directors to its audit committee it is now in compliance with one Nasdaq Listing Rule, although it still needs to issue overdue quarter reports to be in compliance with another Nasdaq requirement.
IRS Cites Hardware Issue in Outage
- Wednesday, 18 April 2018
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service reports all processing systems are working following a hardware issue on Tuesday, April 17, that halted several services. The agency says it accepted more than 14 million returns after what it described as a Tuesday morning problem.
IRS Adds Day To File
- Wednesday, 18 April 2018
- Tax
- Written by Patrick O'Leary
The Internal Revenue Service has given taxpayers until midnight April 18 to file taxes. The IRS took the action because of computer outages on Tuesday, morning, April 17, but said it did not impact many taxpayers. Taxpayers do not need to take any action to receive the extension.
IRS, eServices Down
- Tuesday, 17 April 2018
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service has experienced computer outages today. Web pages for eServices and DirectPay with Bank Account remained down in the late afternoon.
Read more...Sales Tax Assessment Tool
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