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...Refunds Continue to Lag 2017
- Sunday, 08 April 2018
- Tax
- Written by The Progressive Accountant
The number of refunds and amount of dollars issued to taxpayers through the tax season through March 30 remained down from totals through March 31, 2017. Efiles by paid preparers also remained behind the 2017 season for the compared periods. But total returns received and processed have now shown an increase over a year ago for three consecutive weekly reports.
Maryland Blocked 54 Preparers to Date
- Saturday, 07 April 2018
- Tax
- Written by The Progressive Accountant
The state of Maryland has stopped processing electronic tax returns for 54 preparers during the current tax season. Comptroller Peter Franchot said late last month his office has blocked returns from 20 more tax preparers at 24 locations in Maryland, Virginia, Texas and California, in addition to 34 previously flagged.
Feds Sue Three Florida Liberty Operators
The United States has sued three men who operate Liberty Tax Service stores in stores recruited homeless individuals, promising to get them welfare, and the then filing fraudulent tax returns in their names. The Justice Department seeks to shut down as many as 15 stores operated by the three and to recoup fees ranging from $650,000 to $1 million.
IRS Releases Guidance for Issues Under New Law
- Tuesday, 03 April 2018
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service has issued guidance for a variety of issues stemming from the Tax Cuts and Jobs Act. These issues include transition tax on foreign earnings, business interest expense limitations and on withholding on the transfer of partnership interest by foreign persons.
N.J. Preparer Hit with 29 Counts
A former Montvale, N.J., has been indicated on 29 new counts involving his former tax preparation business. Wayne Dunich-Kolb, 53, has been accused of falsifying client returns for tax years 2007 through 2016. Indictments also allege he reported only hundreds of dollars of income in tax years 2006 through 2008 while receiving six-figure earnings annually.
Liberty Tax Chooses New VP
- Friday, 30 March 2018
- Tax
- Written by The Progressive Accountant
Liberty Tax has hired Cory Hughes as VP of area development. A franchisee of the tax services chain, Hughes was assistant VP of franchise operations for Liberty from 2006 through 2012.
Tax Pro Returns Still Lag 2017
- Friday, 23 March 2018
- Tax
- Written by The Progressive Accountant
Most tax season categories measured by the Internal Revenue Service are ahead of the 2017 tax season. For the season through March 16, efiled returns prepared by professionals were .8 percent behind the year-ago season through March 17. However, that amount represented a continuing narrow over last year.
Liberty Sets Executive Salaries
Liberty Tax has approved salaries for three executives who were named to their posts in late February. The pay levels were approved by the compensation committee, which included Ross Longfield, a board member whose resignation said the trio were “not qualified to hold these positions in a public company.”
TaxAct Links for Mileage, Expense Tracking
- Tuesday, 20 March 2018
- Tax
- Written by The Progressive Accountant
TaxAct has entered a partnership with Everlance, which markets an app to enable self-employed workers and small businesses to track mileage and expenses. Everlance is available for use by those who prepared returns via the TaxAct Professional suite.
Refunds Trailing 2017 Tax Season
- Friday, 16 March 2018
- Tax
- Written by The Progressive Accountant
Total returns submitted this tax year are running ahead of the same period in 2017. However, statistics from the Internal Revenue Service report the number of refunds issued for the season through March 8 fell further behind a year ago through March 9, 2017, although that was only a slight change.
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