The Progressive Accountant - Tax (1551)
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Tax 1538
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...IRS Sets PTIN Rules
- Thursday, 22 September 2011
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service says individuals must renew preparer tax identification numbers on a calendar-year basis, part of a number of issues addressed by the agency as it sets the rules for the regulation of professional preparers. The IRS set fees for PTIN applications and spelled out the forms that must be used while stating that an education requirement will go into effect next year. It is also requiring fingerprinting of those who have provisional PTINs.
The IRS, QuickBooks Files and Audits
- Tuesday, 20 September 2011
- Tax
- Written by Jim Buttonow
Most small businesses in the United States have entered the electronic age-especially when it comes to using QuickBooks, Peachtree and other accounting software. No one is more aware of this trend than the Internal Revenue Service and its auditors.
Read more...Intuit Offers Free Online Extension Filing
- Monday, 19 September 2011
- Tax
- Written by The Progressive Accountant
Intuit is offering free use of its Tax Online tax preparation system from the filing of extensions through October 16. The company says the offer is good for new and existing customers. Intuit also says that it it plans to add states and 1041 forms for the 2011 version of the product, along with providing improved application performance.
IRS: Cell Phones Nontaxable Fringe
- Thursday, 15 September 2011
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service has determined that employer-provided cell phones are not taxable fringe benefits. That guidance was issued relating to a provision of the Small Business Jobs Act of 2010 that removed cell phones from the definition of listed property.
Block Say No RALs in 2012
- Wednesday, 14 September 2011
- Tax
- Written by The Progressive Accountant
H&R Block said this week it would not offer a refund anticipation loan program during the 2012 tax. That was something of an academic statement since it did not offer them in 2011 and there's not enough money to go around to all the parties that previously provided RALs with most banks withdrawing or forced out of the market by regulators.
Two Alabamans Guilty of Tax Fraud
- Tuesday, 13 September 2011
- Tax
- Written by The Progressive Accountant
Valerie Byrd and Isaac Dailey, both residents of Montgomery County, Ala., have pleaded guilty to charges they used stolen identifies to file false income tax returns in order to claim refunds. Each pleaded guilty to one count of conspiring to defraud the United States, the Department of Justice and the Internal Revenue Service. Read more...
Liberty Tax Eyes 6,000 More Sites
- Tuesday, 06 September 2011
- Tax
- Written by The Progressive Accountant
Liberty Tax Service, the nation's third largest tax chain, believes that it can add more than 6,000Â locations to its national network. That's on top of the roughly, 3,900 franchised and company operations now operating and would make it a more formidable rival for leader H&R Block.
Liberty Using CCH Product for Online Prep
- Wednesday, 07 September 2011
- Tax
- Written by The Progressive Accountant
Liberty Tax Service is using CCH's CompleteTax for online preparation and offered a private label version of the CCH program during the last tax season. The company will utilize CompleteTax again during the 2012 season, according to documents filed by JTH Holding, the tax franchisor's parent company, in its registration for an initial public offering.
IRS Releases Preparer Exam Specs
- Tuesday, 06 September 2011
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service has released specifications for the competency test individuals must pass to become a Registered Tax Return Preparer. The 120-question tests offers a combination of multiple choice and true-or-false format. The IRS listed major topics that will be covered by the examination. Individuals with a provisional tax preparer identification number are not required to pass the exam until Dec. 31, 2013.
IRS Extends Innocent Spouse Relief
- Monday, 25 July 2011
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service has eliminated the two-year limit for relief requests from innocent spouses. The decision was based on a review of the innocent spouse program conducted this year. Those whose relief request was denied solely to the expiration of the two-year period may reapply.
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