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...Meta Bank Needs Fed OK to Offer Tax Products
Regulators have ordered MetaBank, a subsidiary of Meta Financial, to get regulatory approval before offering a wide range of credit products, including income tax refund application loans and assisted tax refund transfers. In a statement filed with the SEC, however, the company it expected to continue its relationships with third parties although it cannot ascertain any expected adverse impact on its lending businesses. The bank was also hammered by the Office of Thrift Supervision for engaging in unfair or deceptive practices and ordered to immediately discontinue its iAdvance program.
Right Way for Sales and Use Taxes?
The prevailing attitude toward taking care of sales-and-use taxes looks a lot like the attitude many people have towards payroll processing. That ranges from doing everything yourself to outsourcing everything. In the middle, are all the variants of performing some tasks, but not others. And that probably explains why there’s an array of software and services available, like CCH’s CorpSystem service, which recently joined its software sibling on the market.
IRS Online Preparer Registration Opens
- Tuesday, 28 September 2010
- Tax
- Written by The Progressive Accountant
WASHINGTON -The Internal Revenue Service has opened the online system under which paid tax preparers must obtain a Preparer Tax Identification Number. That move came as the IRS also issued its final regulations regarding the ID for those who prepare all or substantially all of a tax return.
Jackson Hewitt Shares Stay on NYSE
- Friday, 24 September 2010
- Tax
- Written by The Progressive Accountant
PARSIPPANY, N.J. - Jackson Hewitt Tax Service has received approval from the New York Stock Exchange for a plan that would enable it to continue to be listed on the NYSE. The company had been notified about possible delisting after it failed to meet two separate exchange requirements. Jackson Hewitt is subject to quarterly reviews by the NYSE while it works through its plan.
BNA Expands State Tax Research
- Wednesday, 15 September 2010
- Tax
- Written by The Progressive Accountant
BNA has released a new state tax research service, called the Premier State Tax Library, that offers analysis from practitioners organized by state and topic. The expanded state tax library also represents an important increase in emphasis on sales and use taxes as BNA has introduced a practice navigator and sales and use tax monitor and plans the launch of a sales-and-use tax nexus tool next year.
Value Tax Software: The Other Guys
When Thomson Reuters acquired TaxSimple, the biggest surprise was that the latter company's products weren't folded. Instead, TaxSimple is going to be in the market with 2010 versions of its tax software. And the reason that this was a typical case of buying a competing packages for the user base is captured in the use of the word "value" to describe where TaxSimple fits into the Thomson line.
Read more...
International Titles Added to Checkpoint
- Tuesday, 14 September 2010
- Tax
- Written by The Progressive Accountant
Several titles have been added to Checkpoint, the tax and accounting research platform of Thomson Reuters, including titles from its WG&L and WTE brands. Among these are WG&L's Analysis of IFRS1, First-time Adoption, Transfer Pricing Strategies and Practical China Tax & Finance Strategies.
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Liberty Tax Details Tax School Changes
- Monday, 13 September 2010
- Tax
- Written by The Progressive Accountant
VIRGINIA BEACH, Va. - Courses taught at the Liberty Tax tax schools this fall have been enhanced to discuss the future accreditation of tax preparers, including the need for paid preparers to obtain a Preparer Tax Identification Number by January 1, along with other requirements of proposed regulations by the Internal Revenue Service.Read more...
Jackson Hewitt Faces Possible Delisting
Jackson Hewitt Tax Service has been notified by the New York Stock Exchange that the company's common shares have fallen below the exchange's requirement that listed stocks have a minimum average share price of $1 per during a consecutive 30-day trading period. The company has until six months from receipt of the notice to meet the requirement or face possible delisting of its stock. It was the second such notice this year.
IRS Releases Healthcare Credit Form
- Tuesday, 07 September 2010
- Tax
- Written by The Progressive Accountant
WASHINGTON --The Internal Revenue Service has released a draft version of the form that small businesses and tax-exempt organizations will use to calculate the small business healthcare tax credit. The form will be used when income tax returns are filed in 2011. The IRS also announced how eligible tax-exempt organizations can claim the credit during next year's filing season.
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