Tax (1585)
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
Intuit Apologizes for TurboTax Change
Intuit is apologizing to TurboTax customers for blindsiding them with a de facto price increase on TurboTax Deluxe desktop. CEO Brad Smith told attendees at the company's annual meeting this week that the company botched the change in which schedules C, D, E, and F were removed from Deluxe and made available only in the Premier edition at a higher price.
Former IRS Employee Indicted
- Monday, 19 January 2015
- Tax
- Written by The Progressive Accountant
A tax preparer who is a former Internal Revenue Service employee has been indicted for allegedly filing false claims for $3.4 millions in tax refunds. Clive Henry of Jamaica, N.Y., faces a 20-count indictment for allegedly defrauding the United States government, along with Rodney Chestnut, of Middle Island, N.Y., a retired New York City Department of Corrections officer; and Nafeesah Hines, a former U.S. Food and Drug Administration employee, also of Jamaica, N.Y.
TurboTax Change Spurs Block Offer
- Tuesday, 13 January 2015
- Tax
- Written by The Progressive Accountant
Intuit's change to standard features of its TurboTax Basic program has led to complaints it effectively raised prices for many of its users. One major change is taxpayers with Schedule A now must use the higher-priced TurboTax Premier. And competitor H&R Block is trying to capitalize on what it hopes is the anger of TurboTax customers.
IRS Offers Tips on Choosing Preparers
- Wednesday, 24 December 2014
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service and national professional tax groups are cooperating to provide information on selecting honest tax preparers. There is information to help taxpayers avoid unscrupulous preparers and a gateway page that links to sites of national non-profit groups, such as the American Institute of CPAS.
Tax Pro Indicted for Return Fraud
A tax preparer from Brooklyn, N.Y., has been indicted for allegedly preparing six years of fraudulent tax returns. The Department of Justice claims the preparer, Awilda Rosario, used a variety of techniques designed to boost refunds for her clients.
Block Targets Independent Preparers
H&R Block believes acquiring or franchising independent tax preparation services represents a great path for growth. The company says it is targeting good performers in the pool of 67,000 independents that prepare at least 100 returns each year. Besides enabling it to expand store count, the strategy will also allow Block to enter new markets such as ethnic ones and specialized segments that require greater expertise.
Avalara Buys VAT Online Service
- Friday, 12 December 2014
- Tax
- Written by The Progressive Accountant
Sales-and-use tax vendor, Avalara has acquired VATLive.com, an online service that provides tax news, analysis and rate changes. The Bainbridge Island, Wash.-based company said the move is important in its work to expand globally by supporting indirect tax needs in other countries. Avalara said it will maintain and develop the VATLive.com
Wolters Kluwer Name More Visible
- Wednesday, 10 December 2014
- Tax
- Written by The Progressive Accountant
Wolters Kluwer appears to be ending the use of the name CCH in referring to the company in the United States. In a presentation for investors this week, executives referred to the company's unit in this market as Wolters Kluwer Tax & Accounting. This follows the company's making the name of the parent more visible on the web site that features CCH products and Wolters Kluwer Law and Business operations.
IRS Issues Documents in Preparer Program
- Wednesday, 10 December 2014
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service is issuing Records of Completion to tax preparers who have meet requirements of a voluntary program of preparer qualifications. The Annual Filing Season Program Record of Completion enables enable non-credentialed preparers who complete continuing education requirements by December 31 to be included in a web-based directory that will be launched early next year.
ACA, Immigrants to Lift Liberty Tax
- Monday, 08 December 2014
- Tax
- Written by The Progressive Accountant
In what its management says was a highly unusual move, Liberty Tax Service encouraged franchisees to open stores in November. That came as the company expects the Affordable Care Act and President Obama's executive order on immigration to drive millions of new filers into the tax preparation market over the next two years.
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