Tax (1572)
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
NJ Preparer, 23 Others Indicted
- Monday, 30 July 2018
- Tax
- Written by The Progressive Accountant
A New Jersey tax preparer and 23 other state residents have been indicted on charges they stole $246,667 through refunds gained from phony Hawaii tax returns. Mylove D. Tetterton, 44, of East Orange N.J., is accused of gambling away much money earned by using stolen IDs to file Hawaii state returns.
Hewitt Sells Shares, Control of Liberty
Former CEO John Hewitt has agreed to sell all his shares in Liberty Tax to an investment group which will assume control of the tax services company. He will also resign his position as chair with four board members he appointed also resigning, the company said this week. That includes Nicole Ossenfort, who will retain her CEO job after the sale.
CPA Guilty; Helped Client Avoid $4.7M Taxes
- Thursday, 19 July 2018
- Tax
- Written by The Progressive Accountant
A Walnut, Creek, Calif.-CPA has been convicted for preparing tax returns that helped a client avoid paying $4.7 million in taxes over three years. Marc Howard Berger, 67, was found guilty of preparing 1040s for the years 2011, 212 and 2013 which enabled G. Steven Burrill to pay no income taxes from 2009 through 2013.
AICPA: Simplify Draft W-4
- Tuesday, 17 July 2018
- Tax
- Written by The Progressive Accountant
The American Institute of CPAs is urging the Internal Revenue Service and department of Treasury simply its draft Form W-4 for 2019. The AICPA said the form should not request nonwage income, itemized and other deductions, tax credit and total pay of all lower-paying job.
Liberty Tax Gets Nasdaq Stay
- Friday, 06 July 2018
- Tax
- Written by The Progressive Accountant
Liberty Tax has been granted an extended stay from a possible Nasdaq trading suspension. The company announced this week its stock will continue to trade on the exchange until a final determination is made by the Nasdaq Hearings Panel.
IRS Cutting Form 1040 by Half
- Friday, 29 June 2018
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service is creating a shorter Form 1040 for the 2019 tax season. The agency said this week the will be about half the size of the current version and will replace Forms 1040, 1040A and 1040EZ.
Liberty Tax Names Another Auditor
- Friday, 29 June 2018
- Tax
- Written by The Progressive Accountant
Liberty Tax Service has named Cherry Bekaert as its latest auditor. The accounting firm has to tackle Liberty’s financial statements for the year ended April 30 along with reviewing and filing Forms 10-Q for the quarters ended October 31 and January 31.
Smith: Tax Law Change to Spur DIY
Intuit CEO Brad Smith expects the already growing do-it-yourself tax preparation market will get a big boost in the next tax season from the new tax law. Smith said this week the law’s making the standard deduction available to more taxpayers will steer many to products such as TurboTax.
Intuit: Video Key to TurboTax Live Success
The use of video was the key to the success of TurboTax Live this year, according to Intuit’s CFO Michelle Clatterbuck. She made her comments during a presentation this month at Merrill Lynch’s Global Technology Conference for 2018.
Supreme Court OKs Online Taxes
- Thursday, 21 June 2018
- Tax
- Written by The Progressive Accountant
In a 5-4 ruling, the United States Supreme Court opened the door for taxation of all online purchases. While many large retailers already collect taxes for online sales in states in which they do not have a presence, other Internet-based companies were able to escape state levies.
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