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
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.
Liberty Receives New Nasdaq Notice
- Friday, 16 March 2018
- Tax
- Written by The Progressive Accountant
Liberty Tax has announced it has received its third notice of failure to comply with Nasdaq Stock Market listing requirements. Two have been received for failure to file Form 10-Q and one for no longer having independent directors on its audit committee.
Liberty: Can’t File 2Q Financials
- Tuesday, 13 March 2018
- Tax
- Written by The Progressive Accountant
Liberty Tax has told the SEC it cannot file its financial results for the second quarter ended January 21 within the prescribed period. The tax services company had filed a similar notice of delay for the first quarter results.
Returns Turn Up for Tax Season
- Monday, 12 March 2018
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service has reported that the number of returns it has received has surpassed last year’s totals for the first time. The IRS has received 61,150,000 returns through March 2, an increase of .1 percent from 61,063,000 through March 3, 2017.
DIY Returns Push Block Totals
- Wednesday, 07 March 2018
- Tax
- Written by The Progressive Accountant
Do-it-yourselfers provided the fuel as H&R Block reported a 3.4-percent rise over the tax season a year ago for returns filed through February 28. The company said recently the total for assisted returns was up .7 percent while the DIY total rose by 8.2 percent.
WK Intros Tax Cuts and Jobs Act Courses
- Tuesday, 06 March 2018
- Tax
- Written by The Progressive Accountant
Wolters Kluwer Tax & Accounting has introduced courses which focus on the impact of the Tax Cuts and Jobs Act. These include five self-study courses which enable attendees to work have their own pace and access online course materials.
Investment Firm Buys CrossLink
- Thursday, 01 March 2018
- Tax
- Written by The Progressive Accountant
Investment firm LNC Partners has acquired CrossLink Professional Tax Solutions, formerly Petz Enterprises, from the Petz family. The company immediately announced development of CrossLink Online for professional tax preparers for the 2019 Tax Season Terms were not disclosed.
Tax Season Returns Catching Up
- Thursday, 01 March 2018
- Tax
- Written by The Progressive Accountant
The number of tax returns received by the Internal Revenue Service remained .7 percent behind a year ago. But results released this week continue to show improvement as statistics for the tax season through February 23 compared to those through February 24 a year ago.
Read more...Updated Withholding Calculator Released
- Thursday, 01 March 2018
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service has released an updated Withholding Calculator on IRS.gov. They agency has also issued a new version of Form W-4 so taxpayers can check their 2018 tax withholdings under the new tax laws.
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