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
IRS: Tax Crime Cases Drop; Sentences Rise
- Friday, 04 December 2015
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service seems to be getting more bank for the buck in terms of convictions. In its annual report, the agency shows that over the last two years, while the number of investigation indictments for tax crimes have fallen shaprly, the number of convictions have gone up in the categories of questionable refunds, identity theft and abuse preparers.
Intuit Exec Pay Up—Except for CEO
Intuit executives received hefty hikes in compensation for the year ended July 30. The exception was CEO Brad Smith, who saw his pay fall to slightly more than $16 million for the most recently ended year, a decline of 3.2 percent from $16.5 million for fiscal 2014. Otherwise, the heads of the software company's two divisions and its CFO received double-digit increases, largely as the result of stock awards.
Tangible Expensing Threshold to Hit $2,500
- Tuesday, 01 December 2015
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service has raised the safe harbor threshold for expensing some capital items to $2,500 from $500. The change affects businesses that do not maintain audited financial statements and applies to qualifying items substantiated by an invoice. The threshold takes effect in tax year 2016.
CCH iFirm Bundled with ATX, TaxWise
- Tuesday, 17 November 2015
- Tax
- Written by The Progressive Accountant
W
olters Kluwer, CCH Small Firm Services has released product bundles for its cloud-based practice management system and two tax preparation software packages. The practice management element can now be purchased with TaxWise and with two bundled versions of the company's ATX applications.
TaxAct Opens Pro Preparer Site
- Tuesday, 17 November 2015
- Tax
- Written by The Progressive Accountant
Tax software vendor TaxAct has opened TaxAct ProAdvance, an online resource center for professional tax return preparers. The company describes the site as a "one-stop shop for a multitude of resources from best-in-class product and service providers." Vendors featured include Biz2Credit and SurePayroll and HD Vest Investment Services, the latter purchased recently by TaxAct's parent, Blucora.
Read more...Liberty Franchisee Barred from Tax Prep
- Tuesday, 17 November 2015
- Tax
- Written by The Progressive Accountant
A man who operated Liberty Tax Service franchise stores in Detroit, Mich., and Chicago, Ill., has been prohibited from working as a return preparer and from owning, operating of profiting from such businesses. The Internal Revenue Service says Syed N. Ahmed, who operated at least 10 Liberty locations, cheated the government out of $2.8 million.
Thomson Introduces Onvio Cloud Suite
Thomson Reuters has begun rolling out Onvio, its web-based suite for tax and accounting professionals. The company is positioning Onvio as the next generation product line for users of its Professional Suite. Some products already available, although no date has been given for the debut of a tax product.
TaxWise Integrates with CCH iFirm
- Wednesday, 04 November 2015
- Tax
- Written by The Progressive Accountant
TaxWise been integrated with CCH iFirm for the 2015 version of the tax preparation software. The newest edition of TaxWise also offers automated tax forms and schedules and new security measures. Both the tax and practice management applications are products from Wolters Kluwer, CCH Small Firm Services.
Thomson Offers Health Care Checklist
- Monday, 02 November 2015
- Tax
- Written by The Progressive Accountant
Thomas Reuters has published the Checkpoint Learning Health Care Consulting Checklist. The checklist covers issues affecting large and small employers, as well as individuals. It is designed to assist in identifying issues and opportunities with a client's health care coverage readiness.
IRPAC Urges Steps on Business ID Theft
- Thursday, 29 October 2015
- Tax
- Written by The Progressive Accountant
Steps must be taken to curb business ID theft, the Information Reporting Program Advisory Committee said this week in its annual report. In a letter to John Koskinen, commissioner of the Internal Revenue Service the committee said cutbacks in funding for the Internal Revenue Service had harmed the effort to halt business ID theft as the IRS put its emphasis on the same issue for individual taxpayers.
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