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
TurboTax State Efiling Resumed
Intuit resumed efiling of state income tax returns prepared via TurboTax on Friday after briefly halting the process. The company took its action after states reported an increase in suspicious filings and attempts by criminals to use stolen identity information.
Tax Pro Efilings Boom
- Tuesday, 10 February 2015
- Tax
- Written by The Progressive Accountant
The number of tax returns filed electronically by tax professionals outstripped the growth of those that were self-prepared. Those numbers represent a change in the pattern of the last few years and came as the Internal Revenue Service this month released the first tally of statistics for the current tax season.
Delaware Preparers Guilty of Fraud
- Monday, 09 February 2015
- Tax
- Written by The Progressive Accountant
Two owners of a tax preparation business, who used prison inmates' returns to claim inflated refunds, have been convicted on several charges. A jury took one hour to convict Kamal J. James and Crystal G. Hawkins of conspiracy, mail fraud and making false claims to the United States for filing returns on behalf of inmates at New Jersey prisons and halfway houses.
TurboTax State Filing Halted
- Friday, 06 February 2015
- Tax
- Written by The Progressive Accountant
Intuit has had better months for TurboTax. A week ago, it said it would reverse a decision to pull key forms from the desktop version of TurboTax Deluxe. This week, it halted transmission of state income tax returns after reports of fraud emerged in 18 states while Minnesota said it was not accepting returns prepared via the Intuit product.
IRS Opens Preparer Directory
- Friday, 06 February 2015
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service has opened an online directory of tax return preparers. The searchable directory is designed to help taxpayers find professionals with credentials and select qualifications. Lists include attorneys, CPA and Enrolled Agents and those who have completed requirement for the IRS Annual Filing Season Program.
Intuit to Retreat on TurboTax
Declaring that "Sorry wasn't enough", CEO Brad Smith this week said Intuit will restore forms to TurboTax Deluxe that were removed this year. In a video posted on LinkedIn, Smith said he had heard from hundreds of customers via LinkedIn and his personal email. He included a comment from one 15-year customer, Ron, who called the change "a money grab."
CPA Pleads Guilty to Tax Evasion
- Thursday, 29 January 2015
- Tax
- Written by The Progressive Accountant
A CPA based in Martha's Vineyard, Mass., has admitted he failed to report more than $800,000 in income. Roger A. Armstrong, 61, of Vineyard Haven this month pleaded guilty to three counts of filing false returns for tax years 2009 through 2011 in which he undereported business income.
Read more...AICPA Urges Tax Deadline Relief
- Monday, 26 January 2015
- Tax
- Written by The Progressive Accountant
The American Institute of CPAs is asking Congress to give the Internal Revenue Service the ability to give taxpayers leeway when they miss a deadline or make an error in making an election. While section 9100 of the Internal Revenue Codes gives administrative relief for deadlines established in Treasury regulations, that does not apply to those set by law.
Healthcare Reform; the Problems and Potential
The changes brought about by the ACA are pictured as merely the biggest to the tax code in decades, spewing out new forms and questions that are still be answered. Download this report to find those answers along with a guide of ACA resources available to the profession.
Sponsored by: 
Read more...
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.
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