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
Los Angeles CPA Convicted for Return Fraud
- Tuesday, 29 April 2014
- Tax
- Written by The Progressive Accountant
A Los Angeles, Calif.-based CPA has been convicted by a jury of 20 counts of aiding and assisting the preparation and presentation of false tax returns. Jeffery Deshon Applewhite, also known as Jeffrey Donald Mason, faces a maximum of three years in prison and fine of $250,000 on each count.
Intuit Says TurboTax Gained Marketshare
Intuit was a winner in this year's consumer tax competition. With the Internal Revenue Service reporting that self-prepared returns were up by 6.5 percent over the 2013 tax season, Intuit said the number of TurboTax efiled returns that were accepted this year were up by 9 percent.
Republic Refund Transfers Boomed
- Monday, 21 April 2014
- Tax
- Written by The Progressive Accountant
Republic Bancorp said its refund transfer business boomed in the first quarter March 31 as the dollar volume or tax refunds processed increased by 77 percent over the year-ago quarter. The company's net income was up 28 percent while refund transfer fees rose by 20 percent.
Tax Franchise Owner Guilty of Fraud
- Friday, 11 April 2014
- Tax
- Written by The Progressive Accountant
The owner of a North Carolina tax franchise, whose ability to efile returns was shut down in 2012, has pleaded guilty to tax fraud, healthcare fraud and money laundering in two separate cases in federal court. Claude Arthur Verbal II, formerly of Raleigh, N.C., and now of Miami, faces up to 28 years in prison and $850,000 fines. He has agreed to pay restitution to the Internal Revenue Service and Medicaid.
Florida ID Theft Sweep Nets Preparers
- Tuesday, 08 April 2014
- Tax
- Written by The Progressive Accountant
A crackdown on identity theft in southern Florida has resulted in indictments of 25 individuals. These include three paid tax preparers, along with other individuals who obtained EFINs in order to efile phony returns. The indictments say those accused trafficked tens of thousands of stolen identities in order to get tax refunds from the Internal Revenue Service.
IRS: Paper Returns Down to 9 Percent
- Friday, 04 April 2014
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service said this week that the number of efiled returns continues to grow as a percentage of all tax returns. About 91 percent of returns this year have been efiled with about 9 percent submitted on paper, and it expects the final number of paper returns will be down 7 percent from last year's total.
CPA Gets 41 Months on Tax Charges
- Thursday, 03 April 2014
- Tax
- Written by The Progressive Accountant
A San Jose, Calif.-based CPA, who was responsible for preparing tax returns for his firm, has been sentenced to 41 months in prison after pleading guilty to not filing his own federal income tax returns in 2005, 2006 and 2007. Steven Frank Boitano was also convicted by a jury on three counts of filing false tax returns for 2001, 2002 and 2003.
IRS Says Virtual Currency Is Property
- Thursday, 27 March 2014
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service has taken the position that virtual currency, such as bitcoin, is property. An IRS notice said that virtual currency, which is not recognized as legal tender anywhere, is subject to general rules for property transactions for federal tax purposes.
Liberty Tax Backer Cashes Out Big
- Wednesday, 26 March 2014
- Tax
- Written by The Progressive Accountant
Edison Ventures, one of the investors in JTH Holding, has sold its interest in JTH, parent company of Liberty Tax Service. The firm said it had invested $3.3 million in Liberty in July 2012 and its proceeds of $45 million were just under 14 times the original investment.
Queens Tax Preparer Indicted
- Wednesday, 26 March 2014
- Tax
- Written by The Progressive Accountant
Tax preparer Williesteina Jacobs has been indicted for 27 counts that allege she aided in the preparation of false returns. Jacobs operated International Professional Business Services, which was located in South Richmond Hill, N.Y., and Jamaica, N.Y., both in the New York City borough of Queens.
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