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
NYSE to Delist Jackson Hewitt
- Thursday, 05 May 2011
- Tax
- Written by The Progressive Accountant
The New York Stock Exchange plans to suspend trading in the common stock of Jackson Hewitt before trading opens on Monday, May 9. The tax preparation company said it had received the delisting notice because its stock price, the aggregate value of its common stock and shareholder equity fell below listing requirements.
IRS Selects Exam and Fingerprint Vendors
- Tuesday, 03 May 2011
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service has selected Prometric to administer a competency examination and fingerprinting program and Daon Trusted Identity Services to offer fingerprinting services. The test and checks are part of the second phase of the IRS' increased oversight of federal tax return preparers.
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Jackson Hewitt Lenders to Leave Shareholders Little
Lenders this week gave Jackson Hewitt Tax Service until May 20 to make a principal payment and to executive documents with them about a proposed restructuring. The latest SEC filing by the tax preparation chain said that options continue to include a "pre-package bankruptcy." The new agreement extended the previous deadline from April 30. The latest filing indicated shareholders will have little left.
IRS May Revoke 19 PTINs
Liberty, TurboTax Grow Double Digits
- Monday, 25 April 2011
- Tax
- Written by The Progressive Accountant
The numbers are starting to roll in for the 2011 tax season and for Intuit's TurboTax and the Liberty Tax Service it was a good year. Liberty said it prepared 11 percent more returns through April 19 than it did last year. Meanwhile, Intuit hit the same 11 percent growth mark for sales of TurboTax with booming sales of the online product continuing to fuel overall increases.
CCH CorpSystem Gets Oracle Link
- Thursday, 14 April 2011
- Tax
- Written by The Progressive Accountant
CCH has received Oracle Validated Integration of the company's sales-and-use tax products and services with the Oracle E-Business Suite 12.1. The validation applies to the CorpSystem Sales Tax Rates 1.0 and CorpSystem Sales Tax Office 3.5 and means that users are assured that the CCH products are well integrated with the Oracle suite.
IRS Issues Health Insurance Guidance
- Wednesday, 30 March 2011
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service has issued interim guidance concerning information employers can report on W2-s concerning the cost of health insurance coverage provided for employees. Information will generally be given to employees in January for 2011 W-2s at the employers' option. The IRS also extended optional filing for one year for employers filing fewer than 250 W-2 forms, which would generally be available in January 2013. Comments are also being sought on the guidance.
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TaxWorks to Fix Stability Issues
RedGear Software, which markets the TaxWorks tax preparation software line, has promised users an enhanced beta testing program for the 2011 version of the software. The plan is in response to stability issues in the 2010 rendition that arose from what the company said was a migration of technology in 2009 and 2010 that was designed to improve performance.
CCH Names Sage Exec to Head Tax Unit
- Monday, 28 March 2011
- Tax
- Written by The Progressive Accountant
CCH has named Joe Bergera, who has led the CRM efforts of Sage North America, as EVP and general manager of its tax business unit. The tax unit is a new organization that the company said brings all tax resources into a single group, including product development, product management, content, sales and market, and operations and support.
TaxBrain Gives Video Access to Pro Preparers
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