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
AccountingTax.com Now Corvee
AccountingTax.com has rebranded as Corvee. At the same time, the company launched a beta version of its tax planning and client collaboration software.
Accountant Draws 39 Months, Must Pay $8.9M
Richard Gaffey, an accountant in the Panama Papers case, has seen sentenced to 39 months in prison. A resident of Medfield, Mass., Gaffey, age 76, must forfeit $5,353,609, an pay restitution of $3,459,315, along with a $25,000, in a case that involved his role in hiding client assets of American taxpayers through off-shore shell companies.
Sentenced Preparer Taught Tax Fraud
A former tax return preparer, who was based in Gulfport, Miss., has been sentenced to 46 months in prison. Alvin Mays, who was convicted of aiding and assisting in the preparation of false returns,, trained his employees in how to preparer phony returns.
IRS Adds Six Forms for E-signatures
The Internal Revenue Service has added six forms for use e-signatures to a list of those for which electronic filing is not available. That brings the total for which it accepts digital signatures temporarily to 16.
IRS to Publish Spanish 1040
The Internal Revenue Service will publish Form 1040 in Spanish for the first time for the 2021 filing season. Taxpayers will also be able to choose to be contacted in languages other than English.
Block: Definition of Assisted Is Changing
H&R Block reported results for a very unusual period for the first quarter ended July 31. The quarter reflected large number of returns filed during the extension of tax season to July 15. Executives also spoke of the redefinition of assisted tax preparation in market in which a hybrid approach to tax preparation is spreading.
TurboTax Live Users Coming from Assisted
Intuit said the number of TurboTax Live customers increased 70 percent for the year ended July 31. Almost 70 percent of the new customers there came had used a professional preparer in 2019, the company said this month.
IRS OKs Temporary E-Signatures
The Internal Revenue Service has approved digital signatures for a number of forms that cannot be filed electronically. The agency this week approved their use on these forms if mailed by December 31.
Intro to Drake Webinars Being Held
Drake Software is conducting “Intro to Drake Tax” webinars all this week. The sessions are being held twice weekly August 24 through August 28.
SafeSend Now Supports Lacerte
SafeSend has added support for tax returns prepared by the use of Lacerte tax preparation software. The move adds to software packages whose products are supported by SafeSend’s automated electronic assembly and delivery system.
Most Read
-
-
May 05 2025
-
Written by The Progressive Accountant
In celebration of National Small Business Week, ADP recently gathered…
-
-
-
Apr 01 2025
-
Written by The Progressive Accountant
Explore how ESG reporting is transforming the auditing landscape, driven…
-
-
-
Apr 01 2025
-
Written by The Progressive Accountant
Explore how AI is revolutionizing tax consulting amidst recent regulatory…
-
-
-
Mar 02 2025
-
Written by The Progressive Accountant
Explore the latest developments in accounting standards, focusing on FASB's…
-