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
Liberty Tax Seeking New CEO
- Monday, 10 June 2019
- Tax
- Written by The Progressive Accountant
Liberty Tax is seeking a new CEO following the resignation of Nicole Ossenfort, who has held the job since February 2018. Ossenfort is returning to operate Liberty franchises in South Dakota. The company also announced results that revenue and tax returns prepared for fiscal 2019 plunged.
IRS Shows New W-4 Design
- Monday, 03 June 2019
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service has issued a draft of Form W-4 to be used in 2020. The revised form, which discards the concept of withholding allowances, is expected to be released in mid-to-late July to give employers and payroll processors the ability to update systems before the final version form is released in November.
Goodarzi: Intuit Did Not Hide Free File
- Tuesday, 28 May 2019
- Tax
- Written by The Progressive Accountant
Intuit did not hide the its Free File offering from the public, CEO Sasan Goodarzi said in the company’s recent earnings webcast. Goodarzi said the company remains committed to the Free File Alliance program.
Mississippi CPA Gets Five Years
- Tuesday, 28 May 2019
- Tax
- Written by The Progressive Accountant
A Mississippi CPA, whose crimes included under-reporting income from the sale of his own firm, has been sentenced to five years in prison. Carl Nicholson was convicted February 8 of conspiracy to defraud the United States, along with six counts of aiding in the preparation of false tax returns and four counts of filing false tax returns.
Read more...Intuit Tests Full Tax Prep Service
Intuit has tested a version of TurboTax Live via which it will provide complete tax preparation services to customers. CEO Sasan Goodarzi acknowledged the test this week during the webcast for earnings for the third quarter ended April 30.
Tax Filings: Up, Down and then Even
- Tuesday, 21 May 2019
- Tax
- Written by The Progressive Accountant
In the last month, the number of returns filed with the Internal Tax Service has a) been less than the number filed in 2018; b) exceeded 2018 returns; c) been virtually unchanged. The answer is all of the above as the statistics have bounced around and in the totals for this year through May 10 ended up virtually unchanged from a year ago in the latest IRS weekly report.
Read more...Intuit Admits Hiding Free File Page
Intuit's CEO has admitted his company decided to not have its landing page for the IRS Free File program ranked for search results. In an internal video published on the web site ProPublica, CEO Sasan Goodarzi said the company has removed the limitations.
Liberty Gets Recapitalization Bid
Liberty Tax Service has received a $12-per-share recapitalization offer from Vintage Capital Management, which already controls the tax services company. Vintage also indicated that it could quickly add other "operating assets" to Liberty’s business, along with the debt-and-equity offer.
Wayfair to “Ripple” through Indirect Taxes
The Supreme Court’s Wayfair decision, which lets states tax online sales, is going to have an impact across the indirect tax market, according to Scott Peterson. Peterson, director of government affairs for Avalara, said this month the decision will force all levels of government to rethink taxes.
Preparer Arrested in False OID Claims
- Thursday, 09 May 2019
- Tax
- Written by The Progressive Accountant
A California tax preparer utilized Form 1099-OID withholdings to seek $5.49 in phony tax refunds, a federal indictment allegedthis week. Cubby Wayne Williams, 63, of Alhambra, was indicted on 22 counts of assisting in preparation of phony returns for clients and four counts for preparing bogus returns for himself.
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