Tax (1547)
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
Preparer Draws 63-Month Term
- Tuesday, 23 July 2019
- Tax
- Written by The Progressive Accountant
Texas tax preparer Francisco Ventura has been sentenced to 63 in prison for tax return fraud. The Dallas area man has also been ordered this month to repay $8.3 for the tax loss his action cost the United States.
Advocate Recommends EITC Changes
Congress should clarify the role of the Internal Revenue Service in administering the Earned Income Tax Credit, Tax Advocate Nina Olson, said in report relesed to Congress this month. Other changes should include new definitions and processes, along with establishing minimum standards for tax preparers, the results said.
TaxWise Mobile Launched
- Tuesday, 16 July 2019
- Tax
- Written by The Progressive Accountant
Wolters Kluwer Tax & Accounting has launched TaxWise Mobile, a mobile interface, which integrates with TaxWise Online. The system is designed to support full remote tax preparation, the company said recently.
Liberty Tax Sets New Direction
- Thursday, 11 July 2019
- Tax
- Written by The Progressive Accountant
Liberty Tax has embarked on a dramatically new direction in which the company acquires franchised or complimentary businesses. That includes its purchase this month of Buddy’s Newco, which operates most of Buddy’s Home Furnishings business, for about $25 million.
CrossLink Promotes Executives
- Tuesday, 09 July 2019
- Tax
- Written by The Progressive Accountant
CrossLink Professional Tax Solutions has promoted two executives to the company’s officer team. It has also promoted two others to vice president positions and hired a former employee into another VP slot.
Security Top ETAAC Issue
Congress needs to remove legislative barriers that prevent financial services companies from sharing information about tax identity fraud, the Electronic Administration Advisory Committee recommended this week. The Internal Revenue Service should also have authority for security standards and enforce in the areas of business tax and payroll, it said.
IRS Issues Ag Coop Guidance
- Tuesday, 18 June 2019
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service has issued guidance for deductions for domestic production activities for agricultural or horticultural cooperatives and customers. The guidance includes deductions for qualified business income and for calculating W-2 wages under section 199A(g).
Canopy Pitches Eco-system for Tax Prep
- Tuesday, 18 June 2019
- Tax
- Written by The Progressive Accountant
Canopy is pitching its software eco-system as providing an advantage in using its newly introduced tax preparation software. Known for its tax resolution software, Canopy introduced the preparation software during the past tax season.
Price Cuts Dent Block’s Fiscal 2019
H&R Block said that targeted price cuts dampened results for the year ended April 30. Block did not disclose which market segments were the target for the pricing action, but said it will not expand the program.
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.
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