Tax (1572)
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
IRS Expands Underpayment Relief
- Monday, 25 March 2019
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service is lowering the threshold for taxpayers who wish to qualify for relief from penalties on 2018 federal income tax withholding and estimated tax payments. The agency reduced the threshold for penalties on underpayment to 80 percent of tax liabilities.
Philadelphia Preparers Charged with ID Theft
- Monday, 25 March 2019
- Tax
- Written by The Progressive Accountant
Two Philadelphia, Pa., tax preparers have been accused of buying and selling personal identifying information of children to claim as dependents on tax returns. Nvahbulai Quisiah and Gofin Kosia, both 43 years old, each face six counts of aggravated identity theft. They have also each been charged on 17 counts of aiding and assisting in the preparation and filing of a false tax return and six counts of wire fraud.
Refunds and Returns Flatten Out
The average refund issued by the Internal Revenue Service through March 15 dropped by .1 percent over the comparable period ended March 16, 2018. Since the prior report had refunds up by the same percentage over the prior tax season, the pace of change for refunds appears to have plateaued.
IRS Warns of Fake Advocate Calls
- Tuesday, 19 March 2019
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service has reported scammers are making calls impersonating the the Taxpayer Advocate Service. The agency said this week the latest variation of the scam spoofs the telephone numbers of the IRS Taxpayer Advocate Service offices in Houston, Texas, or Brooklyn, N.Y.
Average Refund Rises Slightly
The average refund rose slightly through March 8, continuing a steady increase regisered in each weekly report issued by the Internal Revenue Service this year. The average refund was $3,008, an increase of .1 percent, from $3,004 from the period through March 9, 2018.
Court: IRS Can Charge PTIN Fees
- Tuesday, 12 March 2019
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service has the right to charge Preparer Tax Identification Numbers, a federal appeals court has ruled. However, the U.S Court of Appeals for the District of Columbia recently remanded the issue of how much can be charged for issuing those numbers to a lower court
Liberty Offices Plunge Over Two Years
The number of Liberty Tax offices has dropped over the last two years. The form 10-Q for the third quarter ended January 31, filed this month with the SEC, that 25 percent fewer offices were open when this tax season began than during 2017.
Tax Season Stats Closing Gap on 2018
- Sunday, 10 March 2019
- Tax
- Written by The Progressive Accountant
With the year past the middle of tax season, filing statistics continued to improve over 2018. The average refund for this year through March 1 was $3,046, a .7-percent increase over $3,068 for the period through March 2, 2018. That was an improvement from a .1-percent rise through February 22.
CrossLink Buys Tax Tech
- Tuesday, 05 March 2019
- Tax
- Written by The Progressive Accountant
CrossLink Professional Tax Solutions has acquired Tax Tech, which serves the consumer finance market. Tax Tech is now called CrossLink Tax Tech Solutions". Tax Tech president Stan Hutchison takes the title of president of CTTS.
Read more...Refunds for 2018 Turn Positive
After sharply for the prior weekly report, the average refund for the current tax season ended up with slight growth. For the season through February 22, the average refund was up .1 percent compared to the season through Feb. 23, 2018, a sharp turnaround from down 16.3 percent for the season through February 15.
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