Liberty Tax eked out a small profit and increase in revenue for the year ended April 30 despite management turmoil. The company promises to have its Form 10-K and 10-Qs for two quarters in 2018 and one in the current fiscal year filed with the SEC by October 31. 

Five new members of the board of directors have been elected this month by Liberty Tax. The new faces signal the takeover of the tax services company by Vintage Tributum, an affiliate of Vintage Capital Management, which purchased the controlling Liberty shares of founder and former CEO John Hewitt.

A former Durant, Miss., resident has pleaded guilty to filing more than 550 tax returns which sought more than $3.5 million in undeserved refunds. Teresa C. Chism also failed to file her own individual income tax returns for tax years 2013 through 2015 even though she earned more than $100,000 during that period.

Proposed regulations have been issued for a provision which allows many owners of sole proprietorships, partnerships, trusts and S corporations to deduct 20 percent of their qualified business income. The Internal Revenue Service has proposed regulations for the Section 199A deduction, also referred to as the deduction for qualified business income was created by the Tax Cuts and Jobs Act.