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
Kansas Preparer Draws Eight Years
- Monday, 22 January 2018
- Tax
- Written by The Progressive Accountant
A preparer who operated a tax business in Kansas City, Kan., has been sentenced to eight years in prison. Alfred Reece, 58, a former resident of Overland Park, Kan., has also been ordered to pay $648,442 in restitution to the Internal Revenue Service.
Bloomberg Offers Tax Webinars
- Monday, 22 January 2018
- Tax
- Written by The Progressive Accountant
Bloomberg Tax is in the middle of a series of eight webinars under the name, the "Implications of the 2017 Tax Act. Six of the webinars remain in the series which designed to examine issues of which tax professionals should be aware.
Read more...IRS Picks Council Members
- Tuesday, 16 January 2018
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service has appointed seven new members to the Internal Revenue Service Advisory Council. The council is an organized public forum for IRS officials and public representatives to discuss issues in tax administration.
Read more...Liberty Tax Faces Listing Issues
- Tuesday, 16 January 2018
- Tax
- Written by The Progressive Accountant
Liberty Tax is facing two issues in order to remain listed on the Nasdaq Stock Market. The first notice of noncompliance with the exchanges rules came after the company announced postponement of the release of financial results for the quarter ended October 31.
IRS Updates Withholding Tables
- Sunday, 14 January 2018
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service has released withholding tables that reflect changes for 2018 made by tax reform legislation. Employers should begin using these as soon as possible, but not later than February 15.
Tax Fraud Phishing Alive and Well
- Wednesday, 10 January 2018
- Tax
- Written by The Progressive Accountant
Members of the tax industry are warning that phishing emails are appearing in numbers as tax season approaches. The Internal Revenue Service, software companies and other parties say this continues last year's efforts to trick tax professionals into opening a link or attached document.
WK Intros New Support Tools
- Monday, 08 January 2018
- Tax
- Written by The Progressive Accountant
New user communities and a support chatbot has been introduced by Wolters Kluwer Tax and Accounting. The new tools are designed for users of CCH Axcess and ProSystem fx Suite.
Read more...Intuit: Tax Reform Uncertain Impact
- Monday, 08 January 2018
- Tax
- Written by The Progressive Accountant
Intuit does not see a clear impact on its tax obligations from the reduction of the corporate tax rate. What it is not anticipating is a significant reduction in the amount of taxes paid as a result of tax reform.
Tax Season Kicks off January 29
- Friday, 05 January 2018
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service has picked Monday, January 29, to begin accepting returns for this yea'rs tax season. However, the tax store chains, H&R Block, Jackson Hewitt and Liberty Tax, had already opened on January 1, starting to process returns seeking cash advances based on 2017 paystubs. This year’s federal deadline is Tuesday, April 17.
Suits Against Liberty Pile Up
Liberty Tax ended 2017 facing a growing list of court actions, The most recent is a class action suit against the tax services chain, which alleges management issues have cut share prices and hurt investors.
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