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
Tax Season: Will Filings Grow?
The CEOs of two tax store chains gave different views this week about the growth of tax return filing during the current season. Liberty Tax Service CEO John Hewitt suggested there may be no growth in filing with the crackdown on immigration likely to be a factor. H&R Block CEO William Cobb saw no reason to change expectations that filings will be up 1 to 2 percent.
Liberty Returns Drop 16.4 Percent
A slow start to the tax season, combined with the publicity regarding franchisees accused of fraud hurt results for Liberty Tax Service for its third quarter ended January 31. The number of returns dropped by 16.5 percent over the corresponding period in 2016 for the season through February 28.
Preparer Must Pay IRS Nearly $950K
- Wednesday, 08 March 2017
- Tax
- Written by The Progressive Accountant
A Longwood, Fla.-based tax preparer has been ordered to repay $949,952.47 he received in preparing fraudulent tax returns. A federal court in also barred Jason Stinson from the tax preparation business for charing as much as $999 for preparing returns without informing clients.
Block Tax Season Beats Industry Average
- Wednesday, 08 March 2017
- Tax
- Written by The Progressive Accountant
H&R Block says it performed better than the rest of the market during the first half of the tax season. In releasing results for its third quarter ended January 31, the company this week reported a 7-percent decline in efiles for the season through February 24, compared to an overall drop of 10 percent reported by the Internal Revenue Service for the same period.
Returns, Refunds Edge Up
- Monday, 06 March 2017
- Tax
- Written by The Progressive Accountant
The 2017 tax season remained behind 2016 levels. But the gap from last years' statistics continued to narrow and the average refund grew slightly according to the Internal Revenue Service which issued its report for the season through February 24.
Intuit CEO: Slow Filing Probably Seasonal
The slow start to tax season is probably due to seasonality, Intuit CEO Brad Smith said recently. Smith made the comments at the recent Morgan Stanley Technology, Media and Telecom Conference. He also said that the season is likely to show roughly 1 percent growth in returns filed, also a historical trend.
TurboTax eFiled Returns Down 10 Percent
- Friday, 24 February 2017
- Tax
- Written by The Progressive Accountant
Intuit this week said the number of efiled TurboTax units for the tax season through February 20 was down by 10 percent. But that was still better than the market has shown for both self-prepared efiles and total efiles.
Refunds Turn Up for Tax Season
For the first time in the 2017 tax season, the size of the average tax refund increased over the prior year. The average refund for the period ending February 17 was .3 percent higher than the period ending Feb. 19, 2016. And while the number of returns filed still lag the prior season, the gap narrowed substantially.
New Tax Software Scam Circulating
- Monday, 20 February 2017
- Tax
- Written by The Progressive Accountant
Scammers are impersonating software providers in the latest scam aimed at procuring information from tax professionals. The Internal Revenue Service and state agencies are warning of an email that claims preparer software accounts have been suspended.
Blucora 2016 Results Reflects Changed Company
Blucora, which owns H.D. Vest and TaxAct, reported a $65.2 million loss for the year ended December 31, up from a loss of $38.9 million in 2015. But that loss reflected the company's transformation in selling off its Infospace and Monoprice businesses and a full year of its ownership of H.D. Vest.
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