Tax (1585)
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
Returns for 2017 Fall Short
The Internal Revenue Service and many industry observers expected returns filed this year would exceed 2016 totals by 1 percent. Instead, the total fell .7-percent short as a last minute surge of 135.6 million returns did not overcome the gap between this year through April 21 and last year's corresponding period as efiled returns from paid professionals dropped but the self-prepared total rose slightly.
Intuit Wins Tax Season—Again
H&R Block told customers to get taxes won, not done. But for tax season 2017 the winner was again Intuit which saw increased sales of its TurboTax units while the two publicly held tax store chains, Block and Liberty Tax Services, reported declines year-over-year for the season through 22.
Tax Defying Preparer Draws 10-Year Term
- Thursday, 27 April 2017
- Tax
- Written by The Progressive Accountant
A scheme that caused the Internal Revenue Service to pay more than $9 million in undeserved refunds has netted a California prepare 120 months in prison. Pollock Pines, Calif.-based Teresa Marty, 57-years old, must also serve two years of supervised release and repay the IRS slightly more than $9.5 million. Marty and others pleaded guilty in a case in which they were identified as tax defiers.
DOJ Wants to Shutter Florida Preparer
- Wednesday, 26 April 2017
- Tax
- Written by The Progressive Accountant
The Department of Justice wants to shut down a Florida tax preparer, who it alleges had errors in nearly two thirds of the returns examined. The agency seeks to bar Lena Cotton of Wellington, Fla., and her business, Professional Accounting, from preparing federal returns for users and asks she be ordered to disgorge money made from preparing the returns.
GT, Bloomberg BNA Start Tax Info Program
- Tuesday, 25 April 2017
- Tax
- Written by The Progressive Accountant
A series to help organizations prepare for sweeping tax and regulatory policy changes has been launched by Bloomberg BNA and Grant Thornton. Called “The Future Ready Business: Washington Impact," the series combines BNA’s research and tax and legal news knowledge with the accounting firm’s business-advisory capabilities.
Read more...Filing Drop Hurts Republic Bank's Income
- Tuesday, 25 April 2017
- Tax
- Written by The Progressive Accountant
The decline in the number of returns received by the Internal Revenue Service this year led to a drop in income at Republic Bancorp for the first quarter ended March 31.
Drake Software Kicks off Seminars
- Thursday, 20 April 2017
- Tax
- Written by The Progressive Accountant
Drake Software this week starts its annual seminar series. Held at more than 100 cities across the United States, the events are designed to introduce prospective customers to the Franklin, N.C.-based software company's products.
IRS Seeks IRPAC Members
- Tuesday, 18 April 2017
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service is accepting nominations for members on the Information Reporting Program Advisory Committee. Written nominations to three-year terms must be received on or before May 21.
Read more...Tax Season Still Behind 2016 Levels
- Saturday, 15 April 2017
- Tax
- Written by The Progressive Accountant
If this year's tax season is going to show growth in filings, it will probably be after the filing deadline. That is what happened in 2016 when each week's report lagged the 2015 results until the report for the season through April 22, 2016 when every statistical category showed growth.
Tax Season Improvement: More of the Same
- Monday, 10 April 2017
- Tax
- Written by The Progressive Accountant
It's becoming difficult to find new ways of describing the weekly tax season results released by the Internal Revenue Service. For the season through March 31, results, except for the size of refunds, again remained behind the year ago season through April 1.
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