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
Court Bars Three Florida Preparers
- Monday, 27 March 2017
- Tax
- Written by The Progressive Accountant
Three Florida preparers, alleged to have cost the federal government millions in lost taxes, have been barred from preparing federal income tax returns for others. The three are accused of fabricating or exaggerating deductions and tax credits clients were not eligible to take.
Preparer Accused of S Corp Abuses
- Monday, 20 March 2017
- Tax
- Written by The Progressive Accountant
A Kansas City, Kan., area tax preparer have been accused of utilizing S corporations to file fraudulent tax returns. The government wants to shut down the tax business Everett Bias and his company Integrity Solutions Tax Consultants for a variety of alleged abuses, saying 117 of 130 returns examined had abuses.
Tax Season Turns Slowly Better
- Monday, 20 March 2017
- Tax
- Written by The Progressive Accountant
Each week in tax season so far has produced an improvement in filing results. The statistics the Internal Revenue Service released for the season through March 10 followed the same pattern with total returns received now 6.8 percent behind last year's comparable period ending March 11, a improvement of 1.5 percentage points.
Filing Season Crawls Along
- Monday, 13 March 2017
- Tax
- Written by The Progressive Accountant
The story of the 2017 tax season has been one of catching up with 2016 figures. And with the release of statistics for the tax season through March 3, the numbers for most categories reported by the Internal Revenue Service are finally less than double digits behind last year.
Read more...IRS Seeks ETAAC Nominations
- Monday, 13 March 2017
- Tax
- Written by The Progressive Accountant
The Internal Revenue Services is asking for nominations of individuals to serve on the Electronic Tax Administration Advisory Committee. The three individuals selected will begin three-year terms in September. Applications are being accepted through April 27.
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.
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