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
Intuit Rev Rec Shifts Pro Revs
The number of Intuit's professional tax customers changed slightly for the last tax season, increasing by 1,000 to 122,000. But, the distribution of revenue from what is now called the ProConnect operations shows the major impact of the tax and accounting software company's decision to recognize all revenue ratably.
Intuit Expanding Data Import
Intuit plans to expand the number of documents whose data can be pulled into tax return software. The software company used its Link portal during the recently ended tax season to aggregate data from W-2s which was then extracted. Intuit plans to extend that capability to 10 commonly used forms, including 1099s, K-1s and 1098s, during extension season, says CeCe Morken, EVP of the company's professional tax business.
Tax Loans Add to Republic Results
The new Easy Advance loan program from Republic Bancorp netted the institution $1.6 million for the first quarter ended March 31. The company brought in $5.2 in interest income from the program, offset by $3.6 million provision for loss on the loans. Meanwhile, the company's refund transfer business rose by 11 percent over the first quarter of 2015.
Six Preparers Plead to Fraud/ID Theft
- Tuesday, 24 May 2016
- Tax
- Written by The Progressive Accountant
Six tax return preparers have pleaded guilty to filing bogus tax returns in a scheme that produced $6,663,976 in fraudulent tax refunds. Four other individuals had previously pleaded guilty and been sentenced for their role in utilizing identification information stolen from the records of hospital patients to file returns through Family Tree Taxes, a tax preparation business based in Miami Gardens, Fla.
Former CPA Gets Seven-month Sentence
- Monday, 16 May 2016
- Tax
- Written by The Progressive Accountant
Thomas D. Ziff, a former CPA who operated a firm in Atlanta, Ga., has been sentenced to seven months in prison for tax fraud. Ziff, who pleaded guilty to the charge in February which stemmed from his theft of about $300,000 from a trust associated with a client's will.
Priming the Pump: Preparing Clients for Services Beyond Tax Prep
- Friday, 13 May 2016
- Tax
- Written by The Progressive Accountant
Every conversation you have with your client about tax issues represents an opportunity to offer financial services by emphasizing your expertise and deepening the
relationship with the client.
Sponsored White Paper
Three Minnesota Preparers Sentenced
- Tuesday, 10 May 2016
- Tax
- Written by The Progressive Accountant
Three tax preparers, who stole identities, filed bogus returns and looted clients' debit cards have been sentenced to prison. The three drew the prison sentences last month for their conviction on charges related to running a fraudulent tax business with multiple storefronts in the Minneapolis, Minn., area. They were part of a group said to have cost the government between $1.5 million and $3.5 million in lost taxes.
Thomson Reuters Kills Agile Tax
- Tuesday, 10 May 2016
- Tax
- Written by The Progressive Accountant
Thomson Reuters has dropped Agile Tax, its online tax preparation system that was designed for the tax-only office. The product was introduced in the summer of 2012 and was built on technology acquired by Thomson when it purchased the former TaxSimple line in August 2010.
Tax Returns Up 1.9 percent
- Sunday, 08 May 2016
- Tax
- Written by The Progressive Accountant
It took until the end of the tax season and slightly beyond, but the number of individual returns filed hit a level many had expected before the season began. The Internal Revenue Service Reported that as of the season ended May 29, there were138,827,000 individual returns filed, an increase of 1.9 percent compared to 136,191,000 for the 2015 season through May 1.
Read more...TaxAct Revs Up, Consumer eFiles Off
Results for Blucora, parent of the TaxAct tax preparation software, were good for the first quarter ended March 31. Proforma revenue, reflecting the purchase of HD Vest, was up by 5 percent. And the company was pleased with results for both consumer and professional software even though consumer efiles were down 9 percent for the tax season ended April 19.
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