The Progressive Accountant - Tax (1550)
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Tax 1537
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
View items...Free Filers Can Use Mobile Devices
- Friday, 03 February 2017
- Tax
- Written by The Progressive Accountant
Taxpayers who utilize the Internal Revenue Service's Free File program can now use smart phones and tables to prepare and file federal and state tax returns. The IRS and companies which offer use of their software for free have implemented a design that supports desktops, laptops, mobile phones and tablets.
Practice Aids Move into Deskbooks
- Saturday, 28 January 2017
- Tax
- Written by The Progressive Accountant
Thomson Reuters is making its Interactive Practice aids are being incorporated into Checkpoint PPC Tax Deskbooks. Practice Aids can be accessed from inside Checkpoint and saved to a Checkpoint folder. They can also be exported.
IRS Warns of W-2 Phishing Scam
- Friday, 27 January 2017
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service is warning of an email in which scammers use corporate officers' names to request W-2 forms and personnal information about employees. The IRS says this is the second time this particular phishing expedition has been seen.
Tax Season—Land of the Free
Tax season kicked off this week with an emphasis on free. This free tax preparation and filing for do-it-yourselfers with simple returns. It also starts with some high-profile advance and loan products, of special interest for those whose tax refunds are being held until mid-February.
TaxAct, Block App, Offer Pro Connections
- Tuesday, 17 January 2017
- Tax
- Written by The Progressive Accountant
TaxAct can now connect its software customers with tax professionals. The capability has been added through integration with Taxfyle, a tax and accounting marketplace. Similarly, H&R Block has introduced TaxEdge, to link users of Everlance and Hudir, which provide tracking and reporting income and expenses for freelancers, with Block preparrs.
IRS Issues eMail Scam Warning
- Thursday, 12 January 2017
- Tax
- Written by The Progressive Accountant
Tax agencies are warning professionals about scam emails from people posing as clients soliciting their services. Accounting and tax preparation firms are being solicited nationally in an attempt to collect information for preparing fake returns.
N.J. Preparer Draws 37-Month Prison Term
- Tuesday, 10 January 2017
- Tax
- Written by The Progressive Accountant
A Toms River, N.J.-based tax preparer has been sentenced to 37 months in prison pocketing refunds she sought without her client's permission. Doreen Gentile has also been ordered to pay $1,863,013 in restitution. She also admitted failing to pay taxes for her business from 2006 through 2009.
IRS: Four of Five Returns to Be eFiled
- Friday, 06 January 2017
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service expects four out of five returns submitted during the tax season that kicks off on January 23 to be efiled. The agency also predicts a similar proportion of refunds issued through direct deposit.
California Preparer Pleads Guilty
- Monday, 02 January 2017
- Tax
- Written by The Progressive Accountant
An El Cajon, Calif.-based tax preparer has pleaded guilty to preparing returns that cheated the Internal Revenue Service of more than $1.2 million. Marla Cunningham, age 50, ower of Cunningham's Tax Service admitted to preparing bogus returns between 2008 and 2010.
TurboTax Self-Employed Introduced
- Thursday, 22 December 2016
- Tax
- Written by The Progressive Accountant
Continuing its efforts with self-employed individuals, Intuit has introduced TurboTax Self Employed. The new application integrates with QuickBooks Self-Employed which provides expense tracking.
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