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...Tennessee Preparer Faces Fraud Charges
- Tuesday, 12 April 2016
- Tax
- Written by The Progressive Accountant
A Nashville, Tenn.-based tax preparer faces a variety of federal charges stemming from alleged fraud on her own tax returns and on those she prepared for clients. Tracy Brown, who operated Total Tax Services, from her residence, has been indicted on six counts of assisting in the preparation of false tax returns, two counts of filing false personal tax returns and one count of obstructing the due administration of the internal revenue laws.
Returns Fall Further Behind 2015
Observers were hoping return totals would rise in the late stages of the tax season. Instead, the number of returns received, processed and electronically filed have worsened over the last three weeks of reports by the Internal Revenue Service. Returns received dropped 1.4 percent to 97,631,000 for the period ended April 1, compared to the corresponding period for tax season 2015 through April 3.
Returns Drop Further Behind 2015
- Monday, 04 April 2016
- Tax
- Written by
The number of tax returns received for the 2016 tax season through March 25 fell by .9 percent from year-earlier figures. And for the season through that period, the number of returns efiled by paid preparers dropped 3.1 percent behind the same period in 2015 while the rate of self-prepared efiled returns also fell, according to the most recent weekly report by the Internal Revenue Service.
Nine Indicted in Alleged Return Fraud
- Tuesday, 29 March 2016
- Tax
- Written by The Progressive Accountant
A Baltimore City Grand Jury has indicted nine individuals associated with a Liberty Tax franchise in the Maryland city. The Maryland Office of the Attorney General alleges they promised residents of homeless shelters, transitional housing and drug rehabilitation centers $50 each to bring returns to be prepared and then used the Earned Income Tax Credit to pump up claimed refunds.
Total Returns; Pro eFiles Slip
After the tax season started with returns at lower levels than in 2015, observers expected results would improve. But total returns remained off from the beginning and then registered only a tiny increase for the period ended March 11. Then for the season through March 18, total returns dropped slightly as did the percentage efiled by paid preparers.
D-I-Y eFiling Accelerates
With the number of returns efiled by professional preparers still lagging the 2015 tax season, those efiled by D-I-Yers accelerated growth over the prior year. The number of returns filed by the pros through March 11 were down by 2.5 percent, the same as in the tax statistics through March 4. But self-prepared efilings moved up by 4.l percent from the corresponding period ended March 13, 2015.
New York Preparer in Trouble Again
- Tuesday, 22 March 2016
- Tax
- Written by The Progressive Accountant
A New York tax preparer who pleaded guilty to filing phony state income tax returns in 2009 has been arrested on new tax charges. Steve Sabba, 58-years old of Yorktown Heights, N.Y., has been accused of not filing his personal income tax return for 2014 and misrepresenting his income in 2012, according to the New York Office of Taxation and Finance. He has pleaded not guilty.
Mo Money Preparers Plead Guilty
- Monday, 14 March 2016
- Tax
- Written by The Progressive Accountant
Two preparers who worked at Mo Money Tax stores in the Richmond, Va.-area have pleaded guilty to tax return fraud. The pleas by Jeremy Blanchard, 35, and Erik Pittman, 35, both of Memphis, Tenn., this month are the latest in actions against those involved in Mo Money, which had as many as 300 stores in 18 states before the courts barred the chain's owners from preparing federal taxes for others or being involved in owning a tax business.
Returns Rise for First Time over Last Year
The number of tax returns received by the Internal Revenue Service was higher for the week ended through March 4, compared to the season through March 6 a year ago. It was barely higher as the total was .1 percent more than in the corresponding period in 2015. But it was the first time that total returns received topped the 2015 figures out of the five weekly reports issued by the IRS during this tax season.
Block Returns, Revs Down
H&R Block executives would not directly comment about the impact of the company's $1,000 a day to 1,000 people in the early part of the tax season. Certainly, results for the company's showing returns off by 6.1 percent for Block's fiscal year to date for the period ending February 28 was not what it had hoped.
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