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...IRS Releases Video on Stopping ID Theft
- Thursday, 14 January 2016
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service has released the first in a series of YouTube videos, designed to help taxpayers protect tax and financial data. Part of this year's Security Summit effort to combat identity theft and refund frauds, the first video includes tips from four state officials.
Filing Fraud: Tax Season's Hot Issue
This year, everything gets tighter as governmental agencies, software vendors and tax preparers attempt to stem the flood of fraudulently filed income tax returns. The major efforts discussed publicly are requiring more information from taxpayers to prove that they are who they claim to be, along with the use of stronger passwords.
Louisiana Preparer Draws 57-month Sentence
- Monday, 11 January 2016
- Tax
- Written by The Progressive Accountant
A Monroe, La.-based tax preparer, Richard Allen Scott, has been sentenced to 57 months in prison for filing more than 50 false tax returns. Scott, age 38, used a variety of techniques to reduce taxes owed by more than $338,380, which he has been order to pay back. He must also serve one year of supervised release.
Abramson: Reorg to Focus Wolters Kluwer Efforts
The reorganization of the Wolters Kluwer Tax & Accounting business will enable the company to better serve firms that have small businesses as clients. And the combination of the organizations that offer the CCH-branded and TaxWise and ATX tax software lines will mean the company can better focus its development spending on all tax applications, Karen Abramson, CEO of Wolters Kluwer Tax & Accounting, said this week.
Mackintosh Leaves, Marx Takes over in Wolters Kluwer Reorg
- Wednesday, 06 January 2016
- Tax
- Written by The Progressive Accountant
Teresa Mackintosh has left Wolters Kluwers as the company reorganized its tax and accounting business. Jason Marx, formerly head of the company's CCH Small Firm Services unit, has taken over as CEO of the new Tax and Accounting North America, which combines SFS with the group that markets the CCH ProSystem and Axcess lines.
IRS Extends ACA Reporting Deadlines
- Wednesday, 30 December 2015
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service has extended due dates for health plan and employer reporting requirements under the Affordable Care Act. Notice 2016-4 applies to IRS Forms 1094-1094-B, 1095-B, 1094-C, and 1095-C under what was termed transition relief.
IRS Drops Standard Mileage Rate
- Tuesday, 22 December 2015
- Tax
- Written by The Progressive Accountant
Standard mileage rates for 2016 are going the same way gasoline prices have gone in the last few months—down. The Internal Revenue Service has lowered rates for personal vehicles to 54 cents per business mile driven, down from 57.5 cents for 2015. The rate for medical or moving purposes will drop 19 cents per mile as of January 1, down from 23 cents this year.
Former New Orleans Preparer Guilty of ID Theft
- Monday, 21 December 2015
- Tax
- Written by The Progressive Accountant
A former tax return prepared based in New Orleans, La., has pleaded guilty to stealing identifications to file tax returns and receiving $577,000 in refunds in others' names. Donald Stewart, age 59, pleaded guilty to one count of theft of public funds and one count of aggravated identity theft, admitting he used IDs such as names and Social Security numbers of individuals to file returns and claim refunds without their approval.
IRS Seeks Early Payroll Tax Contact
- Tuesday, 15 December 2015
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service has launched a program called the Early Interaction Initiative, designed to more quickly identify employers who are falling behind on their payroll or employment taxes. The IRS said the initiative is designed to help employers stay in compliance and avoid interest and penalty charges.
Sales Tax Specialist Must Pay $20.4M
- Monday, 14 December 2015
- Tax
- Written by The Progressive Accountant
A 34-year old Alexandria, Va., man has been ordered to pay $20,427,688.03 in restitution to victims in a case in which he submitted false sales tax refund claims to government agencies. Sean M. Weaver was sentenced to five years 11 months in prison after he pleaded guilty to mail fraud and money laundering.
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