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

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Tangible Expensing Threshold to Hit $2,500

John Koskinen, Internal Revenue Service The Internal Revenue Service has raised the safe harbor threshold for expensing some capital items to $2,500 from $500. The change affects businesses that do not maintain audited financial statements and applies to qualifying items substantiated by an invoice. The threshold takes effect in tax year 2016.

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CCH iFirm Bundled with ATX, TaxWise

WJairam Padmanabhan, Wolters Kluwer, CCH Small Firm Services olters Kluwer, CCH Small Firm Services has released product bundles for its cloud-based practice management system and two tax preparation software packages. The practice management element can now be purchased with TaxWise and with two bundled versions of the company's ATX applications.

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TaxAct Opens Pro Preparer Site

Tax software vendor TaxAct has opened TaxAct ProAdvance, an online resource center for professional tax return preparers. The company describes the site as a "one-stop shop for a multitude of resources from best-in-class product and service providers." Vendors featured include Biz2Credit and SurePayroll and HD Vest Investment Services, the latter purchased recently by TaxAct's parent, Blucora.

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Liberty Franchisee Barred from Tax Prep

justiceA man who operated Liberty Tax Service franchise stores in Detroit, Mich., and Chicago, Ill., has been prohibited from working as a return preparer and from owning, operating of profiting from such businesses. The Internal Revenue Service says Syed N. Ahmed, who operated at least 10 Liberty locations, cheated the government out of $2.8 million.

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Thomson Introduces Onvio Cloud Suite

Jon Baron, Thomson ReutersThomson Reuters has begun rolling out Onvio, its web-based suite for tax and accounting professionals. The company is positioning Onvio as the next generation product line for users of its Professional Suite. Some products already available, although no date has been given for the debut of a tax product.

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TaxWise Integrates with CCH iFirm

TaxWiseTaxWise been integrated with CCH iFirm for the 2015 version of the tax preparation software. The newest edition of TaxWise also offers automated tax forms and schedules and new security measures. Both the tax and practice management applications are products from Wolters Kluwer, CCH Small Firm Services.

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Thomson Offers Health Care Checklist

Ken Koskay, Thomson ReutersThomas Reuters has published the Checkpoint Learning Health Care Consulting Checklist. The checklist covers issues affecting large and small employers, as well as individuals. It is designed to assist in identifying issues and opportunities with a client's health care coverage readiness.

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IRPAC Urges Steps on Business ID Theft

IRSSteps must be taken to curb business ID theft, the Information Reporting Program Advisory Committee said this week in its annual report. In a letter to John Koskinen, commissioner of the Internal Revenue Service the committee said cutbacks in funding for the Internal Revenue Service had harmed the effort to halt business ID theft as the IRS put its emphasis on the same issue for individual taxpayers.

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New Tax Research Tool, CCH CodeConnect, Readied

Josh Braunstein, Wolters KluwerWolters Kluwer is launching a major new tool for researching within its CCH Intelliconnect research platform. The product, CCH CodeConnect, will be rolled out in December to IntelliConnect subscribers and is designed to provide what the company describes as providing not just information via a search but actionable information.

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Third Annual Firm Survey Launched

Leslie Garrett, Insight Research GroupThe Third Annual Accounting Firm Operations and Technology Survey has been launched. The survey, which will remain open through December 15, asks a wide range of questions about firm operations, including technology products used, services offered and issues firms identify for managing their businesses.

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