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...Software Spurs Wolters Kluwer Growth
Wolters Kluwer attributed a growth in tax software sales for its results for the first half ended June 30. The company, which owns the CCH brand, reported a 2 percent increase in revenue organically, 3 percent in constant currencies, as positive results in North American and the Pacific Rim overcame declines in revenue in Europe.
Tools Help Estimate ACA Credits and Payments
- Monday, 20 July 2015
- Tax
- Written by The Progressive Accountant
The Taxpayer Advocate Service has developed several tools to assist individuals and employers in estimating Affordable Care Act related credits and payments. The service, which operates as an independent organization within the Internal Revenue Service, cautions these tools provide estimates and should be used as a guide in making decisions regarding tax situations.
NSA Authors Tax Practitioner Bill of Rights
- Wednesday, 08 July 2015
- Tax
- Written by The Progressive Accountant
The National Society of Accountants has issued a "Tax Practitioners Bill of 
Rights" in response to the proposed $838 million cut in funding for the Internal Revenue Service. This initiative was developed in the last few months and the NSA hopes the Bill of Rights will establish a timely enactment of tax laws and regulations.
Wolters Kluwer Buys Indirect Tax Specialist
- Wednesday, 01 July 2015
- Tax
- Written by The Progressive Accountant
Wolters Kluwer Tax & Accounting is expanding its presence in the indirect tax market with the acquisition of SureTax. Founded in 2011, Alpharetta, Ga.-based SureTax specializes in the telecommunications and corporate markets. Indirect tax, which is emerging as a global battle ground among software providers, is the kind of high-growth area in which Wolters Kluwers invests.
Committee: IRS Should Provide Taxpayer Self-Service
- Tuesday, 30 June 2015
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service should work with tax software companies to dramatically expand self-service capabilities for taxpayers. In its annual report to Congress this month, the Electronic Tax Administration Advisory Committee recommended the IRS expand a pilot program that enabled taxpayers to determine their refund status within tax software to include an array of services.
Intuit Lays Off 399
- Monday, 29 June 2015
- Tax
- Written by The Progressive Accountant
Intuit says it has laid off 399 people. That compares to about 8,000 full-time employees it reported when its fiscal 2014 ended on July 31. The company says cuts were made across several business and functions. Affected employees will be given the opportunity to apply for jobs elsewhere in the company.
Start Up Developing Web-based Tax Application
Balanced Labs, a start-up company, is developing a cloud-based tax application. Founded by two former Xero executives, Balanced Labs also plans to develop collaboration and workflow tools for accountants, according to a bare-bones website established by the company, which is based in San Francisco, Calif., and Sydney, Australia.
Expenses, Small ACA Impact Hurts Liberty
- Tuesday, 23 June 2015
- Tax
- Written by The Progressive Accountant
A 17.5-percent increase in operating expenses coupled with a write-off of its online software drove net income down by 62 percent for Liberty Tax's year ended July 30. The tax preparation chain also reserved $7.6-million in costs for potential losses from two class action law suits.
Preparer Program Linked to IRS Representation
Almost 44,000 individuals completed the Annual Filing Season Program in 2015. Meanwhile, the Internal Revenue Service linked completing that program and its continuing education requirements to the ability of some tax preparers to represent clients before the IRS.
Avalara Buys VAT Products
- Tuesday, 16 June 2015
- Tax
- Written by The Progressive Accountant
Avalara has acquired VAT Applications, a company based in Belgium that develops the iVAT suite of applications. It is the latest in a series of acquisitions Bainbridge Island, Wash.-based Avalara has made in the indirect tax market. This year, the sales and use tax company has already acquired to specialized indirect tax companies, HotSpot Tax and EZtax.
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