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...West Virginia CPA Indicted
- Tuesday, 24 March 2015
- Tax
- Written by The Progressive Accountant
A CPA operating in Morgantown, West Va., has been indicted for tax fraud. CPA Gregory N. Cason, 45, was indicted this month on one count of conspiring to defraud the Internal Revenue Service and in conspiring to prepare and file false tax forms. Besides the conspiracy charge, he was also indicted on two counts of preparing and filing bogus tax returns.
IRS to Stay Out of Direct Filing
- Wednesday, 18 March 2015
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service has agreed it will not provide its own direct tax return filing. That is one of the provisions of a five-year agreement between the Free File Alliance and the IRS. The parties said the agreement could lead to improvements such as the importing of prior-year information, along with additional options for free state tax returns.
Block Spent $12M Buying Tax Firms
H&R Block has spent about $12 million in acquisitions that primarily include independent tax preparation firms during fiscal 2015. That is in addition to the $100 million spent to acquire 351 franchised Block locations as part of a plan to pick up 650 offices sold to franchisees in the last few years. The numbers were outlined during a recent webcast for financial results for the third quarter ended January 31.
Trend Continues: D-I-Y Tax Returns Rise
- Thursday, 05 March 2015
- Tax
- Written by The Progressive Accountant
The number of returns efiled by tax professionals has dropped while the number of self-prepared returns continued to rise. Those are the results shown by statistics released this week by the Internal Revenue Service. The numbers cover the filing season through February 27 this year, compared to the period ended February 28 last year.
Two Miami Preparers Sentenced
- Tuesday, 03 March 2015
- Tax
- Written by The Progressive Accountant
Two tax preparers and one of their clients, all from the Miami, Fla., area, have drawn sentences for a tax fraud scheme in which the preparers charged a fee of 30 percent of inflated refunds. The preparers Claudia Zuloaga, 43, and Sharon Elizabeth Angulo, 49, were each sentenced to five years in prison and each was ordered to pay $1.5 million in restitution to the United States.
Avalara Buys Hotspot Tax
- Tuesday, 03 March 2015
- Tax
- Written by The Progressive Accountant
Avalara has acquired Hotspot Tax, which markets tax compliance products for the vacation rental industry. Terms were not disclosed. Hotspot will be operated under the name Avalara MyLodge and marks the continued movement of the Bainbridge Island, Wash.-based sales-and-use tax vendor into specialized tax markets.
Intuit Battles New TurboTax Charges
Intuit's issue with publicity surrounding fraudulent efiling of state tax returns prepared via TurboTax took a new turn this week. The company is denying claims by two former employees that it put profits ahead of ethics. The Mountain View, Calif.-based company flatly denied the charges, saying it has been vigorous in combating fraud.
Read more...Results Disappoint Liberty Tax
- Tuesday, 24 February 2015
- Tax
- Written by The Progressive Accountant
Results for the tax season through February 13 disappointed Liberty Tax Service. The Virginia Beach, Va.-based tax store chain said this week that the company and its franchises saw a slight drop in the number customers compared to the same period in the 2014 tax season, although system-wide revenue was up.
Intuit Buys Encryption Business
Intuit has acquired Porticor, an Israeli company that makes encryption products for cloud-based applications. The deal was concluded on February 2, days before Intuit faced widely publicized fraud with efiling of some TurboTax state returns. Intuit said the problems, which halted some state filing for one day over February 5 and 6, did not occur from a breach or its tax process
TurboTax Strong Despite Bad Publicity
Results of current tax season shows that despite some giant headaches hitting Intuit the last two weeks, they have not bothered the company's booming online business. The number of TurboTax units sold through February 14 were up 11 percent with the number of TurboTax Online units rising by 19 percent while sales of QuickBooks Online continued to boom.
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