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...Wolters Kluwer Name More Visible
- Wednesday, 10 December 2014
- Tax
- Written by The Progressive Accountant
Wolters Kluwer appears to be ending the use of the name CCH in referring to the company in the United States. In a presentation for investors this week, executives referred to the company's unit in this market as Wolters Kluwer Tax & Accounting. This follows the company's making the name of the parent more visible on the web site that features CCH products and Wolters Kluwer Law and Business operations.
IRS Issues Documents in Preparer Program
- Wednesday, 10 December 2014
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service is issuing Records of Completion to tax preparers who have meet requirements of a voluntary program of preparer qualifications. The Annual Filing Season Program Record of Completion enables enable non-credentialed preparers who complete continuing education requirements by December 31 to be included in a web-based directory that will be launched early next year.
ACA, Immigrants to Lift Liberty Tax
- Monday, 08 December 2014
- Tax
- Written by The Progressive Accountant
In what its management says was a highly unusual move, Liberty Tax Service encouraged franchisees to open stores in November. That came as the company expects the Affordable Care Act and President Obama's executive order on immigration to drive millions of new filers into the tax preparation market over the next two years.
Tax Companies Tout Healthcare Help
- Tuesday, 02 December 2014
- Tax
- Written by The Progressive Accountant
Tax preparation services are touting plans that will help customers cope with the Affordable Care Act. In the last month, H&R Block said it is providing free online tools and resources while Liberty Tax Service advised taxpayers to get a healthcare check up and TaxAct said its software generates a personalized HealthWatch report.
Report: Reduced Funding Hurts IRS
- Monday, 24 November 2014
- Tax
- Written by The Progressive Accountant
The reduction of funding for the Internal Revenue Service is hurting the agency, the Internal Revenue Service Advisory Council. said this week. The shortage of funds is causing a loss of staff and caused calls and letters from tax payers to go unanswered, the group said in its report for 2014 which was recently released. And the council also recommended that the IRS be given authority to regulate tax professionals.
Tax Vendors Turn Collaborative Tax
For many years, software publisher in the tax and accounting industry emphasized suites for which they wrote all elements. But they are increasingly allowing other companies to develop applications that work with and extend their applications. It appears likely that the two big vendors in this market—Thomson Reuters and Wolters Kluwer CCH—will rely more on other companies to provide functionality.
Former CPA Draws 36-month Sentence
- Thursday, 13 November 2014
- Tax
- Written by The Progressive Accountant
Jeffrey Deshon Applewhite, also known as Jeffrey Donald Mason, has been sentenced today to 36 months in prison. A former CPA, Applewhite drew the term after he was convicted on April 28, following a five-day trial, on 20 counts of aiding and assisting in the preparation and presentation of false and fraudulent tax returns.
Liberty Launches SiempreTax+
- Thursday, 06 November 2014
- Tax
- Written by The Progressive Accountant
Tax store chain Liberty Tax Service has launched SiempreTax+, a brand focused on the Hispanic community. But the operation will provide more than tax preparation services—will also offer driver's license assistance, notary services and immigration help. The brand is built around "Siempre", the Spanish word for "always".
CCH Drops CDs, XP Support
- Saturday, 01 November 2014
- Tax
- Written by The Progressive Accountant
Wolters Kluwer CCH has become the latest major player to move to download only of its tax product. And the Riverwoods, Ill.-based vendor is also dropping support of Windows XP, something that most other companies have also done as Microsoft has ended support of one of it oldest operating systems.
Louisiana Preparer Gets 87 Months
- Tuesday, 28 October 2014
- Tax
- Written by The Progressive Accountant
A Robert, La.-based tax preparer has been sentenced to 87 months in prison for inflating client's refunds and trying to hide her actions. Hazel M. McGary, 46, also known as Hazel M. Alexander and Hazel M. Kimble, must also serve two years of supervised release following prison and pay the Internal Revenue Service $148,673 in restitution.
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