The Progressive Accountant - Tax (1550)
Children categories
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...Intuit Readies Pro Tax Onslaught
Intuit will debut a wide range products for users of its professional tax applications before tax season. The ancillary offerings include an "intelligent digital organizer" to enable tax pros and their clients to know track missing tax documents and due dates. The plans were outlined during this week's Investor's Day by SVP CeCe Morken, who also noted Intuit's development of a global tax engine aimed at expanding tax services internationally.
DOJ Sues to Shut Tax Franchisor
- Thursday, 25 September 2014
- Tax
- Written by The Progressive Accountant
The Department of Justice has filed eight civil injunction suits in Florida seeking to close regional tax preparation firm LBS Tax Services. The suits allege systematic and pervasive fraud on the part of founder Wainer G. Gachette, seven LBS franchisees and three LBS tax services managers at the 239-store chain.
Read more...Louisiana Preparer Barred
- Sunday, 21 September 2014
- Tax
- Written by The Progressive Accountant
A federal court in New Orleans has barred a La Place, La., woman from preparing federal income tax returns for others. The preparer, Shawanda Nevers, was accused of fabricating expenses for phony businesses and hiking expenses for legitimate businesses.
BNA Updates International Library
- Monday, 15 September 2014
- Tax
- Written by The Progressive Accountant
Bloomberg BNA has introduced what it calls significant enhancements to its Premier International Tax Library. The new release expands the content available from in-country practitioners and includes multiple tools to help research Value Added Taxes and Withholding Tax Rates and quickly compare rates and laws across 114 jurisdictions.
Suit Challenges IRS Right to Collect PTIN Fees
- Tuesday, 09 September 2014
- Tax
- Written by The Progressive Accountant
Two CPAs have filed suit against the Internal Revenue Service claiming its collection of annual fees for Preparer Tax Identification Numbers is not legal. Minnesota CPA Adam Steele and Georgia CPA Brittany Montrois seek to have their litigation certified as a class action suit. The plaintiffs are seeking to have the fees halted and receive refunds on those paid since they were implemented in 2010.
New Jersey Preparer Pleads Guilty
- Tuesday, 09 September 2014
- Tax
- Written by The Progressive Accountant
A tax preparer based in Brick Township, N.J., has pleaded guilty to one-count of aiding and assisting in the preparations of false tax returns. Sharif Mahfouz, age 49, admitted that while he operated as owner of Expat Focus Consulting fabricated or inflated foreign earned income exclusion amounts and foreign tax credits. He then had client refunds mailed to his home after which he forged signatures and deposited them into his company's account.
Read more...Liberty to Offer Kashoo Accounting
Liberty Tax has reached an agreement with online vendor Kashoo to privately label that company's software for its tax customers. As part of a test program, the application will be offered as a recommended product for franchisees under the name Liberty Accounting, according to CEO John Hewitt.
Thomson Starts Research Certificate
- Friday, 29 August 2014
- Tax
- Written by The Progressive Accountant
Thomson Reuters has launched a program designed to teach more research skills to tax professionals. Crafted for entry-level workers and those re-entering the workforce, the Checkpoint Learning Tax Research Certificate Program will require between 34 and 40 hours to complete. Those involved in the program can earn 22 hours of Continuing Professional Education Credits.
North Carolina Preparer Gets 30 Months
- Tuesday, 26 August 2014
- Tax
- Written by The Progressive Accountant
A Durham, N.C.-based tax preparer has been sentenced to 30 months in prison for conspiring to defraud the Internal Revenue Service. Tasha Renee Smith must also serve three years of supervised release and pay $375,578 in restitution to the Internal Revenue Service. She pleaded guilty on April 8.
Convicted Missouri Preparer Also Barred
- Thursday, 21 August 2014
- Tax
- Written by The Progressive Accountant
A St. Charles, Mo., tax preparer who was sentenced to six month in prison earlier this year, has now been barred from preparing federal tax returns for others. William Naes drew the prison term for collecting $150,480 in disability benefits from 2055 and 2013 while still running his tax preparation business.
Most Read
-
-
May 05 2025
-
Written by The Progressive Accountant
In celebration of National Small Business Week, ADP recently gathered…
-
-
-
Jan 26 2025
-
Written by The Progressive Accountant
Explore effective communication strategies for accounting firms to manage client…
-
-
-
Feb 02 2025
-
Written by The Progressive Accountant
Insights into managing remote accounting firms, emphasizing communication, productivity, and…
-
-
-
Feb 09 2025
-
Written by The Progressive Accountant
Explore how accountants are spearheading the transformation of ESG reporting,…
-