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...IRS To Limit Direct Deposits
- Wednesday, 09 July 2014
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service will limit the number of refunds that can be electronically deposited to a financial account of pre-paid debit card. The New IRS procedures limiting the number to three take effect in January 2015 as part of an effort to combat fraud and identity theft.
Courts Bars Mississippi Preparer
- Monday, 07 July 2014
- Tax
- Written by The Progressive Accountant
A federal court has permanent barred a Mississippi woman and her Jackson, Miss.-based firm from preparing federal tax returns for others. An injunction has been placed on Kavivah Branson, aka Kavivah Bradley, of Clinton, Miss. The action stemmed from an audit by the Internal Revenue Service which found 97 percent of returns examined understated clients’ tax liabilities by an average of $5,006.
Read more...Alabama Preparer Charged in ID Fraud
- Thursday, 03 July 2014
- Tax
- Written by The Progressive Accountant
An Alabama tax preparer has been indicted for allegedly using stolen identifications to prepare and file tax returns. The preparer, Teresa Floyd, has been charged with several counts of wire fraud and aggravated identity theft. The indictment also seeks a forfeiture of $320,397 by Floyd.
Read more...IRS Outlines Preparer Program
- Tuesday, 01 July 2014
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service is moving a head with a voluntary program that it says is designed to encourage education "and filing season readiness for paid tax return preparers." The program is moving ahead in the face of opposition from the American Institute of CPAs which this month declared the program is not lawful.
IRS Revises Offshore Programs
- Wednesday, 25 June 2014
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service has made major revisions to its offshore voluntary compliance programs. The changes expand the streamlined filing compliance procedures introduced in 2012 and important modifications to the 2012 Offshore Voluntary Disclosure Program and expand the program to cover more American taxpayers who have unreported foreign financial accounts.
Liberty to Sell Company-owned Stores
Liberty Tax Service plans to sell all company-owned stores to franchisees before next season, one of several major moves planned by the tax store chain that were discussed recently as the company's parent, JTH Holding, reported results for the year ended April 30. JTH executives also said the parent will be renamed Liberty Tax and that a public offering is planned.
Ohio CPA Pleads on Tax Charges
- Tuesday, 17 June 2014
- Tax
- Written by The Progressive Accountant
A CPA based in Dayton, Ohio, faces a maximum of six years in prison for preparing tax returns for the business people associated with the Cadillac Ranch restaurants that failed to report income. Larry Couchot faces three years and $250,000 in fines on each of two charges of preparing false individual tax returns.
Block: EITC Fraud Aids Shift to DIY
- Tuesday, 17 June 2014
- Tax
- Written by The Progressive Accountant
The failure to go after fraud in the tax software arena is a big part of gains by the do-it-yourself preparation business, H&R Block CEO Bill Cobb said in a recent earnings webcast. In reporting the tax store chains’ results for fiscal 2014, Cobb said that this year’s growth in D-I-Y filing came because the effort to prevent fraud involving the Earned Income Tax Credit is different for assisted returns.
CCH Releases QuickAnswers
- Wednesday, 11 June 2014
- Tax
- Written by The Progressive Accountant
CCH has introduced a new way to reach frequently sought content in its tax research platform with the addition of QuickAnswers. The new functionality comes through access to complied answers to more than 2,000 questions most often researched via the company's IntelliConnect platform.
Thomson Rolls Out Catalyst Library
- Monday, 09 June 2014
- Tax
- Written by The Progressive Accountant
Thomson Reuters has introduced Checkpoint Catalyst, a major new library on its tax research platform. The introduction includes new content, but there have also been enhancements to the platform itself such as improvements to searches which will operate with a great deal more intelligence.
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