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...Intuit's Smith: We Won Tax Season
Intuit had a killer tax season in both consumer and professional software sales. In an earnings webcast, CEO Brad Smith said, "We succeeded on all fronts" in meeting financial goals, continuing "We won this tax season." The company gained about a 1.5-percentage point gain in market share in the do-it-yourself tax category and the 3-percent gain in professional tax revenue was a strong performance in the slow-growing paid preparer market.
Read more...Intuit Expert Advice to Be Less Human Intensive
Intuit CEO Brad Smith appeared this week to place the company's CPASelect program into the category of something that is useful, but which won't become a major tool. Smith said during the company's earnings webcast for the second quarter that its emphasis is on reducing the number of tax questions consumers have, more than on providing expert help
Virginian Draws 5 Years in ID Theft
- Tuesday, 13 May 2014
- Tax
- Written by The Progressive Accountant
A Virginia woman who stole the identities of tax clients has been sentenced to five years in prison. Sybil Marshall Coles, 45, of Pamplin, Virginia, was sentenced to serve five years in prison for aggravated identity theft and preparing a false tax return. She also must serve one year of supervised release and pay $949,273 in restitution.
IRS: Stopped $590M in EITC Claims in 2013
A pilot program, designed to tax preparers who abused the Earned Income Tax Credit, kept $590 million from being improperly paid out in 2013, according to John A. Koskinen, commissioner of the Internal Revenue Service. Koskinen made the observation recently in written testimony before the Senate Finance Committee.
A First Look at 2014 Tax Software
The 2014 tax season was as uneventful for software as 2013's was marred by problems. So much for that analysis. What tax professionals really want to know if what changes will hit the products they use for the next tax season. Only a few new features are ready for public view, but then again, a substantial number of tax preparers new their software without seeing the new stuff.
Feds Ask Court to Halt Tax Prep Family
- Monday, 05 May 2014
- Tax
- Written by The Progressive Accountant
The United States is seeking to force companies run by a Miami, Fla., man and his two daughters and a son-in-law, out of the tax preparation business. The government is seeking an injunction to stop Lazaro Jesus Toyos from preparing federal tax returns for others. The effort also applies to his daughters, Dilma Toyos Garcia and Shirley Ester Almazan and Shirley's husband, Daniel Almazan.
Liberty and TaxAct Show Filing Gains
Liberty Tax and TaxAct grew the number of returns they received or processed faster than the rate over overall return growth. The two joined Intuit in that category as only H&R Block this year grew at a slower rate than the number of returns efiled with the Internal Revenue Service through April 18.
Los Angeles CPA Convicted for Return Fraud
- Tuesday, 29 April 2014
- Tax
- Written by The Progressive Accountant
A Los Angeles, Calif.-based CPA has been convicted by a jury of 20 counts of aiding and assisting the preparation and presentation of false tax returns. Jeffery Deshon Applewhite, also known as Jeffrey Donald Mason, faces a maximum of three years in prison and fine of $250,000 on each count.
Intuit Says TurboTax Gained Marketshare
Intuit was a winner in this year's consumer tax competition. With the Internal Revenue Service reporting that self-prepared returns were up by 6.5 percent over the 2013 tax season, Intuit said the number of TurboTax efiled returns that were accepted this year were up by 9 percent.
Republic Refund Transfers Boomed
- Monday, 21 April 2014
- Tax
- Written by The Progressive Accountant
Republic Bancorp said its refund transfer business boomed in the first quarter March 31 as the dollar volume or tax refunds processed increased by 77 percent over the year-ago quarter. The company's net income was up 28 percent while refund transfer fees rose by 20 percent.
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