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...Republic Drops Block Bank Bid
- Tuesday, 08 October 2013
- Tax
- Written by The Progressive Accountant
Republic Bank & Trust has terminated its agreement to buy H&R Block Bank. Republic Bancorp, the parent of RB&T, disclosed its decision this week with an SEC filing. Republic said it notified Block that RB&T was dropping the bid because it had withdrawn applications before the Office of the Comptroller of the Currency.
Liberty Parent: Good Year Despite Issues
- Monday, 30 September 2013
- Tax
- Written by The Progressive Accountant
The reporting of fiscal 2013 results for JTH Holding, the parent of Liberty Tax Service, was delayed by accounting changes demanded by the SEC. But when the recounting was done, JTH had a good year for the period ended April 30 with net income up 8 percent on a 12.5-percent rise in net income.
IRS Case Cites Horse Law
- Thursday, 26 September 2013
- Tax
- Written by The Progressive Accountant
The Justice Department is arguing an 1884 law about horses lost or killed in the Civil War gives it the legal authority to regulate tax preparers. A Reuters account of the action before the U.S. Court of Appeals for the District of Columbia Circuit noted the department's Tax Division used the "Horse Act of 1884" as providing the needed authority.
CCH Intros Tax on Hand
- Wednesday, 25 September 2013
- Tax
- Written by The Progressive Accountant
CCH has introduced CCH Tax on Hand, a mobile application for smaller firms and sole tax practitioners. It provides access to the U.S. Master Tax Guide and a variety of updated content such as the text of the Internal Revenue Code and Treasury Regulations, IRS Rulings.
U.S. Out to Halt Georgia Preparer
- Wednesday, 25 September 2013
- Tax
- Written by The Progressive Accountant
The United States has asked a federal court in Atlanta, to halt a company which has operated a Liberty Tax Service office, from preparing federal income tax returns for others. The action is being taken against Joan Leger, whose company The 1084 Tax Group, operates under the Liberty name.
Judge: Stars Case "Waste of Human Potential"
- Monday, 23 September 2013
- Tax
- Written by The Progressive Accountant
Federal judge Thomas C. Wheeler issued a scathing characterization of the parties in the tax shelter case, as Structured Trust Advantaged Repackaged Securities. Wheeler rejected the claim of a subsidiary of the BB&T Corp. that it was entitled to $660 million in tax benefits via the Stars shelter, and imposed $112 million in penalty.
IRS Disbars West Coast CPA
- Wednesday, 18 September 2013
- Tax
- Written by The Progressive Accountant
A CPA who held licenses in Washington and California has been disbarred, following his conviction of theft for misappropriating funds as the conservator of his daughter's trust account. The action went into effect after an Administrative Law Judge upheld the request of the Internal Revenue Service to prevent David O. Christiansen from practicing before it.
Research: Mobile and Care Act Means Busy Year
- Wednesday, 18 September 2013
- Tax
- Written by The Progressive Accountant
For some time, tax research has been largely about adding new titles to platforms. But in the last two years, the pace has picked up as technology and regulatory change have coincided to accelerate the rate at which new products are introduced. Those events are the simultaneous processes of the move to mobile devices and the implementation of the Affordable Care Act.
Preparer Sentenced to 70 Months
- Monday, 16 September 2013
- Tax
- Written by The Progressive Accountant
A tax preparer based in Durham, N.C., has been given a 70-month term in a federal prison for falsifying tax returns and stealing identities. Leslie Louise Brewster drew the term after pleading guilty to three felonies. She was also order to pay $92,910 in restitution to the Internal Revenue Service.
U.S. Seeks to Shutter S.C. Preparer
- Wednesday, 04 September 2013
- Tax
- Written by The Progressive Accountant
The United States has asked a court to bar Jessica Geddis of Somerville, S.C. from preparing federal income returns for others. Geddis operated from her home and as a tax preparer as MBM Tax and Accounting Services.
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