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...Professional Help Not Reaching Intuit Goals
Intuit's highly publicized use of tax professionals to advise its TurboTax customers has not met the goals of CEO Brad Smith. In the company's recent earnings webcast about financial results for fiscal 2013, Smith said the program would have significant changes for the next tax season. Given the attention that Intuit gave the program, any change would be a significant about face.
Intuit Pro Tax Biz Gained Users for 2013 Season
- Wednesday, 22 May 2013
- Tax
- Written by The Progressive Accountant
Intuit's professional software business, which had seen little user growth for a few years, has increased the number of customers during the last two tax seasons. This year, the number of professional customers reached 121,000, up from 119,000 for tax season 2012 and 117,000 for the 2011 tax season.
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IRS Refunding Preparer Test Fees
- Tuesday, 21 May 2013
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service is refunding fees for those who registered for the tax return preparer test. The tests were cancelled after a court ruled the IRS had no legal authority to require registration of certain paid professionals under its registered tax return preparer program.
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Alabama Preparer Draws Four-year Sentence
- Monday, 20 May 2013
- Tax
- Written by The Progressive Accountant
An Alabama tax preparer has been sentenced to 48 months in prison and order to pay restitution of $721,519.12 for her role in the use of stolen identifies to obtain millions of dollars in tax refunds. Larreka Jackson pleaded guilty to one count of conspiracy to file false claims and one count of aggravated identity theft in January.
Tax Software Issues Spur Watchdog Group
- Thursday, 16 May 2013
- Tax
- Written by The Progressive Accountant
TaxWorks users who banded together to deal with disasters with that software package have reformed to deal with issues facing professional tax preparers. Called Tax Preparers Watch Group, the organization is seeking to enlist anyone interested in dealing with software and governmental issues, indeed, any issues common to the tax preparation profession.
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Read more...Georgia Tax Preparer Shut Down
- Tuesday, 14 May 2013
- Tax
- Written by The Progressive Accountant
Larry J. Heath, a Cartersville, Ga.-area tax preparer, has agreed to a civil injunction that bars him from preparing federal tax returns for others. The injunction also applies to Heath's businesses, Heath & Hames Income Tax and Heath's Income Tax II. A case against his brother, Andrew Heath, is pending.
Liberty Filings Beat Block; Trail Software
- Friday, 10 May 2013
- Tax
- Written by The Progressive Accountant
Liberty Tax Service reported that the number of tax returns filed by its network through April 17 were up 3 percent over a year ago. That beat far-bigger rival, H&R Block, whose filing numbers were flat. But it trailed the 8-percent increase registered by TaxAct and 4-percent rise for Intuit's TurboTax. However, the overwhelming part of Liberty Tax's growth came from increased online filing, not from its stores.
California Tax Preparer Agrees to Ban
- Monday, 06 May 2013
- Tax
- Written by The Progressive Accountant
A tax preparer based in Gardena, Calif., has been permanently barred from preparing federal income tax returns and other tax-related documents for others. Simon Jenkins, who operated under the name, Jenkins Tax Service, had already pled guilty to one count of aiding and assisting in the preparation and presentation of false income tax returns.
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TaxAct Filings Outpace Competitors
The number of returns efiled via TaxAct outpaced major competitors for the recent tax season. The number of returns filed via the software, which is owned by Blucora, is still small compared to Intuit's 26.5 million returns filed via TurboTax and 22 million prepared by H&R Block. But TaxAct's numbers were up 8 percent while Intuit returns rose only 4 percent and Block's total was flat when compared to the 2012 tax season.
L.A. CPA Gets 24-Month Sentence
- Monday, 29 April 2013
- Tax
- Written by The Progressive Accountant
A CPA formerly based in Los Angeles has been sentenced to 24 months in prison after pleading guilty to conspiracy to defraud the United States. Masood Chotani also drew one year of supervised release in addition to prison time after admitting he used the names and Social Security numbers of deceased individuals to file tax returns with the Internal Revenue Service. Chotani was arrested after being a fugitive for three years in Pakistan.
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