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...South Carolina Preparers Draw Ban
- Wednesday, 13 February 2013
- Tax
- Written by The Progressive Accountant
Two South Carolina women have been banned from preparing federal tax returns for others. The Justice Department obtained an injunction that permanently bars Rachel D. Watson, of Florence, and Susan Allen of Darlington, S.C., as preparers. The two were also required to send copies of the injunction to any employers for whom they prepared returns since Jan. 1, 2008.
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TaxWorks Shuts Off Blog Comments
TaxWorks has shut off comments on its blog after the company was hit with a flood of negative statements. It was the second time the company halted the ability of users to post complaints about support at www.taxworks.com in a season in which commented about the new TaxWorks tax preparation software continue to stream in. However, users are still detailing their experiences with the new platform on the Facebook page of TaxWorks parent Red Gear Technologies.
Ruling Against IRS Stands, but PTINs OK
- Monday, 04 February 2013
- Tax
- Written by The Progressive Accountant
A federal judge has refused to suspend his injunction barring the Internal Revenue Service from requiring unlicensed tax preparers to pass tests or take continuing education. However, late last week, U.S. District Court Judge James E. Boasberg said the ruling did not affect the IRS requirement for paid preparers to have Preparer Tax Identification Numbers.
Another Instant Tax Franchisee Banned
- Monday, 04 February 2013
- Tax
- Written by The Progressive Accountant
Government action to remove Instant Tax Service franchisees and its parent - which the Justice Department accuses of systemic fraud - from preparing taxes continued this month. A federal court in Kansas City, Kan., permanently barred franchisee A&S Tax Service from operating or preparing federal tax returns for others. A preliminary injunction was entered in Ohio against the parent, ITS Financial, and its owner in November.
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Court Nixes Block Suit Against Intuit
- Thursday, 31 January 2013
- Tax
- Written by The Progressive Accountant
A federal court has rejected the effort by H&R Block to force Intuit to withdraw two TurboTax television advertisements. Block had claimed the ads were misleading and also that Intuit had infringed on the tax store chain's trademark.
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Intuit Starts TurboTax CPA Select
- Tuesday, 29 January 2013
- Tax
- Written by The Progressive Accountant
Intuit has rolled out TurboTax CPA Select, a service that enables consumers to pick a CPA to prepare their tax returns. Consumers can hire CPAs via an Intuit website and have returns prepared for pre-negotiated rates.
Block Sues Intuit: Pros Not Plumbers
- Monday, 28 January 2013
- Tax
- Written by The Progressive Accountant
Three units of H&R Block have filed suit in Missouri federal court alleging that Intuit's TurboTax advertisements infringe on the tax services company's trademark and create a misleading impression of Block's services. The suit was brought by H&R Block Eastern Services Inc., HRB Innovations Inc. and H&R Block Enterprises LLC.
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IRS Asks to Lift Injunction; Preparers Wonder
The Internal Revenue Service and Justice Department are asking for an injunction against tax preparation regulations to be lifted and plan to appeal the ruling of a judge who granted the move. In the meantime, preparers who have become Registered Tax Return Preparers are wondering what is going to happen with the money they paid to register under the program.
TaxWorks Problem Linger
TaxWorks is continuing to draw user complaints about the problems plaguing the rewrite of the company's tax preparation software. And in one post on a Facebook page, on employee acknowledge that TaxWorks has had "a tough start" to this filing season.
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Judge Tosses IRS Preparer Regulation
- Tuesday, 22 January 2013
- Tax
- Written by The Progressive Accountant
A federal judge has permanently blocked the Internal Revenue Service from regulating tax return preparers. The decision by a U.S. District Court for the District of Columbia granted a permanent injunction that would halt the IRS program whose major requirements primarily affect non-credentialed preparers. In response, the IRS immediately stopped enforcing the rules.
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