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...Drake Launches Online Tax Package
- Monday, 10 December 2012
- Tax
- Written by The Progressive Accountant
Drake Software has introduce Drake Zero, an Internet-based tax preparation application, which offers multi-site licensing and pay-as-you-go return preparation. Each return includes as many state returns as needed, as well as e-filing and printing.
Justice Seeks to Shut Down Early Bird Preparer
- Wednesday, 05 December 2012
- Tax
- Written by The Progressive Accountant
The Department of Justice has asked a federal court to shut down a tax office in Nashville, Tenn., that allegedly prepared returns before tax season started. An injunction is being sought against Mo' Money Taxes licensee Toney Fields and co-defendant, Trumekia Shaw, who allegedly prepared tax returns based on pay stubs. It was only the latest in a string of problems and allegations surrounding the Mo Money tax preparation chain.
Franchise Sales, Timing, Hurt Liberty Tax Revs
- Tuesday, 04 December 2012
- Tax
- Written by The Progressive Accountant
A drop in sales of territories to existing franchisees cut revenue for JTH Holdings, the parent of Liberty Tax, during the second quarter ended October 31. Revenue fell to $7.3 million in the most recently ended quarter, down 17 percent from $8.8 million a year ago. That was despite the fact that there were 197 new franchisees during the quarter, up 27 percent from a year earlier.
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Court Shutters Florida Preparer
- Tuesday, 20 November 2012
- Tax
- Written by The Progressive Accountant
A federal court has barred a Broward County, Fla., man from preparing federal tax returns for others. Jayvon Copeland, the preparer, consented to an injunction without admitting allegations in a civil complaint, but had already pleaded guilty of conspiracy to defraud the United States in a criminal case. The court also shut down two related tax businesses - Taxologists and Taxes in Miami Gardens.
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Advisory Group: Delay Tax Refunds to Verify Identity
- Thursday, 15 November 2012
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service should consider delaying the delivery tax refunds until taxpayers' identities are verified to combat identity theft, an advisory committee has recommended. In its 2012 annual report, the IRS Advisory Council said that for filers getting refunds in January, the IRS should consider issuing 25 percent of the refund and then send the rest only after ID verification.
Thomson to Intro Client Tax Centers
Thomson Reuters plans to introduce next year a centralized tax center that firms can offer their clients. That was one of the plans outlined this week as the company's Tax and Accounting business held its Synergy user conference.
Tax Firm Owner Pleads Guilty
- Monday, 05 November 2012
- Tax
- Written by The Progressive Accountant
The owner of a tax preparation firm that operations locations in Alabama and Georgia has pleaded guilty to charges of conspiring to defraud the United States and filing false tax returns. Bruce King, who owns Premier Tax, is one of nine people associated with Premier Tax to have been convicted of crimes involving phony returns. On Thursday, Vonecia Orum, a preparer who worked at the company, pleaded guilty to delivering false tax returns to the Internal Revenue Service.
Instant Tax Draws Preliminary Injunction
- Thursday, 01 November 2012
- Tax
- Written by The Progressive Accountant
Instant Tax Service, which claims to be the fourth-largest tax preparation chain, has consented to a preliminary injunction that bars it from preparing false returns or offering phony loans. A trial on the government's effort to shut down the operation is scheduled to begin on May 20 in Dayton, Ohio.
Preparers Among 40 Charged in ID Theft Dragnet
- Wednesday, 17 October 2012
- Tax
- Written by The Progressive Accountant
Liberty Joining Block in Wal-Mart
- Wednesday, 10 October 2012
- Tax
- Written by The Progressive Accountant
Liberty Tax Service is moving into Wal-Mart to join H&R Block, which is dramatically expanding its presence in that chain after it and Sears parted company. Liberty said it will have offer tax preparation services in more than 300 Wal-Mart stores next tax season.
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