The Progressive Accountant - Tax (1550)
Children categories
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 Offers Ask an Expert for Tax Season
- Tuesday, 03 April 2012
- Tax
- Written by The Progressive Accountant
Intuit's Accounting Professional Division is hosting an Ask the Expert series on its Lacerte and ProSeries Live Community web pages through April 13. The series is available Monday through Friday from 10am through 2pm Central Time. The service provides answers to product and general tax questions for users of the two professional tax preparation packages.
IRS Seeks Committee Members
- Friday, 30 March 2012
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service has opened up nominations memberships for the Information Reporting Program Advisory Committee. IRPAC is a federal advisory group that provides recommendations to the IRS on information reporting issues and presents an annual report to the IRS Commissioner each fall.
Read more...
Feds Want to Halt Hoosier Preparer
- Friday, 30 March 2012
- Tax
- Written by The Progressive Accountant
A tax preparation company whose Facebook page a year ago offered free help to clients who felt they were cheated by a competitor has been on the receiving end in the last few months. A federal court has been asked to bar John Newlin, owner of Quick Sam Tax Refund of Gary, Ind., from preparing federal tax returns for others after the Internal Revenue Service said it found 96 percent of the returns prepared by the business had deficiences. Four former Quick Same return preparers have already pleaded quilty to tax-related crimes.
U.S. Seeks Tax Prep Chain Closure
- Wednesday, 28 March 2012
- Tax
- Written by The Progressive Accountant
An Ethiopian immigrant whose tax preparation chain claims to have grown into the nation's fourth largest tax preparation chain, has been sued by the United States. The Department of Justice seeks to shut down Instant Tax Service and the operations of five of its ITS franchises. The government alleges that the franchisor, ITS Financial Group of Dayton, Ohio,, and its owner, Fesum Ogbazion, deliberately ignored "systemic and pervasive fraud" on the part of franchisees.
Â
Â
Â
Read more...Shutdown of Texas Preparer Sought
- Wednesday, 28 March 2012
- Tax
- Written by The Progressive Accountant
The United States has sued tax preparer Joseph Rivas of DeSoto, Texas, alleging that returns he prepared may have defrauded the government of more than $7.8 million. The action seeks to bar Rivas from preparing federal tax returns for others.
Read more...
TurboTax Growth Moderates
- Friday, 23 March 2012
- Tax
- Written by The Progressive Accountant
Intuit got off to a hot start for the 2012 tax season. However, the pace of growth has slowed since it issued filing results in February. When it reported sales through February 13, sales of TurboTax Web sales had risen by 19 percent while desktop unit sales had dropped by 2 percent. The results for the season through March 17 showed Web unit sales up by 14 percent while the desktop numbers were off by 3 percent.
Intuit Reverses Research Downtime Plan
Intuit has reversed its original plan to have Lacerte Tax Research unavailable this weekend as several online functions are shut down for two days of planned computer maintenance. The original schedule would have had the research program not accessible through its standalone or in-program forms for Lacerte from 8 pm PDT Friday, March 23, through 8 pm. PDT Sunday March 25. Lacerte customers will still not be able to download Preparer files that control the program license. ProSeries customers will lose the ability to use online electronic filing status look-ups and ProSeries renewals.
IRS Starts Tax Exempt Search Tool
- Wednesday, 21 March 2012
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service has launched an online search tool, Exempt Organizations Select Check to help users obtain information about tax-exempt organizations. This includes determining federal tax status and filings by visiting IRS.gov.
Read more...Liberty Returns Up 11.5 Percent
- Monday, 12 March 2012
- Tax
- Written by The Progressive Accountant
Liberty Tax Service reports that the number of federal tax return filed through February 29 have risen by 11.5 percent over the same period last year. The company also said that revenue has risen by 8 percent for the same period over totals in 2010.
Read more...
IRS Sending Out Test Results
- Friday, 09 March 2012
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service has begun sending test results to tax return preparers who have taken the new return preparer competency test. The examination is part of a program to provide greater regulation of paid tax return preparers.
Read more...Most Read
-
-
May 05 2025
-
Written by The Progressive Accountant
In celebration of National Small Business Week, ADP recently gathered…
-
-
-
Jan 26 2025
-
Written by The Progressive Accountant
Explore effective communication strategies for accounting firms to manage client…
-
-
-
Feb 02 2025
-
Written by The Progressive Accountant
Insights into managing remote accounting firms, emphasizing communication, productivity, and…
-
-
-
Feb 09 2025
-
Written by The Progressive Accountant
Explore how accountants are spearheading the transformation of ESG reporting,…
-