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...Block Returns Up 6.7 Percent
- Friday, 24 February 2012
- Tax
- Written by The Progressive Accountant
H&R Block says the number of returns its stores have prepared grew by 6.7 percent through February 15, over returns filed for the same period a year ago. That came as the industry trend of rapidly increasing online filing of income tax returns continued. While retail returns rose by 2.1 percent for the reported period, digital returns increased by 16.7 percent.
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TaxAct Revenue Up
- Thursday, 23 February 2012
- Tax
- Written by The Progressive Accountant
TaxAct is expected to have revenue of $36 million to $38 million when its new owner, InfoSpace, reports results for its first quarter ending March 31. That represents two months of revenue, since InfoSpace took ownership of the tax preparation software company. However, InfoSpace executives declined to get specific about performance until they have more time with the new business.
TurboTax Continues to Shift Online
- Wednesday, 22 February 2012
- Tax
- Written by The Progressive Accountant
Purchasers of Intuit's TurboTax are continuing to shift from desktop software to using the company's consumer tax preparation product online. Overall, the company sold slightly more than 14 million units for the second quarter ended January 31, a 10-percent increase as Intuit said it continues to take share in the online market. CEO Brad Smith also said that do-it-yourself products are cutting into the business of some professional preparers.
IRS Sets Out Rules for K-1 Electronic Distribution
- Thursday, 16 February 2012
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service has issued guidance that allows partnerships to send Schedule K-1 to recipients electronically. The guidance, Revenue Procedure 2012-17, describes when these methods can be used and includes the requirement that the partnership must receive the partner's consent before doing so.
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IRS Provides Guidance on Veterans Credit
- Thursday, 09 February 2012
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service has released guidance and forms that employers can use to claim a newly-expanded tax credit for hiring veterans. Employers will also be given more time to file a certification form for employees hired on or after Nov. 22, 2011 and before 2012. Some tax-exempt organizations that hire unemployed veterans during that period are now also eligible for the credit.
NSA Gets IRS CPE Nod
- Wednesday, 08 February 2012
- Tax
- Written by The Progressive Accountant
The National Society of Accountants has been approved as a continuing education provider by the Internal Revenue Service. The IRS sanction means that NSA can offer courses to professionals who are requried to complete 15 credit hours of CPE under the Registered Tax Return Preparer program.The approval also applies to courses for Enrolled Agents who must earn 72 credit hours every three years.
Feds Conduct ID Theft Sweep
- Wednesday, 01 February 2012
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service and the Justice Department has conducted a nationwide sweep to arrest perpetrators of tax refund fraud and identity theft. The agencies said they had targeted 105 people in 23 states and filed 939 criminal charges as part of 69 indictments.
Alabama Preparer Shut Down
- Friday, 27 January 2012
- Tax
- Written by The Progressive Accountant
A federal court has permanently barred Lakeisha Pearson of Birmingham, Ala., from preparing federal tax returns for others. Pearson operated under the names, LGS Tax Service, PositiveEndeavors and AGA Tax Service. Pearson was ordered to provide a copy of the injunction that bars her work to each person for whom she has prepared a federal tax return since Jan. 1, 2008.
Read more...Tax Season Pushes Portal Use
While the average professional tax preparer is not using a cloud-based system this season, the Internet is still having a major impact on tax preparation. And that is because web-based tools, particularly portals, are pushing much of the rest of the process online.
Modernized EFile Shut Down
- Wednesday, 18 January 2012
- Tax
- Written by The Progressive Accountant
The Internal Revenue System shut down the Modernized EFile system yesterday, January 17, on the first day of efiling. The official reason was that the IRS needed to tune the system. It was supposed to be back in operation today, but that had not happened as of this morning, according to a post on a Drake Software blog.
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