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...Court Bars Two Louisiana Preparers
- Tuesday, 01 November 2011
- Tax
- Written by The Progressive Accountant
A federal court has permanently barred two Louisiana residents from preparing federal tax returns for others. The court in the Middle District of Louisiana has permanently barred Cynthia Peters and Melissa Edwards after finding that the women and their business, Jasmine's and Melissa's Tax Service, prepared returns that fabricated income and created bogus losses and expenses so that their customers would qualify for the earned income credit.
Block Returning to Walmart
- Tuesday, 01 November 2011
- Tax
- Written by The Progressive Accountant
H&R Block is going to provide tax preparation services in about 300 Walmart stores starting next month. The company made the announcement that it is moving into a chain where Jackson Hewitt has provided such services. Jackson Hewitt had replaced Block at the giant chain to get the tax preparation franchise there. Meanwhile, Jackson Hewitt says it is expanding its operations in Walmart stores.
Intuit Changes Research Search Engines
- Friday, 21 October 2011
- Tax
- Written by The Progressive Accountant
Intuit has changed search engines for its tax research products. The company has adopted Google for search within the tax research platform, a switch that was made very recently for Tax Research for both Lacerte and ProSeries users. Intuit's content is provided by BNA.
IRS Opens 2012 PTIN Renewal
- Friday, 21 October 2011
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service has begun accepting applications for renewals of Preparer Tax Identification Numbers for the 2012 filing season. Preparers must renew before next year begins.
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CCH Unit Bundles Refund Methods
- Wednesday, 19 October 2011
- Tax
- Written by The Progressive Accountant
CCH Small Firm Services has combined three refund disbursement methods into a new program called 3Fund. 3Fund gives preparers an option of providing refunds to clients via a printed check, a prepaid MasterCard Debit Card or direct deposit.
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Internet Taxation Spreading: CCH
- Wednesday, 19 October 2011
- Tax
- Written by The Progressive Accountant
More online retailers are collecting sales and use taxes as efforts growth at the federal and state level to impose the levies, according to CCH. The company's review of online nexus rules also noted that another factor is online retailers seeing such taxation as inevitable.
Court Shuts Down N.J. Preparer
- Tuesday, 18 October 2011
- Tax
- Written by The Progressive Accountant
A federal court has permanently barred Luvander Hollaway of Newark, N.J. from preparing federal tax returns for others. Hollaway was acccused of falsifiying reported income and listing fake dependents so his customers could claim the maximum earned income tax credit. Hollaway consented to a civil injunction order.
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U.S. Seeks to Halt Floridian's Tax Scheme
- Thursday, 13 October 2011
- Tax
- Written by The Progressive Accountant
The United States has sued Judy Grace Sellers, a tax preparer based in Chipley, Fla., to bar her from promoting fraudulent tax refund claims. Her customers have filed for $6 billion in refunds based on the "Secured Party Creditor" agreement, which the Internal Revenue Service says is part of a frivolous tax return argument.
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IRS Names Advisory Committee Members
- Thursday, 13 October 2011
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service has named five new members to the Electronic Tax Administration Advisory Committee, including representatives from the nation's two largest tax preparation chains. And one of them, Mark Steber of Jackson Hewitt Tax Service, has been elected as ETAAC chairman for 2011-2012 by committee members.
AICPA Opposes Proposed IRS Fees
- Friday, 07 October 2011
- Tax
- Written by The Progressive Accountant
The American Institute of CPAs says fees proposed for individuals required to take competency exams would burden small and medium-sized firms. In testimony before the Internal Revenue Service this week, the AICPA was also concerned about the proposed fingerprinting of supervised non-signing, non-licensed staff.
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