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...Committee Wants Greater eFiling Security
The Electronic Tax Administration Advisory Committee is urging the Internal Revenue Service to take steps to provide greater e-file security and to increase return accuracy. Those were among the recommendations the committee delivered in its annual report to Congress. It also wants legislators to fully fund the Modernized eFile program before the IRS undertakes any technology initiatives.
Read more...Mobile Remains Hot Button in Research
What tax research services to provide on mobile devices and how to provide them remains the hottest area for vendors offering these applications to tax professionals. But whatever direction the providers take, it's clear that resources available via notebooks and smartphones will expand dramatically this year.
Cat Lady Gets Partial Win over IRS
- Wednesday, 15 June 2011
- Tax
- Written by The Progressive Accountant
A woman who claimed a tax deduction for foster care for wild cats in her home - as many as 70 to 80 at a time - has won a partial victory over the Internal Revenue Service. The IRS had disallowed Jan Elizabeth Van Dusen's deduction of $12,068 as a charitable contribution on her 2004 tax return.
NSA Offers Tax Exam Review
- Tuesday, 31 May 2011
- Tax
- Written by The Progressive Accountant
The National Society of Accountants has launched a self-study Registered Tax Return Preparer Exam Review Course. The course is designed to enable those who must pass an exam from the Internal Revenue Service in order to demonstrate competency in preparing fedral tax returns.
ArkWorks Free in Two TaxWorks Bundles
- Tuesday, 17 May 2011
- Tax
- Written by The Progressive Accountant
RedGear Accounting is offering its ArkWorks for free along with two of the three versions of its 2011 TaxWorks tax preparation software. The company is bundling the document management package with the Gold and Platinum version of TaxWorks, but not with the Silver edition.
AICPA Wants eFiling for S Corp Form
- Tuesday, 10 May 2011
- Tax
- Written by The Progressive Accountant
Small businesses should be able to efile the form required for electing S corporation status, according to the American Institute of CPAs. The AICPA issued a comment letter to the Internal Revenue Service that said efiling Form 2553 would provide immediate, verifiable assurance of S election status and that currently the IRS's inability to verify that tne form has been filed results in delayed processing of S corp tax returns.
CCH Parent Expands Europe Tax Biz
- Friday, 06 May 2011
- Tax
- Written by The Progressive Accountant
Wolters Kluwer Tax & Accounting has acquired Belgium-based TopPower, a company that markets tax, accounting and ERP software. The parent of CCH said that TopPower has 4,500 clients. Terms of the acquisition were not disclosed. The acquired company's TopAccount software suite incorporates modular accounting and ERP software and also has vertical market applications. TopPower was founded in 1984.
NYSE to Delist Jackson Hewitt
- Thursday, 05 May 2011
- Tax
- Written by The Progressive Accountant
The New York Stock Exchange plans to suspend trading in the common stock of Jackson Hewitt before trading opens on Monday, May 9. The tax preparation company said it had received the delisting notice because its stock price, the aggregate value of its common stock and shareholder equity fell below listing requirements.
IRS Selects Exam and Fingerprint Vendors
- Tuesday, 03 May 2011
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service has selected Prometric to administer a competency examination and fingerprinting program and Daon Trusted Identity Services to offer fingerprinting services. The test and checks are part of the second phase of the IRS' increased oversight of federal tax return preparers.
Read more...
Jackson Hewitt Lenders to Leave Shareholders Little
Lenders this week gave Jackson Hewitt Tax Service until May 20 to make a principal payment and to executive documents with them about a proposed restructuring. The latest SEC filing by the tax preparation chain said that options continue to include a "pre-package bankruptcy." The new agreement extended the previous deadline from April 30. The latest filing indicated shareholders will have little left.
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