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...TaxWorks to Fix Stability Issues
RedGear Software, which markets the TaxWorks tax preparation software line, has promised users an enhanced beta testing program for the 2011 version of the software. The plan is in response to stability issues in the 2010 rendition that arose from what the company said was a migration of technology in 2009 and 2010 that was designed to improve performance.
CCH Names Sage Exec to Head Tax Unit
- Monday, 28 March 2011
- Tax
- Written by The Progressive Accountant
CCH has named Joe Bergera, who has led the CRM efforts of Sage North America, as EVP and general manager of its tax business unit. The tax unit is a new organization that the company said brings all tax resources into a single group, including product development, product management, content, sales and market, and operations and support.
TaxBrain Gives Video Access to Pro Preparers
TurboTax Units Up 14 Percent for Season
- Friday, 18 March 2011
- Tax
- Written by The Progressive Accountant
The move from desktop to online tax preparation continued as sales of the Internet-based version of TurboTax pushed the number of units sold to 7-percent higher for the tax season through March 12 over last year's tax season for the same period. That came as the sale of desktop units sold dropped by 3 percent for the same period, Intuit reported.
Free Block Offer Spurs Sales, Loss
H&R Block's offer of free preparation for 1040 EZ returns boosted its number of returns for the third quarter ended January 31. But it also produced a drop in revenue and contributed to a loss in the quarter although delays in filing of more complex returns also had an impact. The company also noted it wrote down $22.7 million in impaired goodwill for its RedGear unit, which markets the TaxWorks line of tax preparation software.
IRS Sets Webinar on Preparer Regs
The Internal Revenue Service is hosting a Webinar, for federal tax return preparers on March 30, to provide informationon a variety of the new regulatons affecting professional tax preparers. This includes Preparer Tax Identification Number guidelines, plans for upcoming competency testing and continuing education, background checks and electronic filing requirements.
Block Returns Rise 2.5 Percent
H&R Block reported this week that the number of returns it had prepared through February 15 had risen by 2.5 percent with retail returns rising only a half a percent over the same period in 2011, Meanwhile, market's strong trend towards online preparation continued. Online returns rose by 28 percent while all digitally prepared returns, including those prepared via H&R Block's tax software, rose by 7.3 percent.
Liberty Tax Returns Rise 14.2 percent
- Tuesday, 22 February 2011
- Tax
- Written by The Progressive Accountant
VIRGINIA BEACH, VA. - The tax season has had its share of challenges so far, but Liberty Tax Service says the number of returns filed through February 15 with its stores is up 14.2 percent and revenue is up 15.1 percent over the same period a year earlier. Same store sales were up 7.4 percent. Same store sales are for those units that were open more than a year.
Offshore Tax Cheats Get Break
WASHINGTON -- The Internal Revenue Service is giving those who hide money offshore until August 31 to get current with their taxes under a special initiative. This is the second voluntary disclosure program aimed that those who have undisclosed income although the penalties are not as low as in the first program which closed on Oct. 15, 2009 and drew 15,000 participants.
IRS Fills Advisory Council Seats
- Tuesday, 25 January 2011
- Tax
- Written by The Progressive Accountant
WASHINGTON - The Internal Revenue Service has named 10 new members of the Internal Revenue Service Advisory Council, which provides a public forum for IRS officials and the public to discuss key tax administration issues. It also made last year's vice chairman, Charles P. Rettig, J.D. L.L.M. of Beverly Hills, Calif., as chairman for 2011. Rettig is a partner with Hochman, Salkin, Rettig, Toscher & Perez,
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