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

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Jackson Hewitt Intros Consumer Portal

Tax services chain Jackson Hewitt has introduced MyTaxManager that offers many of the JH Tax Managerfeatures professional tax publishers have been bringing to paid preparers, although key features aren't yet operational. That includes the ability to scan and upload tax documents and status tracking for returns. And although the company didn't use the term, it is also offering what is essentially a tax organizer that enables taxpayers to submit basic information prior to conferences with their preparers.

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AICPA Launches Taxpayer Web Site

AICPA logoThe American Institute of CPAs has launched  www.360Taxes.org, a public service website that is designed to help taxpayers better understand the federal tax system. The site was developed to provide free, plain-English answers to the most common tax questions and is an extension of the AICPA's 360 Degrees of Financial Literacy program.  Read more...

Coming Up in 2010 Tax Software

Adding forms and features to tax preparation software continues to be important to tax software vendors who are trying to meet tax preparer needs. But increasingly, what's bringing more value to preparers is the ability to have whatever information they need brought together in one spot to make it possible to prepare returns and bill their clients.

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IRS Expands Use of Twitter

IRS logoThe Internal Revenue Service has expanded its use of Twitter to provide information via its news feeds, @IRS news to deliver information to taxpayers and @IRStaxpros for tax professionals. Messages for taxpayers will include topics such as tax tips, law changes and IRS programs such as e-filing, the earned income tax credit and "Where's My Refunds?" Read more...

IRS Names Advisory Committee Members

Phil PoirierWASHINGTON —Intuit's Phil Poirier has been elected chairman of the Electronic Tax Administration Advisory Committee following the appointment of seven new committee members by the Internal Revenue Service. Poirier is VP Government in Intuit's Consumer Division.

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Jackson Hewitt Won't Meet RAL Deadline

Jackson Hewitt logoJackson Hewitt Tax Service said today that it is unlikely to find a lender to fund half of its refund anticipation loan business for the upcoming tax season before a bank-imposed deadline. However, while failure to do so would constitute a default on its $375 million credit facility, the tax preparation company received a week extension on a key deadline and believes it will be let off the hook for default.

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Council: Postpone IRS Rules for Non-signing Preparers

IRS logoThe Internal Revenue Service should postpone the imposition of new requirements for non-signing tax preparers because of a lack of clarity and guidance regarding the term "preparer", according to the the Internal Revenue Service Advisory Council. The body also urged that former IRS employees not be automatically granted Enrolled Agent status. These were among a broad range of recommendations made as part of the IRSAC's annual report.

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Nearly 70 Percent Fed 1040s eFiled

tax artWASHINGTON — Nearly 99 million individuals efiled their federal income tax returns electronically during 2010, a 3-percent increase from the prior year. That's out of a total of 141.5 returns filed to date this year, according to the Internal Revenue Service. With mandates for efiling kicking in next year, that rate seems likely to increase.

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IRS Sends PTIN Renewal Reminders

IRS logoWASHINGTON - The Internal Revenue Service has begun notifying about 1 million tax return preparers to remind them they must use Preparer Tax Identification Numbers on all federal returns starting January 1. The IRS intends to send about 125,000 notification letters each week for eight weeks, based on the list of preparers who currently have PTINs.

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IRS Seeks to Fill ACT Vacancies

IRS logoWASHINGTON — The Internal Revenue Service is seeking applications to fill 10 vacancies in five different customer segments for its Advisory Committee on Tax Exempt and Government Entities. Appointed by the Department of the Treasurery, members serve two-year terms beginning in June 2011.

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