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...Thomson Reuters Buys TaxSimple
Thomson Reuters has acquired the assets of TaxSimple, one of the last independent tax software companies in the tax preparation market. But instead of folding the product line, Thomson is going to use the acquired business to address the small firm market and won't kill TaxSimple products. Terms of the acquisition and the number of TaxSimple customers were not disclosed.
Web-based Tax Company Debuting
- Monday, 16 August 2010
- Tax
- Written by The Progressive Accountant
ISSAQUAH, Wash. - YonderWorks, which is developing an Internet-based tax preparation application, is planning to test its program for tax year 2010 with the intention to have a complete program in the market the following year. The company has been exhibiting at the Internal Revenue Service Tax Forums this summer as it prepares its test.
Drake Opens Call Center
- Tuesday, 10 August 2010
- Tax
- Written by The Progressive Accountant
FRANKLIN, N.C. - Drake Software plans an October 1 opening of a call center in Hayesville, N.,C., which will be the company's third, along with facilities in Sylva, N.C. and Franklin.The new center will be linked to the one in Franklin via high-speed fiber for voice and data communication. Drake said the new center can accommodate up to 25 customer service representatives per shift. Drake has 315 employees with 160 of those employed by customer service.
Block Extends Bank Products Agreement
With the Internal Revenue Service not having announced conditions of any refund loan program for the 2010 tax year, things are a more than a little uncertain. But H&R Block has extended an agreement with HSBC Taxpayer Financial Services that was scheduled to expire next year.
Legislative Suspense Over S Corps Unlikely to End
Accountants love to talk about S Corporations. It's probably because there are so many of them, especially among the small businesses that are the clients of so many small accounting firms. And right now, proposals that have floated in and out of Congress in extending tax cuts but changing S Corp taxation to help pay for those have part of the profession sitting on the end of its seats, as though it was the second part of a three-part movie series.
Read more...Republic Selective in Choosing RAL Partners
Republic Bancorp, which picked up a lot of the slack when Santa Barbara Bank & Trust was forced from the refund loan business, plans to be highly selective in choosing which customers it works with. And chairman and CEO Steve Trager said in a Webcast this week that it has few worries about replacing any customers that might exit the business and that remark appeared to cover two national tax chains.
IRS Proposes Fees for Preparer IDs
- Thursday, 22 July 2010
- Tax
- Written by The Progressive Accountant
WASHINGTON — The Internal Revenue Service today has proposed tax preparers pay a $50 fee each to the IRS to cover technology costs and the cost of compliance and outreach efforts, in order to receive Preparer Tax Identification Numbers. There will also be a smaller fee paid to a third party that will be chosen to operate an online application system.
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- Business and Economy
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- IRS
- Preparer Tax Identification Number
- PTIN
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Lacerte and ProSeries Data Import Tested
- Friday, 09 July 2010
- Tax
- Written by The Progressive Accountant
Intuit is conducting a test of importing tax information into its desktop tax preparation
software packages. The company has not published a release date and a spokesman would say only that it would be available in coming months. The ProLine Tax Import offering was available to customers in sneak peaks at the Los Angeles Accounting and Business Show in June.
Read more...
Looking for Savings in Tax Software
Generally, the price of tax preparation software goes up. While some practitioners must look packages with lots of states and forms, there are many with simple needs that can do with much less in software power.
Read more...ETAAC Urges Phase in of Mandatory eFiling
The Electronic Tax Administration Advisory Committee wants mandatory efiling requirements for paid preparers to be phased in over three tax filing seasons. That was one of many recommendations in that body's 2010 annual report to Congress. The committee suggested a requirement of 100 returns for the 2010 filing season, 50 for 2011 and 10 for 2012.
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