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...IRS Extends Tip Program
- Tuesday, 01 December 2009
- Tax
- Written by The Progressive Accountant
WASHINGTON — The Internal Revenue Service has extended a program that simplifies the recordkeeping burden for reporting tip income in the food and beverage industry for two more years.
Read more...Biz Can Use Losses to Reduce Prior Year Income
- Monday, 23 November 2009
- Tax
- Written by The Progressive Accountant
WASHINGTON — Most businesses may use losses incurred during the economic downturn to reduce income from prior tax years, under a revenue procedure issued today by the Internal Revenue Service.
Intuit Slices Dollars in Lacerte Bundles
- Tuesday, 03 November 2009
- Tax
- Written by The Progressive Accountant
Intuit has chopped off pricing for four Lacerte tax software bundles, instigated, a spokesperson says, by demand from professional preparers and not in any response to competitive price pressures. The bundles, introduced this fall, were designed to help customers with both tax preparation and tax workflow and are estimated to be suited for 70 percent of the Lacerte base.
Work Needed on Missing PINs for Form 1099-MISC
- Thursday, 29 October 2009
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service should consider providing additional guidance to advisors to help curb missing or incorrect taxpayer identification numbers on Form 1099-MISC, according to a report from the 2009 Information Reporting Program Advisory Committee. The committee's report, which covered a large number of issues, said that there about 2 million payees that had the problem in the last filing year. And IRPAC said the IRS should immediately issue guidance permitting payers to mask all but the last four numbers of TINs on payee statements
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- Information Reporting Advisory Committe
- Jon Lakritz
- 1099-MISC
- tax information numbers
- social security number
- 1099
- masking
- payers
- payees
- revenue procedure
- data security
IRS Form Aids Processing Mortgage Applications
- Wednesday, 21 October 2009
- Tax
- Written by The Progressive Accountant
WASHINGTON — A new form from the Internal Revenue Service for the processing of mortgage applications under the Home Affordable Modification Programs is designed to simplify the procedures faced by homeowners trying to modify or refinance their mortgages, to order copies of tax return transcripts.
Greatland Readies W-2 and 1099 Internet Filing
- Monday, 12 October 2009
- Tax
- Written by The Progressive Accountant
Greatland is launching a SpeedEfiler.com, a Web site that is designed for W-2 and 1099 filing and form fulfillment. The site will enable users to file all W-2s and 1099s forms with federal agencies and have copies printed and mailed directly to recipients. The Web site for the Greatland program, www.speedefiler.com, says the service is expected to be available in December.
Jackson Hewitt Adds Electronic Signature
- Thursday, 24 September 2009
- Tax
- Written by The Progressive Accountant
PARSIPPANY, N.J.- Tax chain Jackson Hewitt Tax Service has begun the roll-out of its electronic document signature and storage program, which will be available at some of its locations during the upcoming tax season. The program, utilizing technology from Integra Business Systems, also provides customers with access to tax returns through Web portal on the company's site.
IRS Extends Deadline on Offshore Accounts
- Monday, 21 September 2009
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service has made a one-time extension of the deadline for special voluntary disclosures by taxpayers with unreported income from hidden offshore accounts, moving the deadline from September 23 until October 15. Read more...
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- Direct marketing
- Business
- Company
- Advertising and Marketing
- Printing
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- Direct Marketing
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- Internal Revenue Service
- hidden offshore accounts
- extension
- civil penalties
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Thomson CEO: Tax Change Proposals Producing Business
- Wednesday, 16 September 2009
- Tax
- Written by The Progressive Accountant
NEW YORK - Proposals for tax change swirling about Washington are fueling business growth in the tax and accounting market, Tom Glocer, CEO of Thomson Reuters told attendees yesterday at the Goldman Sachs Communicopia XVIII Conference. Glocer also noted that the company's Tax & Accounting business will top $1 billion in revenue this year.
"We’ve seen growth accelerate during the year in tax and accounting," said Glocer.
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- Tom Glocer
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Sabrix Finds Companies Underestimate Sales Taxes
- Tuesday, 08 September 2009
- Tax
- Written by The Progressive Accountant
Studies by Sabrix, which provides transaction tax management, have determined that 95 percent of the companies it surveyed underestimated their nexus footprint and that 85 percent of those surveyed underestimated the number of states in which they needed to register by more than 50 percent when it comes to sales-and-use taxes
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