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...Economy Took Toll On Liberty Tax Franchise Sales
Virginia Beach, Va. – With the economy taking a toll on franchise sales, JTH Tax, which operates the Liberty Tax Service, saw a 28.4 percent decline in earnings on a 6.4 decrease in revenue for the year ended April 30.
Franchise fee revenue comes from the sale of franchisee territories and last year was a bad one for selling franchises, said Martha O’Gorman, the company’s chief marketing officer. “No one could borrow any money,” she explained. But she continued that “The good news is that we are seeing a significant recovery this year and our franchise sales are sky rocketing. You should see that number return to normal or increase for FY 2010.”
IRS Finds Nonfarm Proprietorship; S Corp Returns Up
- Thursday, 27 August 2009
- Tax
- Written by The Progressive Accountant
Washington – The Internal Revenue Service has reported that about 23.1 million individual income tax returns reported nonfarm sole proprietorship activity, a 4.7 percent increase since tax year 2006 and that these sole proprietorships reported profits of $280.6 billion in 2007 as it released the summer issue of the Statistics of Income Bulletin, which features sole proprietorship data for tax year 2007.
Issues are published quarterly with this issue also featuring articles about Individual Noncash Contributions, S Corporations, Foreign-Controlled Domestic Corporations, Corporate Foreign Tax Credit and Sales of Capital Assets.
Read more...
IRS Does YouTube and ITunes
- Friday, 21 August 2009
- Tax
- Written by The Progressive Accountant
Washington - The Internal Revenue Service has produced video and audio products to help taxpayers take advantage of the 2009 tax provisions in the American Recovery and Reinvestment Act with the launch of YouTube video and iTunes podcast sites.
The video site at www.youtube.com/irsvideos provides Recovery, tax tips and how-to videos in English, Spanish, American Sign Language and other languages. Its focus will
be on the provisions of the American Recovery and Reinvestment Act. Videos will highlight the $8,000 first-time homebuyer’s credit for those who purchase a house this year, the sales or excise tax deduction on new car purchases and the expanded credits for education and energy conservation.
The channel debuts with seven Recovery videos in English and ASL and eight in Spanish. There will also be a video on using the IRS Withholding Calculator. The calculator can help those who have more than one job or working spouses calculate if they need to make adjustments.The iTunes site offers IRS podcasts about ARRA tax credits. Those without an iTunes account can access these podcasts, in English and Spanish, on the IRS.gov’s Multimedia Center.
Intuit Gets More from Its Tax Pro Customers
Intuit increased the revenue it received from its professional tax preparation software customers for the year ended July 31, even as the number of units sold to them continued to slide. The company reported that its Accounting Professionals segment, largely its Lacerte and ProSeries operations, generated $351.7 million in revenue in fiscal 2009, up 8 percent from $314.3 for the prior year. That came despite a drop in units, the second year in a row that has happened as the number of units sold fell to 108,000, down 3.6 percent from the 112,000 sold in fiscal 2007. But revenue generated by those units over the same period grew by nearly 12 percent. Executives told analysts on yesterday's conference call that the company expects the category to yield 3-percent to 7-percent revenue growth for fiscal 2010.
CCH: Act Fast to Take Advantage of Temporary Tax Breaks
- Tuesday, 04 August 2009
- Tax
- Written by The Progressive Accountant
(RIVERWOODS, Ill. , Aug. 4, 2009) – Users must act fast to take advantage of a number of temporary tax changes enacted in February when Congress passed the Economic Recovery and Reinvestment Act of 2009, according to CCH.
The tax software and research vendor notes that changes that will expire this year include the first-time homebuyer credit, which provides a maximum credit for homes purchased between January 1 and November 30. Taxpayers must be qualified buyers and satisfy income requirements. These who are eligible can file an amended 2008 tax return to get the credit earlier. Read more...
Tales of the 2009 Tax Season
- Wednesday, 15 April 2009
- Tax
- Written by Brian Tankersley CPA.CITP
No matter how you feel things went for you during Tax Season 2009, one thing is certain: It's now officially over. Whether you spend the next week catching up around the house, sending bills to clients, or vacationing somewhere nice and tropical, tax season 2009 is one for the record books. With new client disclosure requirements for outsourced tax returns taking effect for the 2009 tax season, many firms reduced the number of returns sent offshore, causing staffing headaches early in 2009. Other firms implemented new technologies such as scan and organize (or scan, organize, and populate) applications to better organize the source documents for personal income tax returns before those documents are given to the preparer. Finally, as happens every year, Mother Nature had some surprises in place for some CPA's and firms, bringing unexpected challenges during the busiest time of the year.
Read more...Vertex’s 2008 Sales Tax Rate Report Reveals Escalating Rate of Change, New Record-High State Tax Average.
- Saturday, 11 April 2009
- Tax
- Written by Richard Oppenheim CPA
People in Government are promising change. When it comes to Sales Tax, change is happening. Last year I interviewed the folks at Vertex, Inc. and continue to be impressed with their system and services. Vertex just issued a report about change: in 2008, 554 US cities changed their sales tax rates, including new taxes and increases to existing rates. Read more at their web site. If Sales Tax is on your radar screen, make sure you vie the The Progressive Accountant’s webinar.
Read more...Achieving Ultimate Efficiency with a Paperless Tax Workflow - Six Best Practices that Get You There
- Tuesday, 04 August 2009
- Tax
- Written by Steven Ladd
Streamlining workflow is a constantly neglected to-do item for many CPA firms, especially as client demands increase and new regulations continue to come down the pike. With all that is involved, the complexity of the average firm’s tax workflow can seem overwhelming. Throw in the ongoing shortage of professional staff with the pressures of tax season deadlines and it’s easy to understand why firms continue to prepare returns using the“old ways” that have worked for them in the past. However, in the tax and accounting industry time is money, which is why accountants are always searching for ways to improve efficiency in their firms. These Six Best Practices are the key steps that will ease the transition to a paperless tax workflow.
SpeedTax Launches FREE Sales Tax Compliance Risk Calculator
- Thursday, 11 September 2008
- Tax
- Written by Alex Vuchnich
The (free) questionnaire was designed to educate clients while collecting information about zones of risk that accountants can use to determine corrective action. Read more...
IRS to TurboTax Users - 'Wait for a Paper Check!'
- Monday, 19 May 2008
- Tax
- Written by Alex Vuchnich
The IRS evidently had a bit of a programming snafu relative to those taxpayers electing to have their tax prep fees deducted from their refund -- as do many TurboTax users. Oops!! I'm hearing from practitioners all over the country that those impacted are hopping mad. It's an interesting "love-hate" relationship between Intuit and the IRS. They seem to work really hard to cooperate (they NEED each other), yet they seem to pretty regularly stub their collective toes.
The letter that Intuit sent out last week appears after the jump.
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