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...CCH Tax Analysis App Debuts
- Tuesday, 23 October 2018
- Tax
- Written by The Progressive Accountant
Wolters Kluwer had introduced CCH Axcess IQ, which is designed to analyze tax data. Shown at the company’s Connections user conference this week, IQ enables users to analyze the potential impact of tax legislation changes on clients.Â
N.J. Preparer Hit with New Charges
- Tuesday, 23 October 2018
- Tax
- Written by The Progressive Accountant
A Middlesex County, N.J., tax preparer, indicted on May 3 on tax charges, has been hit this month with 11 new counts of alleged tax fraud. David Patterson, age 37, is accused of falsifying client tax returns and also diverting a portion of their refunds to bank accounts he controlled.
Intuit Offers Tax Reform Resources
- Monday, 15 October 2018
- Tax
- Written by The Progressive Accountant
Intuit’s ProConnect business has launched a Tax Reform Resource Center for Tax Year 2018. The software company recently said the free online center is designed to help tax professionals and their clients prepare for changes stemming from the Tax Cuts and Jobs Act.
Penn Preparer Faces Up to 36 years
 
A Yeadon, Pa.-based tax preparer, who was banned from the business in 2012, has been found guilty on a variety of tax-related offenses. Deron Joe and his then-business partner Edmund G. Dassin were accused of using a variety of fake deductions to hike client refunds. Joe also faces a maximum fine of $1.35 million for all counts.
Liberty: Past Lack of Controls
The new management and ownership of Liberty Tax say the tax services company previously lacked integrity and ethical values. That was one of several factors lasted as a factor in lack of internal controls cited in an amended Form 10K filed this week with the SEC.
Liberty Catching Up with SEC Filing
- Monday, 08 October 2018
- Tax
- Written by The Progressive Accountant
Liberty Tax is catching up with its financial reporting obligations. The tax services company this week filed with the SEC its 10-Q forms for the second quarter ended October 31 and third quarter ended January 31, along with Form 10-K for the year ended April 30. It still must file the form for the first quarter ended July 31.
Read more...CPA Draws Term in Drug, Sports Racket
A San Diego, Calif.-based CPA has been sentenced to 21 months in prison for his role in a network that trafficked drugs, employed bookies and enforcers and laundered money. Luke Fairfield, who lost his license when he pled guilty in March 2017, participated in a schemeled by former USC football player Owen Hanson and was the last of 22 defendants sentenced.
Portal to Serve TurboTax Live Pros
Intuit has created a portal to serve professionals who assist taxpayers via the TurboTax Live program. The Intuit Pro Portal, which is said to perform 90 percent of the tasks needed to run a tax office, may someday be marketed to all customers.
IRS Names Two ETAAC Members
- Tuesday, 02 October 2018
- Tax
- Written by Patrick O'Leary
The Internal Revenue Service has added two individuals as members of the Electronic Tax Administration Advisory Committee. The IRS named Lynnette T. Riley and Gene Salo to three-year terms on panel.
Intuit Says TurboTax Live Improved
TurboTax Live, which offers professional assistance to consumers, had a rough start to tax season this year. But the product improved significantly by the end of the season, according to Greg Johnson, the EVP who leads Intuit’s consumer tax business said this week.
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