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...Preparer Pleads to Seeking $3.5M Refunds
- Monday, 13 August 2018
- Tax
- Written by The Progressive Accountant
A former Durant, Miss., resident has pleaded guilty to filing more than 550 tax returns which sought more than $3.5 million in undeserved refunds. Teresa C. Chism also failed to file her own individual income tax returns for tax years 2013 through 2015 even though she earned more than $100,000 during that period.
Regs Proposes on Passthrough Deductions
- Monday, 13 August 2018
- Tax
- Written by The Progressive Accountant
Proposed regulations have been issued for a provision which allows many owners of sole proprietorships, partnerships, trusts and S corporations to deduct 20 percent of their qualified business income. The Internal Revenue Service has proposed regulations for the Section 199A deduction, also referred to as the deduction for qualified business income was created by the Tax Cuts and Jobs Act.
Avalara to Launch Firm Filing Tool
- Thursday, 09 August 2018
- Tax
- Written by The Progressive Accountant
Avalara is testing a software application that will enable accounting firms to prepare and file sales and use tax returns for clients. The test was announced this week by CEO Scott McFarlane as the company reported the first quarterly financial results as a public company since going public in June.
Preparer Took Plea in 2009, Faces New Charges
- Monday, 06 August 2018
- Tax
- Written by The Progressive Accountant
A Yorktown, N.Y.-based tax preparer who agreed to dissolve his business in 2009 had been indicted on charges he failed to report the income from the sale of that operation. Steve Sabba, who pleaded guilty to filing a fraudulent New York Tax return in 2009, pleaded not guilty Monday to an eight-count indictment which alleges he engaged in a series of tax crimes from February 2012 through March 2018.
Nasdaq to Suspend Liberty Stock Trading
The Nasdaq Hearings Panel has decided to delist the common stock of Liberty Tax with its trading to be suspended at the beginning of business on August 2. However, the company said this week will it appeal that decision to the Nasdaq Listing and Hearing Review Council.
AICPA Supports Tax Preparer Regulation
- Wednesday, 01 August 2018
- Tax
- Written by The Progressive Accountant
The American Institute of CPAs has given its support to a proposed law that would regulate tax return preparers. The organization sent a letterin support of the bill, recently to Senators Rob Portman and Ben Cardin, who are the sponsors of Protecting Taxpayers Act, S. 3278,
NJ Preparer, 23 Others Indicted
- Monday, 30 July 2018
- Tax
- Written by The Progressive Accountant
A New Jersey tax preparer and 23 other state residents have been indicted on charges they stole $246,667 through refunds gained from phony Hawaii tax returns. Mylove D. Tetterton, 44, of East Orange N.J., is accused of gambling away much money earned by using stolen IDs to file Hawaii state returns.
Hewitt Sells Shares, Control of Liberty
Former CEO John Hewitt has agreed to sell all his shares in Liberty Tax to an investment group which will assume control of the tax services company. He will also resign his position as chair with four board members he appointed also resigning, the company said this week. That includes Nicole Ossenfort, who will retain her CEO job after the sale.
CPA Guilty; Helped Client Avoid $4.7M Taxes
- Thursday, 19 July 2018
- Tax
- Written by The Progressive Accountant
A Walnut, Creek, Calif.-CPA has been convicted for preparing tax returns that helped a client avoid paying $4.7 million in taxes over three years. Marc Howard Berger, 67, was found guilty of preparing 1040s for the years 2011, 212 and 2013 which enabled G. Steven Burrill to pay no income taxes from 2009 through 2013.
AICPA: Simplify Draft W-4
- Tuesday, 17 July 2018
- Tax
- Written by The Progressive Accountant
The American Institute of CPAs is urging the Internal Revenue Service and department of Treasury simply its draft Form W-4 for 2019. The AICPA said the form should not request nonwage income, itemized and other deductions, tax credit and total pay of all lower-paying job.
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