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...Intuit: Video Key to TurboTax Live Success
The use of video was the key to the success of TurboTax Live this year, according to Intuit’s CFO Michelle Clatterbuck. She made her comments during a presentation this month at Merrill Lynch’s Global Technology Conference for 2018.
Supreme Court OKs Online Taxes
- Thursday, 21 June 2018
- Tax
- Written by The Progressive Accountant
In a 5-4 ruling, the United States Supreme Court opened the door for taxation of all online purchases. While many large retailers already collect taxes for online sales in states in which they do not have a presence, other Internet-based companies were able to escape state levies.
Read more...Liberty Brings Back Piper as CFO
Liberty Tax turned to a former executive as its choice of CFO. Michael Piper has become the third CFO in the last few months. He was previously VP of financial products from December 2014 to September 2017.
Preparer Stole Kids’ IDs; Gets 10 years
A Pennsylvania tax preparer has been sentenced to 10 years in prison for using stolen identities of disabled children and children in foster care to file false federal income tax returns. Musa Turay, age 44, was also ordered to pay $83,870 restitution. He is the last of 11 defendants sentenced in fraud which the government said produced a more-than-$30-million tax loss.
Liberty Auditor Lasts Seven Weeks
Liberty Tax saw its latest outside auditor resign after an extremely short tenure. The company hired Carr, Riggs & Ingram, on April 18 and the firm resigned the position on June 5 without completing work on financial statements. That leaves Liberty overdue in filing its SEC reports forquarters ended Oct. 31, 2017 and Jan. 31, 2018 and a year that ended on April 30.
Tax Season Erases 2017 Decline
With the number of returns filed during 2018 up 1.4 percent from 2017, this year’s total makes up for last year’s unexpected weakness. Returns filed last year fell .5 percent from the 2016 totals but this year’s filed returns exceeded results for both 2017 and 2016.
TurboTax Live Draws Assisted Customers
Intuit’s new TurboTax Live is drawing customers who have used assisted tax return preparation. During this week’s third-quarter earnings webcast, CEO Brad Smith said Live is drawing those customers at a higher rate than TurboTax Online had previously.
TaxAct Revs Up, Users Down
Customer and efiling counts were down for TaxAct for the first quarter ended March 31. But the parent company, Blucora, said revenue was up as the company sought out customers that produce higher levels of sales instead of those simply seeking free tax return filing
Another Liberty Tax CFO Resigns
Nicholas Bates, who has served as CFO of Liberty Tax Service since January, has resigned his position effective June 15. The tax services company, which has been in turmoil since its CEO John Hewitt was fired in September, the resignation will follow the anticipated delayed reporting of its quarter ended Oct. 31, 2017 and Jan. 31, 2018.
IRS Intros Exempt Organization Tool
- Monday, 07 May 2018
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service has introduced a new online tool for researching information about tax-exempt organizations. The tool, Tax Exempt Organization Search, replaces EO Select Check, which was introduced in 2012.
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