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...Tax Season Returns Catching Up
- Thursday, 01 March 2018
- Tax
- Written by The Progressive Accountant
The number of tax returns received by the Internal Revenue Service remained .7 percent behind a year ago. But results released this week continue to show improvement as statistics for the tax season through February 23 compared to those through February 24 a year ago.
Read more...Updated Withholding Calculator Released
- Thursday, 01 March 2018
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service has released an updated Withholding Calculator on IRS.gov. They agency has also issued a new version of Form W-4 so taxpayers can check their 2018 tax withholdings under the new tax laws.
IRS: Delayed Returns to Arrive Soon
- Tuesday, 27 February 2018
- Tax
- Written by The Progressive Accountant
Refunds for those claiming the Earned Income Tax Credit and the Additional Child Tax Credit should begin arriving soon. The Internal Revenue Service says many of these will be available in bank accounts or on debit cards this week.
Four Liberty Execs, Managers Out
Four key executives and managers at Liberty Tax are out the door. The company issued a statement to employees that the reason for the changes was its goal “Happy Successful Franchisees and employees”.
Board Member: Liberty Execs Not Qualified
The last remaining independent member of the board of directors of Liberty Tax has resigned, protesting three newly appointed executives as “not qualified to hold these positions in a public company”. In his letter of resignation, Ross Longfield protested a number actions by board dominated by allies of ousted CEO John Hewitt, including hiring his personal law firm as Corporate General Council.
TurboTax Units Rise 1 Percent
- Friday, 23 February 2018
- Tax
- Written by The Progressive Accountant
Intuit says the number of TurboTax units shipped for the tax season through February 17, were 1-percent higher than in the 2017 tax season through February 18. If units shipped via the Free File Alliance—which dropped 12 percent—are not considered, the total is up 2 percent.
Liberty Advisory Councils Support Change
- Wednesday, 21 February 2018
- Tax
- Written by The Progressive Accountant
Two advisory councils in the Liberty Tax Service network have endorsed the hiring of three new executives by the tax services chain. The council's official statement noted that the new execs come out of the franchisee and area developer base.
Liberty Tax Names New CEO
Troubled Liberty Tax has named three new executives, including Nicole Ossenfort, who was appointed president and CEO. The company parted ways with Ed Brunot, who joined as COO on June 1 and who became CEO in September. The new executives appear to be allies of ousted CEO John Hewitt.
Nevada Preparer Pleads Guilty
- Monday, 19 February 2018
- Tax
- Written by The Progressive Accountant
A Las Vegas, Nev.-based tax return preparer has pleaded guilty to preparing returns that cheated the government out of more than $2.7 million. Ofelia Ronquillo, age 62, admitted using a variety of techniques to preparer and submit false returns from 2009 through 2015.
Read more...Bloomberg Tax Debuts Project Suite
- Monday, 19 February 2018
- Tax
- Written by The Progressive Accountant
Bloomberg Tax has introduced Advantage, a suite of applications which focuses on tracking and managing projects and documents. Advantage also provides access to the company's Tax Fixed Assets, State Tax Analyzer and Sales Tax Rates.
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