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 Reform Spurs Publisher Efforts
Tax reform has the industry moving along at a fast pace. Practitioners are trying to get in touch with the impact of the tax law on 2017 taxes and will be grappling with the far greater impact on returns a year from now.
CPA Charged for Helping Legislator
- Monday, 05 February 2018
- Tax
- Written by The Progressive Accountant
CPA John H. Nardozzi has been indicted for allegedly helping former Massachusetts State Senator claim millions of dollars of personal expenses as business expenses. Nardozzi, 62, was indicted on one count of conspiring to defraud the Internal Revenue Service and eight counts of aiding and assisting in the filing of false tax returns
TurboTax Campaign Targets Latinos
- Tuesday, 30 January 2018
- Tax
- Written by The Progressive Accountant
Intuit is targeting the Latino community with a TurboTax marketing campaign. The effort kicked off with the phrase "No hay por que tener miedo".
Tax Season-Ready, Set, File
- Monday, 29 January 2018
- Tax
- Written by The Progressive Accountant
This week starts the 2018 tax filing season. To say this is a year of change would be an understatement given the impact of the 2017 tax law. Preparers and clients are still grappling with the meaning of that regulation.
Read more...H&R Block Offers ITIN Renewals
- Thursday, 25 January 2018
- Tax
- Written by The Progressive Accountant
H&R Block is offering free applications for renewals of individual taxpayer identification numbers. The tax preparation services company says nearly a million taxpayers have ITIN numbers which have expired.
Read more...TaxAct Debuts Self-Employed Software
- Tuesday, 23 January 2018
- Tax
- Written by The Progressive Accountant
TaxAct Freelancer has been relesed to tailor tax preparation and filing for freelancers, independent contractors, and self-employed individuals. Among the features are Deduction Maixmizer, which enable taxpayers find deductions most relevant to their professions.
Read more...Kansas Preparer Draws Eight Years
- Monday, 22 January 2018
- Tax
- Written by The Progressive Accountant
A preparer who operated a tax business in Kansas City, Kan., has been sentenced to eight years in prison. Alfred Reece, 58, a former resident of Overland Park, Kan., has also been ordered to pay $648,442 in restitution to the Internal Revenue Service.
Bloomberg Offers Tax Webinars
- Monday, 22 January 2018
- Tax
- Written by The Progressive Accountant
Bloomberg Tax is in the middle of a series of eight webinars under the name, the "Implications of the 2017 Tax Act. Six of the webinars remain in the series which designed to examine issues of which tax professionals should be aware.
Read more...IRS Picks Council Members
- Tuesday, 16 January 2018
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service has appointed seven new members to the Internal Revenue Service Advisory Council. The council is an organized public forum for IRS officials and public representatives to discuss issues in tax administration.
Read more...Liberty Tax Faces Listing Issues
- Tuesday, 16 January 2018
- Tax
- Written by The Progressive Accountant
Liberty Tax is facing two issues in order to remain listed on the Nasdaq Stock Market. The first notice of noncompliance with the exchanges rules came after the company announced postponement of the release of financial results for the quarter ended October 31.
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