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 Kicks off January 29
- Friday, 05 January 2018
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service has picked Monday, January 29, to begin accepting returns for this yea'rs tax season. However, the tax store chains, H&R Block, Jackson Hewitt and Liberty Tax, had already opened on January 1, starting to process returns seeking cash advances based on 2017 paystubs. This year’s federal deadline is Tuesday, April 17.
Suits Against Liberty Pile Up
Liberty Tax ended 2017 facing a growing list of court actions, The most recent is a class action suit against the tax services chain, which alleges management issues have cut share prices and hurt investors.
Pension Suit: Liberty's Hewitt Wooed 10
- Friday, 29 December 2017
- Tax
- Written by The Progressive Accountant
Reports have accused former Liberty Tax CEO John Hewitt of being overheard having sex in his office. Now a suit by a pension fund, claiming the executives behavior has violated his fiduciary duties to shareholders, claims Hewitt had romantic relationships with 10 employees.
IRS Outlines Property Tax Deductibility
- Friday, 29 December 2017
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service has spelled out the conditions under which prepaying 2018 property taxes can be deductible for 2017 returns. The IRS said it has received questions about deductibility as taxpayers attempt to avoid caps for writing off state and local levies under the new tax law.
Read more...IRS: Withholding Guidance This Month
- Tuesday, 26 December 2017
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service is working to develop withholding guidance for the tax reform bill. It anticipates issuing initial guidance next month with employers and payroll providers encouraged to implement them in February.
Thomson Releases Tax Reform Articles
- Wednesday, 20 December 2017
- Tax
- Written by The Progressive Accountant
Thomson Reuters has released a series of articles covering important issues in the final version of the "Tax Cuts & Jobs Act". These Thomson Reuters Federal Tax Updates cover more than 100 provisions.
Xero Debuts Self-Employed Software
- Tuesday, 19 December 2017
- Tax
- Written by The Progressive Accountant
Xero has launched Xero +C for self-employed users. The release comes as products target to the self-employed have an important segment of the business software market. Rival Intuit has seen rapid growth for its QuickBooks Self-Employed.
Two Liberty Board Members Resign
- Monday, 18 December 2017
- Tax
- Written by The Progressive Accountant
The board of directors of Liberty Tax continues to churn following the board's September 5 firing of CEO and founder John Hewitt. On December 15, Steven Ibbotson, chair of the compensation committee submitted his resignation.
Liberty Tax Names CFO
- Monday, 18 December 2017
- Tax
- Written by The Progressive Accountant
Liberty Tax, troubled by the firing of its CEO and resulting turmoil, has promoted 37-year-old Nicholas Bates to the position of CFO. He replaces Kathleen Donovan, who resigned in November despite being given a retention bonus after the company terminated CEO and founder John Hewitt in September.
KPMG Quits as Liberty Tax Auditor
Liberty Tax appears to be a business in turmoil. The resignation of KMPG as auditor brought into focus issues that led to the September 5 firing of founder and CEO John Hewitt. Area news reports say Hewitt was dumped following an investigation of employee complaints—including the human resource director—the CEO was heard having sex in his office and favored employees he was involved with.
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