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...IRS Seeks IRPAC Members
- Tuesday, 18 April 2017
- Tax
- Written by The Progressive Accountant
The Internal Revenue Service is accepting nominations for members on the Information Reporting Program Advisory Committee. Written nominations to three-year terms must be received on or before May 21.
Read more...Tax Season Still Behind 2016 Levels
- Saturday, 15 April 2017
- Tax
- Written by The Progressive Accountant
If this year's tax season is going to show growth in filings, it will probably be after the filing deadline. That is what happened in 2016 when each week's report lagged the 2015 results until the report for the season through April 22, 2016 when every statistical category showed growth.
Tax Season Improvement: More of the Same
- Monday, 10 April 2017
- Tax
- Written by The Progressive Accountant
It's becoming difficult to find new ways of describing the weekly tax season results released by the Internal Revenue Service. For the season through March 31, results, except for the size of refunds, again remained behind the year ago season through April 1.
IRS Begins Private Collection Process
The Internal Revenue Service this month will send letters to what is described as a "relatively small group of taxpayers" whose overdue federal tax accounts will be assigned to collection agencies. Those assigned to one of four agencies are taxpayers with multiple contacts from the IRS in previous years, whose tax bills remain unpaid.
Groups Call for New IRS Structure
- Monday, 03 April 2017
- Tax
- Written by The Progressive Accountant
Several practitioner organizations and firms have recommended changes they say are necessary to improve Internal Revenue Services. The nine groups say an improved governance and oversight structure of the IRS to reverse what they say is an unacceptable level of service to consumes and preparers.
Tax Season Improves Gradually
The 2017 tax season is on a similar course to the 2016 season. Last year, filings for 2016 did not exceed 2015 until the last week of the 2016. filing season. For this yar's season through March 24, the number of returns received were behind last year by 4.7 percent. That compares to a negative 5.5 percent through March 17.
Read more...Tax Season 2017 Trends Continue
- Tuesday, 28 March 2017
- Tax
- Written by The Progressive Accountant
The 2017 tax season continued its pattern of reducing the gap with last year's results. And for the season through March 17, the number of returns received by the Internal Revenue Service were down 5.5 percent year ago from results through March 18, 2016. That was an improvement from the season through March 11 when returns filed were 6.8 percent from 2016 totals.
Court Bars Three Florida Preparers
- Monday, 27 March 2017
- Tax
- Written by The Progressive Accountant
Three Florida preparers, alleged to have cost the federal government millions in lost taxes, have been barred from preparing federal income tax returns for others. The three are accused of fabricating or exaggerating deductions and tax credits clients were not eligible to take.
Preparer Accused of S Corp Abuses
- Monday, 20 March 2017
- Tax
- Written by The Progressive Accountant
A Kansas City, Kan., area tax preparer have been accused of utilizing S corporations to file fraudulent tax returns. The government wants to shut down the tax business Everett Bias and his company Integrity Solutions Tax Consultants for a variety of alleged abuses, saying 117 of 130 returns examined had abuses.
Tax Season Turns Slowly Better
- Monday, 20 March 2017
- Tax
- Written by The Progressive Accountant
Each week in tax season so far has produced an improvement in filing results. The statistics the Internal Revenue Service released for the season through March 10 followed the same pattern with total returns received now 6.8 percent behind last year's comparable period ending March 11, a improvement of 1.5 percentage points.
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