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Tax 1556
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
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An CPA who stole $140,000 from a widow avoided jail but agreed to give up his professional licenses. According to reports from Tri-States Public Radio, the victim in the case was not happy with the plea deal involving Allan Reusch, CPA.
Pro Tax Revs Rise 6.8 Percent
Revenue for Intuit highly profitable professional tax segment reached $253 million for the second quarter ended January 31, an increase of 6.8 percent from $237 million the prior year.
Read more...IRS Returns Up 2.6 Percent
The number of returns filed for the week ended February 17 was up. 2.6 percent from the season to date Feb. 18, 2022, the Internal Revenue Service said this week.
New Biz Efiling Regs Issued
Regulations that lower the threshold for the number of returns annully filed by each business from 250 to 10 in 2024 have been issued by the Internal Revenue Service. The new regulations also require aggregating a variety of information return types to determine applicabillity.
IRS Guides on CAMT
The Internal Revenue Service has provided interim guidance for insurance companies and certain other taxpayers for the new corporate alternative minimum tax.
Filed Returns Rise 9.1 Percent
The number of tax returns received through February 10 rose by 9.1 percent over those filed through Feb. 11, 2022, the Internal Revenue Service said this week.
IRS Adds Nine Uploadable Docs
The Internal Revenue Service is giving taxpayers the ability to upload information related to nine notices. The IRS said this week it will eventually add dozens of notices to the list in which information can be uploaded through IRS.gov via the Documentation Upload Tool.
IRS Clarifies State Payments
The Internal Revenue Service has determined taxpayers will not need to report special payments made by 21 states on their 2022 tax returns. The initial IRS statement on the issue this month had left many confused.
IRS: Returns Rise 13.5 percent
The Internal Revenue Service reported the number of individual income tax returns received for its first report of the season were up 13.5 percent. The period covered ended February 3, compared to the comparable period ended Feb. 4, 2022.
Amended Returns Get Direct Deposit
Taxpayers filing Form 1040-X for amended income tax returns can now have refunds directly deposited. The Internal Revenue Service announced the capability this week
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