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 Warns of Latest Phishing Effort
The Internal Revenue Service is warning tax professionals this week of the latest efforts to steal tax information. The latest scam is an email that uses the IRS logo and warns recipients their accounts have been put on hold and they must take action.
IRS Adds Info Page for Pros, Consumers
The Internal Revenue has established a new page on IRS.gov to provide information on the current tax season.
Store Owner Pleads Guilty to FraudÂ
The owner of the Cititax Tax Refund stores in Pittsburgh, Pa. has pleaded guilty to cheating the government of $7.2 million by inflating client tax refunds.
IRS: 16.7 Million Returns Received
The Internal Revenue Service received 16,685,000 returns through February 4, the IRS reported in its first weekly filing statistics for 2022. Because the season opened two weeks earlier than las year, there are no comparative figures for last year.
IRS to Drop Facial Recognition
The Internal Revenue Service will drop its controversial use of facial recognition for authenticating individuals creating new online accounts. The agency said this week it will transition over weeks to avoid larger disruptions during filing season.
ATAX Can’t Solicit Liberty Franchisees
Tax and accounting franchisor ATAX has been blocked from soliciting franchisees of Liberty Tax. The company also will pay more than $500,000 in recently settling a suit filed by Liberty in February 2021.
Surgent Gamifies Tax Courses
Surgent Accounting & Financial Education has launched "Max the Tax", the first series of a new "Surgent Interactive" line of short, game-based online courses for accounting, tax and financial professionals.
Some Taxpayer Centers to Open Saturdays
Some Taxpayer Assistance Centers, usually closed on Saturdays, will be open on four weekends through May. The Internal Revenue Service said this week select TACS will open 9 am to 4 pm, February March 12, April 9 and May 14.
AICPA Urges IRS to Shift Staff
The American Institute of CPAs has called upon the Internal Revenue Service to action quickly to reassign staff to service centers. The IRS said recently it is considering that step to help alleviate the backlog in tax returns.
Sentenced Preparer Hid $200K Assets
A tax preparer, who sent more than $300,000 to his native Cameroon, to pay for apartment building construction, has been sentenced to one year and one day in prison for tax filing fraud. Jean Mpouli of Seattle, Wash., who was convicted of four counts of aiding and abetting the filing of false tax returns caused the government a tax loss of $3.5 million.
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