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...Advocate: IRS Buried in Paper
The Internal Revenue Service still has millions of unprocessed tax returns from 2021, according to Erin M. Collins, national taxpayer advocate. In her annual report to Congress, Collins noted this month, “processing delays led to a cascade of customer service problems.”
Tax Chain Founder Sentenced
More than eight years after a judge ordered his Instant Tax Service closed, founder Fessum Ogbazion, of Cincinnati has been sentenced to prison. Ogbazion must serve one year and one day for tax fraud charges and repay the government $933,708.
Bloomberg Tax Provision Enhanced
The Bloomberg Tax Provision has been automated for full valuation allowance and an upload template for performing a payable true up report. The enhanced software is based on the Tax Prodigy Provision, acquired last year.
AICPA Urges IRS Halt Compliance Actions
The American Institute of CPAs is calling on the Department of Treasury to halt compliance actions until the Internal Revenue Service can devote “the necessary resources for timely resolution of issues.”
Liberty Offering Tax Debt Resolution
Liberty Tax has started offering tax debt resolution services via its franchisees. The services stem from last month’s acquisition of Chicago, Ill.-based Community Tax for $90 million in cash and stock by its parent NextPoint Financial.
Tax Season Starts January 24
The 2022 tax season starts on January 24 for 1040 filers, the Internal Revenue Service said this week. And for most taxpayers, this year’s filing deadline is April 18.
TaxAct Offering Pro Prep Services
TaxAct, which makes consumer and professional tax software, is offering complete preparation service through tax professionals. The new service, including full return preparation, will debut this month while TaxAct is also offering free consultative service.
IRS to Issue Child Tax Credit letters
The Internal Revenue Service will issue information letters to Advance Child Tax Credit recipients starting this month. It will also begin sending letters to recipients of the third round of the Economic Impact Payments at the end of January.
IRS Raises Biz Milage for 2022
The standard mileage rate for miles driven for business use will rise to 58.5 cents per mile for 2022. The Internal Revenue Service this week that is up 2.5 cents per miles from 2021.
IRS Seeks ETAAC Members
The Internal Revenue Service is seeking nominees to join its Electronic Tax Administration Advisory Committee. The agency is seeking up to 10 individuals to serve three-year terms starting in September.
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