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...Pro Tax Filings Accelerate
Self-prepared returns almost caught up with last year’s tax season as the rate of filing by professionals accelerated. The DIY efiles were down .4 percent for the 43 filing days ended March 26, from the 61 days ended March 27, 2020.
CCH Tax Apps Get Crypto Links
Wolters Kluwer has added cryptocurrency integration to its CCH Axcess Tax and ProSystem fx Tax preparation applications. The integrations have been made available via partnerships with CoinTracker and Verady, which markets Ledgible Tax Pro.
IRS to Redo Taxes on Unemployment
The Internal Revenue Service will automatically recalculate taxes on unemployment benefits in light of the American Rescue Plan. The agency will automatically refund money for those who filed returns before the law was signed on March 11 and are eligible for such aid.
Spanish Form 8821 Available
- Tuesday, 30 March 2021
- Tax
- Written by Patrick O'Leary
A Spanish version for Form of Form 8821, Tax Information Authorization and instructions for that form has been made available by the Internal Revenue Service. The documents are available on IRS.gov.
Tax Prep Insurance Launched
360 Coverage Pros has introduced a professional liability insurance program for tax preparers. Tax Preparer Professional Liability Insurance has liability limits of up to $1 million and is designed for professionals who provide predominantly tax-related services.
IRS Extends More Individual Deadlines
The Internal Revenue Services has extended more deadlines for individual tax files to May 17, including individual retirement and medical saving accounts. This follows the prior announcement that the return filing deadline for individual tax returns has been moved from April 15 to May 17.
DIY Returns Nearly Even with 2020
Self-prepared returns continued to pull closer to the totals filed in last year’s tax season. The 38,164,000 DIY efiles received in the 36 days through March 19 were only 1.3 percent behind 38,685,000 efiled in the 54 filing days through March 20, 2020.
U.S. Seeks to Shutter Tax Prep Franchisor
The United States is seeking four civil injunctions to halt a franchise chain “The Tax Experts” from preparing federal income tax returns for others. The action seeks disgorgement of fees paid to defendants, whose stores allegedly prepared 17,000 federal tax returns claiming $82 million in refunds in tax years 2017, 2018 and 2019.
DIY Returns Closing in on 2020 Totals
The number of returns handled by the Internal Revenue Service for the late-starting tax season continued to catch up with year-ago figures by about five percentage points a week. If the trend continues, the number of self-prepared efiles could reach the 2020 level when the Internal Revenue Service release statistics for the season through March 19.
Deadline for 1040s Now May 17
The deadline for the federal individual tax returns has been extended from April 15 through May 17. The Internal Revenue Service said this week it will soon issue formal guidance.
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