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...Court Bars Repeat Tax Prep Offenders
A federal court has barred a West Palm Beach, Fla., tax return preparer and her business from preparing federal income tax for others. The action was taken against Lena Cotton, who has been held in contempt of court for twice violating court orders. and her business Professional Accounting LDC LLC.
IRS Names Experience Officer
- Monday, 01 February 2021
- Tax
- Written by Patrick O'Leary
The Internal Revenue Service has named Ken Corbin as its first chief taxpayer experience officer. He will assume those duties while continuing in his role as IRS wage and investment commissioner, the agency’s largest operating division.
TaxAct Opens Pro Assistance Service
TaxAct has opened a service via which its customers can receive support from tax professionals. TaxAct Xpert Help enables users to connect with advisors via an in-product link.
IRS to Launch Tax Pro Accounts
The Internal Revenue Service this summer will launch Tax Pro Accounts, the agency said this week. The IRS said the system will initially enable tax This summer, the IRS plans to launch the Tax Pro Account. Its initial functionality will allow tax professionals to initiate a third-party authorization on IRS.gov and send it to a client's IRS online account.
Corvee Releases Tax Questionnaires
Corvee has released its 2021 tax season questionnaires. Also released were file requests and engagement letters which are within the company’s tax planning software.
CrossLink Inks Payments Agreement
CrossLink Professional Tax Solutions is offering integrated payment processing for tax preparers utilizing its CrossLink Online application. The capability is being offered through an agreement with PayJunction.
Filing Season Starts February 12
The Internal Revenue Service will open tax filing on Friday, February 12. That is the day the agency says it will begin accepting and processing 2020 tax year returns.
Advocate: More Info Needed More Refund Delays
The Internal Revenue Service should have done a better job of informing taxpayers about refund delays during the past tax season, according to the annual report of the National Taxpayer Advisor. The report to Congress this week by Advocate Erin M. Collins said the IRS should create a regularly updated “COVID-19. Dashboard” and by issuing weekly news releases.
Seven N.C. Preparers Plead Guilty
Seven tax return preparers in Charlotte, N.C., have pleaded guilty to charges relating to preparing fraudulent tax returns. The individuals include the owner of Kapital Financial Services and its employees.
IRS Expands IP PIN Program
The Internal Revenue Service has expanded its Identity Protection PIN Opt-In Program to all taxpayers who can verify their identities. The program was launched nearly decade ago to protect confirmed ID theft victims from ongoing tax-related fraud and was later expanded into specific states where taxpayers could voluntarily opt into the program.
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