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...Brothers' Advice Led to $1.2B Phony Deductions
Two brothers who were partners in an accounting firm in Atlanta, Ga., have pled guilty in a scheme that enabled clients to claim more than $1.2 billion in fraudulent tax deductions. Stein Agee and Corey Agee pled guilty to one charge of conspiracy to defraud the United States.
RSM Expands Tax Tech Consulting
RSM US has added five leaders to its national tax technology consulting team. That includes the arrival of Lauren Demas and Michael Polan as partners and Patty Esslinger, Warsame Mohamud and David Schwartz joined as senior directors.
SafeSend Organizers Introduced
SafeSend has introduced an organizer that gives the preparers the ability to send 1040 client organizers electronically. SafeSend Organizers automatically read PDFs from tax preparation packages and converts them to a fillable format.
Canopy Enhances Notices Tool
- Thursday, 17 December 2020
- Tax
- Written by Patrick O'Leary
Canopy has enhanced its Notice tool that is designed to reduce time and complexity professional deal with regarding notices from the Internal Revenue Service. The tool draws up an expanding data of IRS notices that enables users to more quickly understand their implications.
Emerald Card to Broaden as Banking Platform
H&R Block plans to expand its Emerald Card as a banking platform. The company said this month that the first step is to make it available digitally.
Regs Issued on Transportation, Commuting Expenses
The Internal Revenue Service has issued final regulations on the deduction of transportation fringe and commuting expenses following changes made by the Tax Cuts and Jobs Act.
Intuit Hired Thousands of Preparers
Intuit now employs thousands of tax preparers with its TurboTax Live program and its recently introduced TurboTax Full Service offering. With the latter, Intuit expects to offer services to taxpayers, although there are some limits on the complexity of returns that will be processed.
IRS to Focus on Non-filing Preparers
The Internal Revenue Service says it will increase contacts with tax return preparers who have failed to file their own tax returns on time. The agency says it will step up revenue office contacts with these professionals.
N.C. Preparers Plead Guilty
Two tax preparers based in North Carolina have admitted falsifying tax returns. Karen Marie Jones Audrey Renetta Odom this month pleaded guilty to charges that alleged their actions caused a $1.2 million loss in tax revenue.
TurboTax Gets Assisted Offering
Intuit has moved into assisted tax preparation with its TurboTax Live Full Service. The newly introduced product enables taxpayers to connect with tax experts who will prepare and file their returns.
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