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...Onvio Tax Testing Next Season
Thomson Reuters has a limited test of its Onvio Tax scheduled for 2020 tax returns. That statement was made at the company’s recent Synergy conference.
Intuit Outlines Pro Tax Enhancements
Intuit has outlined enhancements to its three professional tax software packages, Lacerte, ProSeries and its online ProConnect application. ProConnect's additions feature extended import functionality, including depreciation and pass-through entity members, and Schedule D dispositions.
Read more...IRS: Economic Impact Scam Circulates
- Monday, 16 November 2020
- Tax
- Written by Patrick O'Leary
A scam designed to trIck people into disclosing bank account information in order to receive the $1,200 Economic Impact Payment has surfaced. The Internal Revenue Services and its partners in the Security Summit said criminals are utilizing a text message to convince taxpayers they need to disclose bank or identity information.
Blucora Working on Its Technology
The need to improve technology used by its financial professionals and provide services to tax and wealth management clients emerged as a major theme during this week’s earning webcast for Blucora’s third quarter ended September 30. Meanwhile, the shift of the federal income tax filing deadline to July 15 from April 15 shifted tax preparation revenue from the second quarter to the third quarter, while the inability for advisors to meet in person were a factor in a 27-percent decline in transaction-based commission revenue.
IRS Eases Collection Procedures
The Internal Revenue Service has launched a plan to help taxpayers who may be struggling to pay their tax because of the COVID-19 pandemic. The IRS Taxpayer Relief Initiative is designed provide flexibility in payment plans, including installment agreements.
IRS Lists 2021 Tax Inflation Adjustments
- Monday, 02 November 2020
- Tax
- Written by Patrick O'Leary
The Internal Revenue Service has published the annual inflation adjustments for more than 60 tax provisions for tax year 2021. These include tax rate schedules and other tax changes and these are detailed in Revenue Procedure 2020-45 PDF.
ATX Gets eSignature Support
Wolters Kluwer Tax & Accounting has given users of the ATX tax software the ability to sign returns electronically. Built into the tax software ATX eSignature enables users to sign via DocuSign.
Draft Issued for Capital Account Reporting
The Internal Revenue Services has released an early draft of instructions on Form 1065 for tax year 2020 regarding the reporting of capital accounts to partners in K-1s. Revised instructions require partnerships to calculate partner capital accounts using the transactional approach for the tax basis method.
Second BDO Puerto Rico Partner Indicted
Gabriel Hernandez, the partner-in-charge of tax division for BDO Puerto Rico, has been indicted on ten counts of wire fraud. That means the two men who founded the organizatoin that became a BDO firm has been indicted on multiple charges this year.
Corvee Debuts Tax Planner
Corvee, which recently changed its name from AccountingTax.com, has launched its Tax Planning software. The company clams it is the first-of-its kind to utilize machine learning and artificial intelligence.
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