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...Free File Returns Rise 50 Percent
The number of Free File online returns submitted this year reached more than 4.1 million, a 50-percent increase over the total in 2019, the Internal Revenue Service said this week. The IRS also reported that 96 percent of those seeking an Economic Impact Payment, used the Non-Filers tool, supported by Free File.
AccountingTax.com Now Corvee
AccountingTax.com has rebranded as Corvee. At the same time, the company launched a beta version of its tax planning and client collaboration software.
Accountant Draws 39 Months, Must Pay $8.9M
Richard Gaffey, an accountant in the Panama Papers case, has seen sentenced to 39 months in prison. A resident of Medfield, Mass., Gaffey, age 76, must forfeit $5,353,609, an pay restitution of $3,459,315, along with a $25,000, in a case that involved his role in hiding client assets of American taxpayers through off-shore shell companies.
Sentenced Preparer Taught Tax Fraud
A former tax return preparer, who was based in Gulfport, Miss., has been sentenced to 46 months in prison. Alvin Mays, who was convicted of aiding and assisting in the preparation of false returns,, trained his employees in how to preparer phony returns.
Preparers ordered to disgorge $710K
- Monday, 21 September 2020
- The Progressive Accountant - Tax
- Written by Bob Scott
Two Florida businesses have been barred from preparing federal tax returns for others and have been ordered to disgorge $710,191.55. The court also entered a default judgment barring Lenorris Lamoute and Dosuld Pierre, who prepared returns for Advanced Tax Services, prohibiting them from being in the business.
AICPA: Extend Deadline on Partnerships
- Thursday, 17 September 2020
- The Progressive Accountant - Tax
- Written by Bob Scott
The American Institute of CPAs has requested the deadline for amended partnership returns be extended from September 30 to December 31. The AICPA’s comments to the Internal Revenue Service said an extension would give partnerships sufficient time to prepare and file amended returns and issue amended K-1s.
IRS Adds Six Forms for E-signatures
The Internal Revenue Service has added six forms for use e-signatures to a list of those for which electronic filing is not available. That brings the total for which it accepts digital signatures temporarily to 16.
IRS to Publish Spanish 1040
The Internal Revenue Service will publish Form 1040 in Spanish for the first time for the 2021 filing season. Taxpayers will also be able to choose to be contacted in languages other than English.
Block: Definition of Assisted Is Changing
H&R Block reported results for a very unusual period for the first quarter ended July 31. The quarter reflected large number of returns filed during the extension of tax season to July 15. Executives also spoke of the redefinition of assisted tax preparation in market in which a hybrid approach to tax preparation is spreading.
TurboTax Live Users Coming from Assisted
Intuit said the number of TurboTax Live customers increased 70 percent for the year ended July 31. Almost 70 percent of the new customers there came had used a professional preparer in 2019, the company said this month.
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