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...Liberty Stores Off 37% Over Three Years
Liberty Tax has seen its store count drop by 37 percent over the last three years. Numbers filed by the Franchise Group, the parent to the tax chain, showed there were 2,494 tax store locations as of December 31, down from 3710 operating during tax season 2017.
Tax Returns Fall Further Behind 2019
The traditional tax season deadline of April 15 is past. And with the extension of the due date to July 15 the total returns received by the Internal Revenue Service fell further behind last year.
Avalara Tool Assesses Risk
Avalara says its newly introduced Sales Tax Risk Assessment tool provides a detailed assessment of state-by-state tax obligation risk. The sales tax software company said this month the self-serve online resource will provide the report over email.
Professional Efiles Plunge
Statistics from the Internal Revenue Service show that efiled returns from paid preparers dropped sharply as the traditional tax season neared its end. The number of efiles from professionals fell to 50,511,000 for the period ended April 10, down 20.1 percent from 63,248,000 for the period ended April 12, 2019.
IRS Advises VPN Use
The Internal Revenue Service and its Security Summit partners is recommending tax professionals who work remotely should utilize a Virtual Private Network. That recommendation came this week as the IRS reported an upswing in data theft from criminals trying to take advantage of COVID-19 and Economic Impact Payments.
Professional Efiles Fall Sharply
Efiled tax returns submitted by professional preparers fell significantly behind the year ago totals in the latest tax season results. Figures from the Internal Revenue Service this week for the season through March 3 show the number of professional filed returns were 11.5 percent behind the total for last year’s season through March 5.
IRS Extends Tax Deadlines
The Internal Revenue Service has extended all tax deadlines through July 15. The action followed increasingly urgent requests for the IRS to match the extension of individual income taxes to the same date.
AICPA: CPA Job Nearly Impossible
The American Institute of CPAs has raised the level of urgency on the need for extensions for all filing and payment dates. A later dated April 7 from Barry Melancon, the Institute’s. CEO to Treasury Secretary Steve Mnuchin sounds a more serious alarm than a March 26 letter from the AICPA on the same subject.
Short Int'l Stays Don't Change Tax Status
International tax authorities are telling companies that if employees or directors are stuck in another country becuase of COVID-19-related issues their businesses are not automatically taxable. The guidance was issued in the United Kingdom, Republic of Ireland, Australia and the islands of Jersey and Guernsey.
AICPA Wants More Tax Relief
The Internal Revenue Service should develop a plan for the next phase of tax relief, according to the American Institute of CPAs. The AICPA outlined suggested issues in a March 26 letter to the IRS.
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