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...Group: IRS Should Create Practitioner Division
The Internal Revenue Services should create a Practitioner Services Division, a group of industry organizations has recommended. The American Institute of CPAs and nine other organization made the proposal recently for steps the IRS should take in implementing the Taxpayer First Act
IRS Enables e-Filing of Form 1023
The Internal Revenue Services has revised Form 1023, which charities use to apply for Section 501(c)(3) tax-exempt status. This enabled e-filing of the form, which started on January 31.
Louisiana Trio Accused of Return Fraud
Three Louisiana tax preparers have been accused of a variety of tax return offenses, including charging fees as high as $1,100 for preparing returns and often deducting these from client refunds. The three—Morgan Antoine, Jennifer Austin, and Brittany Patterson—were indicted on a variety of counts involving return and wire fraud and aggravated identity theft.
Tax Season 2020 Kicks Off
With no government shutdown to deal with this year , the Internal Revenue Service kicked off the 2020 tax season today with relative ease. It began accepting and processing federal tax returns for tax year 2019.
Intuit Talks of Third-Party Tax Links
Intuit continued its move toward opening up its professional software packages with third-party products, The tax software company had signaled that direction in December when it announced a plan to integrate professional tax applications, starting with ProConnect Tax Online with Karbon, a practice management software line.
IRS Worker In Alleged Fraud
An Internal Revenue Service employee in Massachusetts has been accused of filing more than 590 false tax returns. Jennifer Beth True, 44, of Lawrence, Mass., was charged with wire fraud and aggravated identity theft this month.
Late Politician’s CPA Sentenced
John H Nardozzi, CPA to the late State Senator Brian Joyce of Massachusetts, has been sentenced to 18 months in prison and three years of supervised release. Nardozzi was convicted after an October trial of helping Joyce hide $600,000 in income from 2011 through 2014.
IRS Creates Gig Tax Center
The Internal Revenue Service has launched the Gig Economy Tax Center on IRS.gov this week. The center is designed to provide information to the increasing number of individuals who are part of the gig economy.
Liberty Now Small Part of Parent
Liberty Tax Service, the tax store chain, has become an increasingly smaller part of its parent. Liberty, which had sales of $132.5 million for the year ended April 30, is part of the Franchise Group, which now claims revenue of about $2.5 billion with its pending purchase of the American Freight Group.
Ban Ends on IRS Offering Tax SoftwareÂ
The Internal Revenue Service recently entered an agreement with the Free File Alliance aimed at removing barriers to taxpayers getting free software via the Alliance. One provision not highlighted by the IRS in its announcement was it has ended its agreement to stay out of the tax software and e-filing market.
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