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

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Estimated Tax Penalty Threshold Lowered for 2018

taxes with penThe Internal Revenue Service is waiving the penalty for many taxpayers whose withholding and estimated tax payments fell short of what they owed for 2018. The IRS said there is no penalty for those who paid at least 85 percent of their tax liability for the year, down from the previous 90 percent threshold.

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TaxJar Raises $60 Million

Mark Faggiano, TaxJarSales tax software company, TaxJar has closed a $60 million equity round of funding. The company, which serves eCommerce businesses and developers, says it will use the proceeds to expand its employee base and speed up product development and research.

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IRS Opens Free File Season

The IRS Free File program has begun for this year’s tax season. The free online software program, accessible through IRS.gov, is available for qualifying taxpayers to use in advance of the filing season, which begins on January 28.

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IRS Restarting IVES, Other Fee-based Services

IRSThe Internal Revenue Service has resumed processing requests for transcript information made through the Income Verification Express Service. Processing resumed on January 7 for transcript information.

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Tax Filing Season Starts January 28

Chuck Rettig, IRSThe Internal Revenue Service says processing of tax returns will begin on January 28. And despite the government shutdown, the administration promised this week refunds will be issued to taxpayers.

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Updated TaxAct Features Outlined

tax actEnhanced side-by-side form views have been added to TaxAct Professional. In outlining changes to 2018 software, the company said recently users will be able to compare all forms from the current and prior years side by side.

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IRS Halting Transcript Faxing

irsThe Internal Revenue Service will stop its tax transcript faxing service as of February 4. The decision applies to business tax and individual tax transcripts. The IRS said it is another step in protecting data, which started with the IRS’ masking personally identifiable information on the transcription starting last September.

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CPA Gets Term in Client Fraud

Marc Howard Berger, CPAA California CPA has been sentenced to eight months in prison for helping client avoid $4.7 million in taxes. Marc Howard Berger, 68, of Walnut Creek, Calif., drew the sentence for aiding and assisting in the filing of false tax returns.

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Intuit Releases Tax Reform Calculator

 tax calculator Intuit has introduced a free Tax Reform Calculator, along with a Standard vs. Itemized Deduction Interactive Tool. The software company said this week the utilities are designed to educate taxpayers about how tax reform impacts them.

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IRS Provides Guidance on Parking Expenses

parkingThe Internal Revenue Service has issued interim guidance transportation fringe benefit expenses paid or incurred after Dec. 31, 2017. The rues assist taxpayers in determining which parking expenses are no longer tax deductible also aid tax-exempt organizations in determine how nondeductible parking expenses create or increase unrelated business taxable income.

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