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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N.Y. Preparers Charged in ID Theft

dojThree New York City owners of tax preparation businesses have been indicted on charges they used stolen identity information to prepare federal tax returns. In unrelated cases, Hakeem Bamgbala, and Afolabi Ajelero, owner of Kaybamz , a tax preparation business in Brooklyn; and Oyeniyi Jaiyesimi, who operates a tax preparation business in Springfield Gardens, face trial on multiple counts of alleged wire fraud and identity theft.

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Intuit Making Big Assisted Tax Push

Dan Wernikoff, IntuitIntuit, which has been top of the do-it-yourself tax preparation heap, is making a major push into assisted preparation. The software has moved beyond five tax seasons of testing its concept and is hiring credential preparers at a accelerated rate.

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Former Fugitive Preparer Pleads Guilty

irsA 39-year-old Dallas, Texas, tax preparer, who was a fugitive for more than two years, had pled guilty to obstruction of justice. Shannon Tecoko Mays also faces a lengthy prison sentence because of his guilty plea to a February 2014 indictment that said he sought more than $6 million in refunds via bogus returns.

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Two Preparers Must Repay $2.5 million

ImperialTwo Broward County, Fla., preparers must pay slightly more than $2.5 million to the Internal Revenue Service. Luzcor Fertilien, 39, was sentenced to 30 months in prison and his former partner, David Joseph, 37, drew a two-year prison term in a scheme that the Justice Department said cost the government $1 million in lost taxes.

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Detroit Preparer Shut Down

Dieasha Davis, Tax Pioneer Co. A tax preparer who worked at a Liberty Tax Service store and later at her own company has been barred from the taxreturn business. A Federal Court has issued the order against Dieasha Davis and her Detroit, Mich.-area business, the Tax Pioneer Co.

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Gusto Offers R&D Tax Credit Service

Online software vendor Gusto has introduced a Real Time R&D Tax Credit service. Using the new service, businesses can deduct the credit from their payroll immediately. Gusto notes that previously businesses had to wait until the end of each quarter to receive a refund.

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Preparer Cited for $10M Bogus Deductions

dojA federal court has barred a Louisiana tax preparer Angelina Adams aka Angelina Morris, and her firm,Angie's Tax Service. from preparing federal tax returns for others. The Justice Department said for tax years 2013 and 2014, Adams may have generated more than $10 million in bogus deductions for her clients.

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Liberty Tax Ends Hewitt's Tenure

 John Hewitt, Liberty Tax ServicesLiberty Tax Services said this week its board of directors had decided to terminate John Hewitt as CEO and president. The company issued a statement that the hiring of Ed Brunot as COO on June 1 was part of a deliberate succession planning process and it will announce a new CEO "in the coming days"

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CPA Allegedly Helped Client Hide $3M

IRSA Hawaii businessman, aided by his accountant, has been accused of failing to report more than $3 million of his firm's revenue. Assisted by accountant, Michael H. Higa, Wagdy A. Guirguis allegedly transferred assets to avoid an IRS assessment of about $812,000 on unpaid employment taxes for his engineering company GMP Associates and other businesses. 

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BNA Debuts International Portfolios

BloombergBloomberg BNA has introduced Tax Management Portfolios for several countries and regions. The releases includes include specific portfolios and a  new edition of Business Operations in the European Union – Regulatory, which complements the existing European Union Portfolio dealing with EU tax issues.

"With in-depth analysis and practical guidance from leading practitioners integrated with primary source material, practitioners can more effectively manage their international tax obligations," said George Farrah, Editorial Director, Bloomberg BNA's Tax & Accounting division.

Written by in-country experts, each portfolio covers a country's tax and business regulatory system. They are designed to help tax practitioners and investors gain clear and structured insight into the country's major direct and indirect taxes.

The country volumes include new editions of country portfolios: Brazil, Denmark and Switzerland, Portfolios for new areas include operations in the Baltic States,
Greece and Peru.

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