The Progressive Accountant - Tax (1560)
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Tax 1547
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...IRS Eases Collection Procedures
The Internal Revenue Service has launched a plan to help taxpayers who may be struggling to pay their tax because of the COVID-19 pandemic. The IRS Taxpayer Relief Initiative is designed provide flexibility in payment plans, including installment agreements.
IRS Lists 2021 Tax Inflation Adjustments
- Monday, 02 November 2020
- Tax
- Written by Patrick O'Leary
The Internal Revenue Service has published the annual inflation adjustments for more than 60 tax provisions for tax year 2021. These include tax rate schedules and other tax changes and these are detailed in Revenue Procedure 2020-45 PDF.
ATX Gets eSignature Support
Wolters Kluwer Tax & Accounting has given users of the ATX tax software the ability to sign returns electronically. Built into the tax software ATX eSignature enables users to sign via DocuSign.
Draft Issued for Capital Account Reporting
The Internal Revenue Services has released an early draft of instructions on Form 1065 for tax year 2020 regarding the reporting of capital accounts to partners in K-1s. Revised instructions require partnerships to calculate partner capital accounts using the transactional approach for the tax basis method.
Second BDO Puerto Rico Partner Indicted
Gabriel Hernandez, the partner-in-charge of tax division for BDO Puerto Rico, has been indicted on ten counts of wire fraud. That means the two men who founded the organizatoin that became a BDO firm has been indicted on multiple charges this year.
Corvee Debuts Tax Planner
Corvee, which recently changed its name from AccountingTax.com, has launched its Tax Planning software. The company clams it is the first-of-its kind to utilize machine learning and artificial intelligence.
Pros Accused of Filing 500 False Returns
Two former tax preparers based in El Cajon, Calif., are accused of filing about 500 false returns. The indictments this month allege Mimi Bozzo, also known as Mini Morrison, and Vincent Bozo, cheated the government out of more than $1.4 million though bogus refunds they sought for clients.
Bloomberg Expands International Coverage
Bloomberg Tax & Accounting has expanded if tax coverage to more than 200 countries. International tools include a VAT Navigator that provides covers global VAT, GST, and sales tax laws and practices on a country-by-country basis.
Eighteen Tax Forum Webinars Available
- Wednesday, 14 October 2020
- Tax
- Written by Patrick O'Leary
Eighteen new webinars from the 2020 IRS Nationwide Tax Forums have been made available. The internal Revenue Service said these are available online at IRS Nationwide Tax Forums Online for $29 each.
QR Codes Added to Balance Due Notices
The Internal Revenue Service has added QR bar codes on CP14 or CP14 IA notices that inform taxpayers they owe unpaid taxes. They can scan a QR code in the form in the notices and be taken to the IRS gov. website.
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