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...Taxpayer Trust of IRS Drops
Taxpayers’ trust of the Internal Revenue Service has dropped from 2020, according to a survey conducted in the fall of 2021. At the same time, trust in the agency’s ability to fairly enforce tax laws dropped to 66 percent from 72 percent.
Bloomberg Debuts New Portfolio
Bloomberg Tax & Accounting has introduced a new Tax Management Portfolio. The publication, Global Intangible Low-Taxed Income, was written by Libin Zhang of Frank, Harris, Shriver & Jacobson.
Complex Returns Help Block’s Quarter
H&R Block revenue rose 3.9 percent for the third quarter ended March 31. The recently released results show the number of tax returns prepared dropped by 14.9 percent year-over-year, largely reflected the extension of tax season in 2021 to May.
Tax Collector Sentenced
A Pennsylvania tax collector has been sentenced to a year in prison for not reporting fees she collected to supplement her income. Rosezanna Czwalina of Morton, Pa., must also by $112,845 in restitution for failing to report income for tax years 2014 through 2018.
IRS: Destroyed Docs Won’t Hurt Preparers
The Internal Revenue Service says the destruction of 30 million paper information returns will not impact taxpayers or preparers. The IRS has been heavily criticized this month for the destruction of the returns, mainly Form 1099s, which the agency blamed on aging technology.
Preparer Gets 5 Years in Return Fraud
A Salem, Mass.-based tax preparer, who sought multiple government loans, has drawn five years in prison this month. Roosevelt Fernandez, had pled guilty to two counts of wire fraud and one count of aggravated id entity theft.
LATAM Leads Thomson Tax, Accounting Q1
Latin American business was the strongest source of revenue growth for Thomson Reuters Tax & Accounting Professionals for the first quarter ended March 31. Thomson’s business there, Domino, saw revenue increase by 30 percent year-over-year the company said this week.
Intuit Paying $141M in Free Filing Issue
Intuit will pay $141 million to settle questions about its advertising of free tax preparation for TurboTax. Intuit has admitted no wrongdoing in the agreement with 50 state attorneys general and the Distric of Columbia.
ProConnect Tax Links to QBO
Intuit has integrated its ProConnect Tax with QuickBooks Online Accountant. The software company says this includes Intuit Link, an online portal, for exchange client data.
Tax Season Ends with Rush
Returns poured in for the last few days of tax season, which ended on April 18. That may be all it is safe to say is comparing results with last year, whose filing deadline was extended to May 17, provides no obvious pattern.
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