The Progressive Accountant - Tax (1551)
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Tax 1538
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...Republic Tax Refund Sale Fails
The planned sale of Tax Refund Solutions of Republic Bank & Trust Company has fallen apart. The collapse of the deal was announced this month by the prospective purchaser, Green Dot Corp.
N.Y. CPA Helped Client Evade Taxes
A New York CPA has pleaded guilty to helping a concrete supplier evade more than $400,000 in taxes. John Savignano of White Plains admitted to conspiring with co-defendant, Rocco Manzione, to hide the latter's income .
IRS Launches 18 Seminars
The Internal Revenue Service has introduced 18 self-study seminars from this year's IRS Nationwide Tax Forums Online. These were recorded in July and August at the 2021 IRS Nationwide Tax Forum.
Preparer Hit with Contempt Citation
A Miami, Fla.-based tax preparer, who had been barred from the tax business, must pay $403,967.70 to a federal court for violating that order. The preparer, Milagros Espinal, was barred from preparing or filing federal tax returns for others.
Two Plead Guilty in $2.9-Million Return Fraud
Two Florida tax preparers have pleaded guilty to filing bogus income tax returns that cost the government slightly less than $2.9 million in fraudulent refunds.. Nikency Alexis and Thony Guillaume entered the pleas to charge of conspiring to defraud the United States and preparing false tax returns.
Collection Agencies Reup with IRS
Three private collection agencies have received new contracts, the Internal Revenue Service said this week. The agencies can discuss overdue federal taxes with taxpayers and their ax representatives who have been notified by letter by the IRS their accounts been turned over to one of the companies for collection..
Two New Orleans Preparers Barred
Two New Orleans, La., area preparers have been barred from preparing federal income tax returns for others. The two, Mario Alexander and Leroi Gorman Jackson, were booted from the tax business by a federal judge after the government accused them of preparing fraudulent returns using a variety of techniques.
Preparer Kept Preparing Despite Ban
A Houston, Texas tax preparer has pleaded guilt to prepare false tax returns despite being under an order barring her from the business. Marcia Angella Johnson entered the plea to acts that the United States claimed cause a loss of at least $54,545 in tax revenue.
Sovos Buys 1099 Pro
Sovos, which markets indirect tax software, has acquired 1099 Pro. Terms were not disclosed.
Tax Industry Pushes Preparer Regulation
A group of organizations in the tax and accounting business are articulating their support of granting the Treasury Department the authority to regulate professional tax preparers
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