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...IRS Debuts New ID Tool for Online Access
The Internal Revenue Service has introduced what it says is an improved identity verification and sign-in process for securely accessing and using IRS online tools and applications. The agency says the process reaches more people through the expanded use of ID documents and increased help desk assistance for verifying taxpayer identities.
IRS Raises Online Transcript Limits
The Internal Revenue Service has increased the number of transcripts that can be ordered for each client. The IRS this week said tax professionals can order up to 30 Transcript Delivery System transcripts per client through the Practitioner Priority Service line.
IRS Publishes Inflation Adjustments
Tax year 2022 adjustments has been published by the Internal Revenue Service. The recently released changes in Revenue Procedure 2021-45 include increases in the standard deduction and the Alternative Minimum Tax exemption amount.
Vertex Spurred by Cloud Growth
A 45.6-percent increase in revenue from cloud-based products helped Vertex to cut its loss by more than half for the third quarter ended September. The indirect tax software company also so revenue rise 16 percent year-over-year for the recently reported quarter.
IRS Increases 401(k) Limits
The Internal Revenue Service has increased the amounts individuals can contribute to their 401(k) retirement plans. The limit for each account has increased to $20,500 for 2022, up from $19,500 for 2021 and 2020, a 5.1-percent increase.
TaxAct Revs Up for Nine Months
Revenue for TaxAct was up 8.8 percent for the nine months ended September 30. The third quarter was off substantially but Mark Mehlman, CFO of parent company Blucora said that stemmed from the backlog at the IRS.
Intuit Debuts Advisory Services Guide
Intuit has introduced and online Intuit ProConnect Tax Pro Center to provide resources for tax firms that wish to provide planning and advisory services. The guide is free.
CPA Accused of Stealing $1 Million
A retired California CPA has been indicted for allegedly stealing more than $1 million through a payroll scheme. Kenneth Gould of Clovis Calif., was indicted last month, alleging he used a payroll company he operated to steal money via $20 million in fraudulent ACH payments.
ProConnect Tax Imports from QBO Accountant
Intuit has established the ability to import client data from QuickBooks Online Accountant into ProConnect tax. The capability enables users to upload documents directly into ProConnect Tax, regardless of how a client delivered them.
Axcess New Return Dashboard Coming
The CCH Axcess Suite will have a new return dashboard after next year’s season, according to Jason Marx, president of Wolters Kluwers Tax & Accounting. Marx made the announcement this week at the company’s CCH Connections user conference.
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