The Progressive Accountant - Tax (1531)
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Tax 1518
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...Liberty Socked by D.C. for $700K
Liberty Tax will pay $700,000 to settle a suit brought by Washington D.C. accusing the tax preparation company of deceiving taxpayers by offering them quick cash but hiking fees for those who accepted the offer.
CPA Sentenced to 25 Years
An Atlanta, Ga.-area CPA has been sentenced to 25 years in prison and an attorney to 23 years for their role in selling more than $1.3-billion insyndicated conservation easement tax shelters. The action cost the United States about $450 million in lost taxes.
Four Florida Preparers Sentenced
Four preparers from St. Petersburg, Fla., have been sentenced to prison tax refund fraud. They were also ordered to pay $1,006,881 in restitution to the Internal Revenue Service and to never prepare tax returns for third parties again.
TurboTax Prep Expands
Intuit has enabled tax returns to be prepared through Credit Karma and QuickBooks Online and filed through TurboTax.
Tax Season Kicks Off January 29
January 29 has been set as the opening date for the 2024 tax season. The Internal Revenue Service this week said that is when it will be accepting and processing 2023 tax returns.
IRS Providing Penalty Relief
Penalty relief is being offering to about 4.7 million individuals, businesses and tax-exempt organizations, the Internal Revenue Service said last month. The penalty relief only applies to eligible taxpayers with assessed tax liabilities under $100,000.
Block Debuts AI Tax Assist
H&R Block has introduced an AI-based assistant for the preparing 2023 income taxes. H&R Block AI Tax Assist draws from data of Block’s The tax Institute and the experience of more than 60,000 tax professionals. to answers questions.
Feds: Preparer Aided in $65M Fraud
A Texas tax preparer has been accused of assisting a Maryland man in filing for $65 million of undeserved refunds. A superseding indictment accuses Marquis Al Bey of preparing the bogus returns as part of the conspiracy.
Read more...Corvee Offers AI Bootcamp
Corvee is hosting a three-day Artificial Intelligence Tax Team Bootcamp next month. The company said this week the event is designed to help firms move to advisory services through the use of artificial intelligence.
Biz Account Access Expanded
Business tax accounts have been expanded with a wide range of new features, the Internal Revenue Service said this week.
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